Let’s talk about inflation and interest rates

 
Inflation maybe not the best topic out there, but something that we want to talk 
about to ensure that we know what's going on.
 
Basically, the cost of living, whether it's your gas, your groceries or shelter. What happened for many years. We were very fortunate that it stayed low, below 2%, and it even at the beginning of the pandemic, dipped below zero.  But we've seen a steady incline over the last year and a half. It peaked at around 8.6%. We're happy to announce that it has slowly climbed down.  Currently inflation is at 6.9% and we will continue to update you on those trends in the months ahead.
 
How does this affect me? What we're seeing is that consumer confidences getting a little bit better. We do have another interest rate that is expected on December 7th with the bank of Canada.   We are all waiting to see is that going to be a quarter percent, half percent increase and what does that look like going forward for buying a home?
 
Diving into the numbers here, we have prepared a couple of charts to show you what the interest rates are going to look like based on the rate hikes. They show from a 5.5% rate, up to 6.5% to give you a comparison and to show what it could look like with variable rates too.  We are showing estimated monthly payments based on a range of mortgages from $400,000, up to $1,000,000. 
 
Whether your mortgage is coming due, or you are looking for a little bit more information on what you want your next move to look like, contact us. We'll be happy to have a conversation with you and put you in contact with one of our trusted mortgage advisors.
 
Ross Bridges – REALTOR®
Ross Bridges Team - EXP Realty Brokerage
 
905-220-1848
[email protected].



Source:  Statistics Canada 


Estimated mortgages payments based on rates of 5.5%, 6% and 6.5%, 30 years term, paid monthly.  Please note these figures are estimates only to give you an idea of the impact of different interest rates.  It is essential to speak to a financial or mortgage advisor regarding your personal circumstances. 

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