2024 was quite the year for interest rates. The fixed mortgage rates started the year over the 6% mark and ended up under the 5% mark where they have been in a holding pattern for the last two months with very little movement.
The Bank of Canada held steady on its rate for the first half of the year bucking the trend of the fixed rate drops. It took until June for the Bank to lower its overnight rate and since that point has decreased its rate by 1.75% which has lead to significant drops in the Prime Rate for lenders across Canada.
2025 should be an interesting year for rates. Many homeowners are hoping for the fixed mortgage rates to start to drop again. In the meantime, we are still waiting for further guidance from the Bank of Canada to see if it plans to keep its downward trajectory on the Prime lending rate. The good news is that overall, the cost of borrowing has reduced significantly over the last year and is now more in line with historical norms.
At this time I would like to take the opportunity to wish all of you a Merry Christmas & a Happy New Year. May you have peace & all the best for your health in 2025!
If you need more information regarding mortgages or if you need any advice on your personal situation please contact our office at 604-556-3893 or email at alex.kotai@ymscanada.ca.
For more information on our mortgage products and your preferred Abbotsford Mortgage Broker please visit our website at www.ymscanada.ca.
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