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Hello Global Pacific advisor,
Final month for Spring Cash Back* promotion on purchases and switches (apply by Jun 30)
- Clients can receive up to $4,200* Cash Back with competitive mortgage rates (*see attached for terms and conditions)
- Many clients renewing their mortgage will face a cash flow shock from higher payments due to higher rates. Talk to me about solutions to address this growing client concern.
Market update:
- Home prices have been rising for 5 consecutive months, check it out:
- Greater Vancouver: https://www.rebgv.org/market-watch/monthly-market-report/may-2023.html
- Fraser Valley: http://www.fvreb.bc.ca/
- Mortgage rates have been volatile the last few weeks and have been increasing,
- Bank of Canada came off pause and hiked rates last week . Some commentary from BMO’s Benjamin Reitzes, Managing Director Canadian Rates and Macro Strategist:
BoC Policy Announcement — 25 bp Hike and Not Done Yet (bmo.com)
Current Mortgage Rates:
Mortgage Rates as of Jun 9/2023 (rates subject to change without notice) |
Spring 2023 Cash Back Promotion Mar 13- Jun 30 (app date) |
Prime rate 6.95% | 1yr | 2yr | 3yr | 4yr | 5yr | 5yr | |
Type /Yr | fixed | fixed | fixed | fixed | fixed | variable | |
Default Insured 25yr < 20% down | 6.59% | 6.19% | 5.24% | 5.26% | 5.14% | 6.43% | |
25yr amortization > 20% down | 6.67% | 6.25% | 5.39% | 5.37% | 5.33% | 6.54% | |
30yr amortization > 20% down | 6.67% | 6.30% | 5.48% | 5.47% | 5.43% | 6.59% | |
25yr Readiline (w/HELOC @ P+0.5%) | 6.67% | 6.25% | 5.39% | 5.37% | 5.33% | 6.54% | |
30yr Readiline (w/HELOC) @ P+0.5%) | 6.67% | 6.30% | 5.48% | 5.47% | 5.43% | 6.59% | |
| | | for rentals add 0.10% |
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