Your home is your most important asset.  This update from Mortgage Dave will help you keep abreast of the latest news about financing your home.  Enjoy!

Well the Bank of Canada did what we expected and held their overnight lending rate where it is at .25%.  This means we will have no change to the prime rate and variable rates. 

The Central Bank reaffirmed its pledge to keep prime steady until next summer but some economists are predicting prime to go up 2% next year. The rapid increase in the dollar over the last few months may force the Central Bank to raise rates sooner than predicted to keep inflation in line.  read full article here


The bond markets have been increasing and reducing their spread so that's why we have seen the recent jump in fixed rates to low 4% range.  The real estate market has really heated up in the last month and I am seeing multiple offer situations on almost every deal I am doing right now.

Keep in mind that rates are still very low historically so its still a good time to borrow funds.  If you have a variable rate mortgage and you are thinking to lock in now may be a good time.  I think staying in the variable will still be the best route over the long haul but it does look like we have seen the bottom in the fixed rates.  Feel free to call to discuss your situation.

I have a business mentoring/referral group that I started three years ago and there are some amazing people in the group.  Starting this edition I will be featuring one of the members in each newsletter.  This month it is Dr. Ali Akhavan who is my Chiropractor and good friend.  Check out his info below.