Are Canadians complacent about mortgage rates?
In my opinion, yes. When I tell people there are opportunities to lock in for 10 years at 3.99% to avoid sticker shock at renewal time, or suggest that they could get a free down payment mortgage for 5.24%, or get 3% of their purchase price back with a cash-back mortgage at 4.09% to tame their debts, I am frequently hearing “That’s a lot! I want a 5 year at 3%”. Let’s look at some history: 1. When I was selling real estate back in the 90’s, I had to buy a new amortization schedule book when rates went down below 7%. People were ecstatic! 2. Since 1981,...
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