Bank Of Canada July 12, 2023 announces another increase in interest rates

Hello,    The Bank of Canada raised its key lending rate by 0.25% today. This increase affects mortgages and loans with variable or adjustable interest rates. This means most lenders will raise their prime rate to 7.20%.    Watch Video Here for more information about the landscape of the current mortgage market.     The central bank acknowledged that global inflation is easing but says Canada’s economy is still stronger than expected – noting that that persistent excess demand and tight labour markets are being fueled in part by the growth in immigration.    They also noted that while May’s inflation numbers eased to 3.4%, “the momentum has come from lower energy prices, and less from easing underlying inflation.” They continued to say, “ The Bank remains resolute in its commitment to restoring price stability for Canadians.”    We know this news is frustrating for homeowners with mortgages and loans tied to prime rate. Whether it’s your mortgage payment, other debt payments or just keeping up with the increase in the cost of living, if you’re unhappy with your current situation, we should have a conversation about your options.    The most important thing to do in today’s financial reality is to understand your available options, and opportunities with the changing market.    While it may be hard to see right now, in the larger picture of home ownership, today’s market and financial situation are temporary. The key to getting through it is going to be smart mortgage and financial planning.   If you’d like to discuss your situation, book a call with me by clicking my calendar below.   FYI – The next rate announcement is September 6, 2023.    Here is the direct link to my Calendar!  Schedule an Appointment   Kindest Regards,
Lisa Reynolds, B.A.Sc, AMP  Mortgage Broker | Real Mortgage Associates #10464  T: 289.259.5095 | F: 289.348.0465     Book Appointment with Lisa    Lisa’s Application     Lisa’s ZOOM                                   Review Lisa on Google  Confidentiality Disclaimer – This message, including any attachments, is intended only for the use of the individual(s) to which it is addressed and may contain information that is privileged/confidential. Any other distribution, copying or disclosure is strictly prohibited. If you are not the intended recipient or have received this message in error, please notify us immediately by reply e-mail and permanently delete this message including any attachments, without reading it or making a copy. Thank you., Licence # M15000477   Please click here to unsubscribe