Looking back to the dawn of 2022, although the housing market started off on a high, by the end of the first quarter a correction was eminent. To reiterate this correction, we also witnessed the Bank of Canada raise the bank overnight rate consecutively in the last 3 quarters, resulting in interest (prime) rate increases, thus affecting the variable/adjustable rates to increase, in response to rampant increase in inflation in Canada. All these recent market changes have also resulted in lenders taking precautionary measures to mitigate risk exposure and ensure mortgage repayment. Therefore the process of obtaining mortgage financing & property valuation have become complexed.
If you are currently:
– coming up for renewal in 2023, in the next 3-6 months
– looking to refinance – debt consolidation, to free up cashflow, renovations, purchase investment property
– looking to obtain a second mortgage/ home equity line of credit
– purchase – a first home, second or an investment property
– gone through a change in career – from employed to self-employed
The last 2 years have seen significant changes in the housing market, and adapting to these peaks and troughs require you to plan your financial needs ahead of time – advice from your mortgage professional, financial advisor & tax accounting professional. Get in touch with the mortgage experts at Mimortrgage.ca at 1.866.452.1100 to discuss strategies to suit your financial needs.
