Hi, I just want to say Welcome to 2020 and wishing you the best of health and prosperity.

2019 was a roller coaster year within the mortgage markets. Most of us are finally coming to terms with the constant Government regulation and the impact and sleepless nights it has caused. We are hoping for a more stable 2020 and based on feed back so far the consumer seems to be finally adjusting to the new lending land scape.

In 2019 the 5 year fixed mortgage rate fluctuated between 2.69% to 3.24% with the prime/variable rate remaining steady. (Remember always do your home work when taken a fixed rate option). The mortgage rate and terms do change depending on the mortgage lender type (A or B lending) (High Ratio or Conventional), property type and location. Current High Ratio is at 2.94% with conventional at 3.19%. On line quotes do not disclose the full picture.

We do finally expect the Bank of Canada to reduce the prime/variable rate in 2020 which is good news for borrowers holding variable rate mortgages. Canada is the only Country out of the big G7 who has not reduced its prime rate. 2020 will be the year as a slowdown in the world economies will be a factor. The Bank of Canada has been cautious in lowering its prime rate based on our real estate valuations. Lower rates may put pressure on these prices again especially if supply remains a issue.

We are expecting some new innovated mortgage products to hit the market this year and hopefully a kinder lending approach to self employed and commission borrowers. I will keep you updated as these products are launched. January tends to be a “get your house in shape month” so not much happening right now but Spring will be here soon so expect some noise shortly.

A strong emphasis for me this year is to help my clients build there real estate portfolios by tapping into their existing equity in other properties. Toronto is going to continue to grow aggressively. There will be some knocks and slow downs along the way but we have a long way to go.

I just returned from Ireland where I spent the Christmas holidays with my family. I had a great time and always find connecting with my roots grounding to my spirit and soul but not too kind to my liver. So here is a quote from my Mom who is in my thoughts, “just look forward and do your best, as long as you have your health, stick to your principles and values and be kind the rest will fall into place”.

Here’s to a fabulous 2020 and looking forward to connecting with you soon.