Akash Abrol - Senior Mortgage Broker

01/25/2023

The Bank of Canada announced its latest interest rate decision this morning as markets widely expect the Central Bank to hike its key interest rate by a quarter of a percentage point.
That would bring its key interest rate to 4.5 per cent, the highest it's been since 2007.
The Bank of Canada has raised interest rates seven consecutive times since March in the face of decades-high inflation.
Economists expect today's rate hike to be the last of the cycle.

Let’s talk and discuss the impact of this on the market.

01/22/2023

Kung Hei Fat Choy’! Happy Chinese New Year to all our clients and friends celebrating today. 🐇 🐇 May the year bring you success, fortune, best of health and joy. - The Oakpark Mortgage Group

01/17/2023

When it comes to options, we have many.
- Banks
- B Lenders
- Home Equity Lines of Credits
- Commercial
- Private Lenders
- Reverse Mortgage and many more..
Let’s talk and discuss what’s best for you.

01/12/2023

Here are some tips to keep a healthy credit score

12/07/2022

Another hike yet again!
Good time to discuss your finances. Let’s talk!


https://financialpost.com/news/economy/bank-of-canada-raises-interest-rates-official-statement-december-2022

The Bank of Canada raised its key interest rate by 50 basis points on Wednesday to 4.25%. Read the central bank's official statement here.

12/06/2022

Good time to be a buyer? 100%! Let’s talk!

The average price of all home types sold in the Greater Toronto Area fell 7.2% to $1,079,395 from $1,162,564 last year. Find out more

11/28/2022

https://financialpost.com/real-estate/mortgages/housing-market-too-soon-celebrate-recovery/wcm/64982f2e-38d3-4a06-8c13-719cf3ceebbb/amp/

It's premature to celebrate a housing market recovery because the rise in mortgage rates poses unexpected new risks for many. Read on.

10/26/2022

As expected!

Brings interest rate to 3.75%. Find out more

10/24/2022

Wishing everyone prosperity, love and happiness on Diwali!!✨🪔🎊

09/07/2022

Oakpark Mortgage Group: In a continued effort to combat inflation and cool consumer spending the Bank of Canada has raised the the overnight rate by .75%

So what does this mean for you and what does the future of mortgage rates and possible increases look like?

Some economists are predicting a modest and short lived recession in 2023 resulting in a correction followed by a decrease in rates once things have stabilized.
Still, before that they are suggesting that the next rate announcement on October 26th, may include another .25 % increase.

For purchasers and home owners, this means, in simple terms, that the cost of borrowing money has gone up. If you currently have a variable rate mortgage, this .75% increase means that your variable rate monthly mortgage payment could increase by approximately $36 for everyone every $100,000 that you owe per month.

If you’d like to discuss this, please reach out!