What does the latest increase in inflation mean?

As the Bank of Canada prepares to announce their rate decision on January 24th, it’s important to note that although there's been an increase in bond market rates following the recent inflation news, there's no expected change in the Bank of Canada’s overnight lending rate. While an increase in this rate is not anticipated, it cannot be completely discounted.

The point for borrowers is to mitigate their risk as much as possible. If you're in the process of looking for a home, you should attain a pre approval as soon as possible in order to lock in rates and review your options. If your mortgage is coming up for renewal, you should begin shopping your mortgage as early as 4 months before the renewal date. Start with your current lender and advise them of your intention to shop the mortgage so they put their best rate forward. Then review these options with other banks and independent brokers to ensure you're receiving the best terms and conditions possible.

John Chrisanthidis, Mortgage Broker (FSCO Lic. M08001294 Mortgage Intelligence FSCO Lic. 10428)

✉️ [email protected]

☎️ 416-890-1365