Hello to All
Just a heads up. Michael Flaherty who is our finance minister has
stated that he is not pleased with all of the lenders in Canada with
their current tactics on lower aggressive rate drops and has strongly
urged for them to stop, going as far as even calling some of the biggest
lenders himself. As a result Manulife financial who is one of the
biggest lenders has adjusted their fixed rates back to over 3%. Manulife
was the first company to have deep discounted rates at 2.89% and 2.79%
on fixed closed mortgages.
So what this means is that most likely the discounted rates of 2.79,
2.84, 2.89 on the 5 year fixed closed terms will go up over 3% as
lenders start to adjust their interest rates. Please if you have
clients who are actively looking to purchase and that have not already
booked their rates get them to do so ASAP.
Please do let us know as it does not take long for us to get a rate
hold in place.