Why Canadians Should Opt for Variable Rate Mortgages

May 10, 2024

In this episode of the Make Money Count podcast, Marcus is joined by his long-time co-host Justin Turner to discuss the advantages of variable rate mortgages in Canada and dispel misconceptions surrounding the housing market crisis. He navigates through the economic landscape, shedding light on the stability of Canada’s real estate market and the strategic benefits of opting for variable interest rates. Join us as Marcus provides valuable insights to help Canadians make informed decisions about their mortgage choices.

This Episode Highlights

Canadian Economy Challenges and Real Estate Market Trends:

Marcus breaks down the current challenges in the Canadian economy and real estate market trends. Despite a lacklustre spring market and a significant 50% increase in active listings, he emphasizes the importance of strategic navigation through these fluctuations.

Bank of Canada’s Rate Cut Predictions and Mortgage Strategy:

Moving on, Marcus discusses the Bank of Canada’s predictions of rate cuts in June or July and how this impacts mortgage strategies. He highlights the advantages of opting for variable interest rate mortgages, citing their flexibility and potential savings in dynamic interest rate scenarios.

Debunking Housing Market Crisis Misconceptions:

Marcus addresses misconceptions surrounding the housing market crisis, presenting evidence that contradicts widespread beliefs. He explores indicators such as the rental market’s stability, marked by declining rent prices compared to the previous year, which suggests resilience rather than crisis.

Beware of Interest Rate Differential Penalties

Lastly, Marcus warns listeners about potential pitfalls in fixed-rate mortgages, particularly the hefty interest rate differential penalties imposed by banks. Drawing a comparison to casinos, he emphasizes the importance of considering variable rate options to avoid substantial fees.

Ready to navigate these economic shifts and optimize your financial strategies? Reach out to us today to explore tailored solutions aligned with your financial goals. Let’s navigate these economic waters together and ensure your money counts!

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