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:
I would've given six stars if I could but this thing only let's me give 5 stars. Excellent brokerage in town Harry gives you the right advice, you can count on him for all your financing needs.
Exceptional customer service. Very friendly and caring people to work with. They reaiect your time and your hard earned money so you will be getting honest advise that protects you and your wealth.
Working with Harry was an absolute pleasure. Our mortgage approval was a bit of a process, as we were selling our present home and then using it as our down payment. But unfortunately, the market didn’t allow us to do so and Harry helped us through all of it. He went above and beyond to answer any questions we might have. What we appreciated the most was how hard he worked for us and made our purchase happen.
In today’s market not a lot of brokers can work on a deal like ours. We did our homework to find originators of our debts, but it was a daunting task and we were just going in circles until we called Harry at Majestic Mortgage. Harry answered all our questions in a professional and prompt manner and worked on our debts, he was focused 100% on providing us the best solution. Thanks Harry for all the effort and making the process quick and painless. We couldn't be happier with the service we received, and will definitely be returning to Harry.
-A. Baliswadi & K. Mahabir
It was great to have Harry Saund as our mortgage broker as first time buyers. He was very professional and everything went very smoothly with him. I would definitely recommend him to people looking to get a mortgage.