Labor Day is behind us, and so are most vacations. The kids are going back to school and the business world starts to operate at full capacity again. On September 6th, we also find out if the Bank of Canada will raise its overnight bank rate. At Robert Floris’  Mortgage Architects office, it is a measure we follow very closely. It is our belief that the rates will rise by a quarter of a percent if not in September, then in October 2017.

The economy was very strong in the last quarter and that’s the major reason rates will potentially go up. But be careful what you wish for. The higher interest will improve the Canadian dollar but hurt our exporting industry. As well, it will have an adverse affect on the real estate market. Price sluggishness since May will only be exacerbated by the Bank of Canada move. As well, highly indebted Canadians will only be hurt more by higher rates.

The best of mortgage interest rates may have gone but the rates today are still outstanding. If you are currently in a variable rate mortgage, consider locking in. Five-year rate can still be taken at 3.19% or lower. Historically, still an amazing deal.

Robert Floris is a Mortgage Agent located on the East Hamilton Mountain, serving Hamilton and the GTA and Ontario. He not only offers the best mortgage rates, but also honest advice and a financial plan at no charge to the client.

Robert can be contacted at 905-574-9200 Ext. 215 OR by email at mortgages@robertfloris.com. You can fill out an application online at https://application.malink.ca:8112/App/MARC/FLORISR/en-ca/1896 with absolutely no pressure and no obligation.

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