So most of the economists in Canada are predicting a 25 to 50 basis point increase to the over night lending rate tomorrow. This will mean that prime rate which effects our variable rate mortgages and home equity lines of credit will also go up by the same amount.
When you know something unpleasant is coming up around the corner does that make it any easier to bear? Stand still while I punch you in the face. You know it’s coming so anxiety of the anticipation may be worse than the actual damage itself. Sure we have had our share of increases in the past year so what’s one more. You have already punched me in the face 6 times this year, so what’s one more?
So the best advise is to buckle up and prepare for the worst, if you prepare for 50 bps and it only end up being 25 bps then that’s a win. Let’s take our punishment for the sake of high inflation and carry on the best that we can. Just like low rates could not last forever, neither can high inflation. This is only temporary and we can get through it.
Today I am thankful for lacing up my shoes and going for my 1st run in a month, that all the expected pains in the past were much less than the anxiety lead me to believe and chocolate covered peanut butter balls as a post run recovery snack.
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here