Monthly Mortgage Matters

Market Insights

January inflation numbers came in and it's good news! The inflation rate dropped to 2.9%, which was more of a drop than the Bank of Canada was expecting. This is good new for Prime lending rate, as that means we won't see it going up any time soon. 

Will it go down next Wednesday when the Bank of Canada meets? I would be surprised if it did, but the BOC is full up surprises aren't they?

In this article, Taylor Schleich, a rates strategist at National Bank of Canada Financial Markets, states that “Statistics Canada reported on Feb. 20 that growth of the consumer price index slowed more than expected to 2.9 per cent — the first time it has fallen into the Bank of Canada’s target range of one to three per cent since mid-2021. The central bank sets interest rates to try to keep inflation at two per cent, the goal of the recent round of 10 interest rate hikes after the CPI spiked to 8.1 per cent in June 2022”

What does this mean for you? There is hope that we will see an easing on variable rate mortgages going forward. 

Fixed interest rates have levelled out and we are seeing new purchase rates under 5%, which we haven't seen in quite some time. 

Should you hold off on buying a new home? Check out my thoughts in my Blog!

Importance of Mortgage Insurance: Protecting your Family's Future

We believe it's crucial to highlight the significant benefits that mortgage insurance provides to you and your family. If you have insurance set up already, that is awesome. If not, it might be time to see what options are available to you.

Life is unpredictable, and none of us can foresee the future. However, by opting for mortgage insurance coverage, you are taking proactive steps to safeguard your loved ones' financial well-being in case of unforeseen circumstances. 

Here's why mortgage insurance is so valuable:

Protecting Your Family's Home: In the event of your untimely passing, mortgage insurance ensures that your outstanding mortgage balance is paid off, relieving your family of the burden of mortgage payments during an already difficult time. This security allows them to remain in the family home without the added stress of financial strain.

Critical Illness Coverage: Additionally, considering critical illness coverage as part of your insurance plan can provide financial support if you're diagnosed with a serious illness. With Simplinsur, your mortgage balance is paid in full so that you can focus on your health instead of worrying about how you are going to pay your mortgage payments.

Disability Coverage: Disability insurance is equally important as it will pay your monthly mortgage loan for up to two years if you become disabled and are unable to work. This ensures that you can continue to meet your financial obligations, including mortgage payments, while focusing on your recovery.

We understand that insurance decisions can be complex, but we're here to help you navigate through them. Our team is available to provide further information, answer any questions you may have, and assist you in finding the right insurance coverage tailored to your needs and budget.

Your peace of mind and your family's financial security are our top priorities. We encourage you to reconsider the importance of mortgage insurance and the added benefits of critical illness and disability coverage. 

Please don't hesitate to reach out to us to discuss your insurance options further.

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The greatest gift we can receive is a referral from a happy client. If someone in your circle is talking about a mortgage, please pass on our name! And if you can take a couple of minutes to leave a review we would love that?