Nanaimo Mortgage Pro - Jenn Marx

01/30/2025

Another Overnight Interest Rate Drop today to 3%. Lenders increase this roughly 2.2% to calculate their prime lending rate and then offer a discount off of that. ie. Variable is prime 5.20% -1% discount = 4.20% client rate.

In short, variable rate holders will see savings but it depends on their discount. Here is an example of your savings if the variable rate you have is prime -.60%.

HUGE Uncertainty right now regarding where rates are heading. Call me if you are concerned, stressed about your payment or just need sound advice.

-Jenn Marx-
e. [email protected]
m. 250-740-5366

12/13/2024

10/23/2024

Fantastic News today as the BOC lowers their overnight rate .50% to 3.75%.

Learn more: https://bit.ly/4eUkBA6

09/12/2024

I can't say enough good things about this family run, local farm to table Brewery/Restaurant. They've employed both of my boys as kitchen staff in a warm inviting atmosphere. The food is incredible, atmosphere cozy and natural plus the drinks are fantastic. My besties and I often hike in Nanoose then stop by after for Brunch on weekends. I highly recommend checking out this local business if you haven't already. Enjoy!

02/16/2024

Another beautiful reason to visit Nanaimo!
It's fantastic that they make Art and Culture a priority.

09/06/2023

BOC kept the Overnight rate steady today, so variable mortgage holders won't see a change.

"The Canadian economy has entered a period of weaker growth, which is needed to relieve price pressures. Economic growth slowed sharply in the second quarter of 2023, with output contracting by 0.2% at an annualized rate. This reflected a marked weakening in consumption growth and a decline in housing activity, as well as the impact of wildfires in many regions of the country. Household credit growth slowed as the impact of higher rates restrained spending among a wider range of borrowers."

Next review is OCTOBER 25th...followed by the last one of the year on DECEMBER 6th.

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.

07/27/2023

WEDNESDAYS 10-2PM Come and support this delicious local food stand in Upper Lantzville.

04/12/2023

Update...there is no change to the Bank of Canada Overnight Rate. The next review is June 7th.

Some positive feedback, it appears we are on track to get inflation in line, which is the main reason for the increases we've seen.

"The Bank expects CPI inflation to fall quickly to around 3% in the middle of this year and then decline more gradually to the 2% target by the end of 2024."

03/08/2023

As expected there was no change to the BOC overnight rate and thus no change to your variable mortgage or home equity LOC rates. Here are the 2023 monetary policy change dates to watch for.

03/08/2023

As expected there was no change to the BOC overnight rate and thus no change to your variable mortgage or home equity LOC rates.

"Based on its assessment of recent data, Governing Council decided to maintain the policy rate at 4.5 per cent. Quantitative tightening is complementing this restrictive stance. Governing Council will continue to assess economic developments and the impact of past interest rate increases, and is prepared to increase the policy rate further if needed to return inflation to the two per cent target."

The Bank of Canada held interest rates on March 8, keeping its key policy rate at 4.5%. Read the central bank's official statement here.

03/06/2023

So true as I look through the 2023 Nanaimo Business Award Nominees. Way to go everyone! 🏆
City of Nanaimo Local Government

🖤