Market Update - May 2020

May 11, 2020

During this extraordinary time, we are continuing to witness fixed mortgage rates going down quickly and consistently after the sudden spikes at the beginning of the lockdown. They are moving very close to the historic lows we have seen in recent years. This is a great time for you to renegotiate or lock your mortgage rate.

For variable rate terms, previously deep discounted rates have long gone since Bank of Canada cut down its overnight rate to near zero. So for the time being, we are not recommending the poorly discounted variable rate terms to our clients in most situations although we were still able to pull a few strings to get some of our renewal clients awesome discounted variable rate offers from their existing mortgage lenders. Should you like us to review your existing mortgages, please feel free to reach out to us. We can crunch some numbers and see if this is the right time for you to restructure your existing financing and shave down your payments .