The Bank of Canada increased interest rates by 50 basis points on Wednesday, June 1st. Dan Patton from BM Select Mortgages popped by the office to give us his take on what impact this will have on the Ontario real estate market.
Dan let us know…the bigger picture beyond the interest rate hike, if he thinks the interest rate increase has created a buying opportunity, what the average fixed and variable rates are right now, whether or not you should be putting conditions of finance into your offers, overall trends in the real estate market he's seeing play out, the special mortgage product you can get to get all the benefits of a fixed mortgage with all the flexibility and low rates of a variable mortgage, how to best work with your mortgage broker or banker to reduce your financing risks when buying properties
This was a great little chat with lots of investing tips from Dan!
