Leah Zlatkin featured on CP24 “Why variable rates ‘might be the way to go’ with current state of GTA housing market”

Leah Zlatkin, COO of Mortgage Outlet says “There are a couple of different opinions here. At this point in time, we don’t believe the Bank of Canada is going to continue decreasing the rate at any time soon. December 10 is our next announcement date. We don’t think they’re going to cut again right now, based on what they said yesterday.”

“In terms of that 25 basis points cut, well, it’s a bit good for variable rate holders or people interested in a variable rate product. This brings some variable rates down to 3.74%. And because you’re qualifying at your rate plus 2%, you’re actually qualifying at a rate about 0.25% lower than you would on a fixed rate, which means you qualify for a little bit more home than you would have yesterday.” Says Zlatkin

She continued, “This being said, we want qualified buyers to be going out and buying homes. So, if you’re worried about job instability, it might still be a good time to wait and sit until you’re ready to move forward.”