Leah Zlatkin quoted in InsideHalton.com: ‘Bank of Canada holds interest rate at 2.25%: How it impacts Ontario mortgages this summer’

Having the interest rate stabilize for a long time brings more certainty to Canadians, licensed mortgage broker and COO of Mortgage Outlet, Leah Zlatkin said in an emailed statement.

“Canadians have a better sense of where borrowing costs stand,” Zlatkin said. “That doesn’t mean affordability challenges have gone away, but it is giving Canadians a clearer starting point to compare their mortgage options and make decisions.”

For homeowners renewing their mortgages now from lower pandemic-era rates, the available options are a bit higher, Zlatkin noted.

“Some homeowners are holding off because they’re hoping rates will come down a little more,” Zlatkin said. “The risk is that waiting too long can limit their options. If there is not enough time to switch lenders or complete the required documentation, they could end up staying with their existing lender at a higher open rate instead of securing a better option.”