In this Market Update our CEO Shubha Dasgupta, shares information on the most updated market. He shares the quote: ‘’If you aren’t in control of your narrative, somebody else is’’. He explains the update on interest rates and the percentage of what’s happening in the market, in regards to insured, insurable, uninsurable, and rental.
He highlights the Bank of Canada overnight rate increase by 100bps, this current increase has affected prime rates which moved from 3.7% to 4.7%. The impact that this is having on clients, has opened the opportunity for mortgage agents to have conversations with clients to see how best they can assist them. He shares 2 scenarios comparing ‘’pre rate hike’’ vs ‘’post rate hike’’ and the ways in which clients are affected. With the current changes, he implored that agents provide debt tips to clients and also provide various alternatives for clients who aren’t qualified for A and B lenders.