According to Royal Bank, there’s approximately 80,000 variable mortgages that will be TRIGGERED in the next few months because of interest rate hikes caused by Bank of Canada.
If you got into a variable mortgage when interest rates were at their lowest, and were on 'predictable' payments, you might be impacted soon...or worst, already hit the trigger rate, like I did.
If you are wondering if any of this applies to you or how to best manage the dreaded ‘Trigger Rate’, I have a video for you thanks to Dalia Barsoum, CEO of Streetwise Mortgages.
In this video, I interview Dalia with these burning questions:
1) What is a trigger rate and where do you find it?
2) How to tell if you are close to the trigger rate? Dalia shares two specific examples.
3) 2 Unpopular mortgage options banks will provide you.
4) What can you do now to best manage the impacts or avoid it?
I've placed chapter notations in the description to make it easier to watch and navigate to the topics you are most interested in.
All the best,
Tracy Ma
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🎥 Bank of Canada setting off Trigger Rates for Canadian Mortgages (+ Advice from a Mortgage Broker)
Timestamps:
What is a Trigger Rate (00:32)
Which Banks have Trigger Rates (02:09)
Where to find your Trigger Rate (03:10)
How to tell if you are close to the Trigger Rate (03:54)
2 Unpopular Mortgage Options Banks will Give you (06:00)
What can you do to mitigate hitting your Trigger Rate (07:54)
Renewal Impacts on your Canadian Mortgage and How to Get ahead (12:18)
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