A new survey published this week by Ratehub.ca suggests 19% of Canadians will be renewing their mortgage in 2019, and that many will be able to renew at a lower rate. That’s despite five Bank of Canada rate increases over the last 15 months.
“The current average mortgage rate among survey respondents set for renewal next year is 3.65% for those with a fixed rate,” noted Ratehub.ca’s Justin da Rosa, who said the best 5-year fixed rate is now 3.34%. “Those currently with a variable rate may also benefit. They have an average rate of 2.89%; the best variable rate today is 2.59%.”
It seems expectations are high among homeowners of favourable renewal rates, with 48% of those surveyed saying they believe their payments will either stay or decrease next year.
Other tidbits from the survey of 2,000 Canadian homeowners:
Hello Mr. Harry,Hope you are doing well. Kindly find below our testimonial. Majestic mortgages became our new years miracle and helped us start off 2016 with a smile in our new home! Working with Majestic mortgage was an absolute pleasure.From the first call till completion Mr. Harry and his team were exceptionally efficient.He took the time to understand our situation, explain all our options and recommend a mortgage plan that was best suited to our needs. All our questions were addressed to promptly and such a complicated process was clearly explained to us at every step.We did not expect to have everything done within such a short time frame but they still did it! Mr. Harry worked tirelessly and helped us get our mortgage when we thought that it was impossible. He even worked on his vacation to make sure things got done right and on time.We would just like to thank you and your team for everything.We would strongly recommend Majestic mortgage to anyone looking for mortgage services.
Mr. Harry: We have the house keys and we have the house. The process was smooth. Thanks to your excellent effort. You have been a great part of this experience. It is my pleasure having you as my mortgage broker and will recommend your service to all my family and friends. From my family to yours, thank you again and god bless.Regards, Sam Mallak
I would like to thank Harry Saund and Majestic Mortgage for helping me refinance my home. He was able to explain everything to me and didn’t hide any information from me. Everything was prompt and was always there to help me. He also got me the best rate. I would recommend Harry Saund and the team at Majestic Mortgage to all my friends and family.
I came to Majestic Mortgage looking to get my mortgage refinanced. The team at Majestic Mortgage and Harry were very helpful. Harry is very knowledgeable and helped me understand everything. They service was very prompt and efficient. He was available at all times of the day ad got me the best rate. I am very pleased with the outcome of everything and how smooth the process was. I would definitely recommend Harry and Majestic Mortgage to all my friends and family! Thank you again!--Mohsen
Majestic Mortgage and Harry Saund helped me when I needed help the most. My credit was not the best when I came to them. Harry was able to guide me in a way that would help reestablish my credit, and educating me throughout the process. He was there throughout my journey and I just wanted to send a sincere thank you for helping me out when I needed it the most. You helped me out when the banks would not! You helped me get everything done in a matter of time. Thank you so much again; I cannot say it enough times!--Kamaljit Rehal