Merry Christmas and Happy Holidays!

Wishing everyone a peaceful, happy and Merry Christmas! That's me and my family enjoying our time at the Christmas Holiday Night of Lights in Scarborough.

During the holiday season, people find themselves immersed in the hectic preparations for various festivities, which can be quite overwhelming at times. Personally, I admit to being one of those individuals who procrastinate on gift shopping until the very last minute – a habit that brings about some humorous moments! 😂

As the final days of 2023 approach, my team and I are gearing up to engage in a comprehensive review of our work, identifying areas for improvement, and laying the groundwork for the upcoming year. We are anticipating the challenges of the 2024 real estate market, recognizing its complexity, yet also acknowledging the abundance of opportunities it presents.

In this slow market, many of my clients who recently acquired homes have been able to submit offers with favourable conditions and negotiate more advantageous pricing terms. However, if the anticipated interest rate cuts in 2024 do not materialize, we foresee potential financial challenges for current homeowners renewing their mortgages in the coming year. The prospect of rates renewing from their current range of 1.5% to 2.5% to a high 5% could pose significant difficulties in managing their finances. See below the chart of how many mortgages are expected to renew their mortgages.

Just wanted to highlight that my team at Pegasus Lending Centre are licensed mortgage professionals and we specialize in facilitating various mortgage solutions. Whether you're looking to purchase a property, refinance to consolidate debt, secure a more favourable interest rate, or extract equity for investing in additional properties, we've got you covered. Our extensive network includes major banks such as Scotia, TD, and National Bank, along with other financial institutions like Desjardin, First National, Credit unions, and many others. Additionally, we have connections with B lenders (e.g. Home Trust, Equitable Bank) and private lenders. Feel free to reach out to us, and we'll be happy to provide guidance tailored to your needs.

LOWEST MORTGAGE RATES:

VARIABLE: 5 YR HIGH RATIO P‐1.0%

5 YR CONVENTIONAL P‐0.65%

FIXED 1 YR: 6.79%

FIXED 2 YRS: 6.61%

FIXED 3 YRS: 5.84%

FIXED 4 YRS: 5.89%

FIXED 5 YRS: 5.09% (High Ratio)

FIXED 5 YRS: 5.49% (Conventional)

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