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Wayne Mah

Senior Mortgage Planner

  • Rates

    effective May 2, 2024

    Term Bank Rate Our Rate
    1 Year 7.84 % 6.74 %
    2 Year 7.34 % 6.09 %
    3 Year 7.14 % 4.79 %
    4 Year 6.99 % 4.99 %
    5 Year 7.04 % 4.74 %
    7 Year 7.10 % 5.59 %
    10 Year 7.25 % 5.84 %

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    • 19NOV
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      Deeper Variable Rate Discount

      Just moments after major lenders, led by RBC, announced rate reductions on their posted fixed rates Merix Financial also announced a deeper discount to their variable rate mortgage. Merix Financial is now offering a 3 year closed variable rate term at Prime minus 0.25%. Effective today that means a rate of 2.00%. This is now

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    • 18NOV
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      RBC Lowers Mortgage Rates

      RBC  led the pack today by lowering rates on all their fixed rate terms. This was quickly followed by BMO, with TD only choosing to match the 5 year term reduction. No word from the other majors as of this posting.

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    • 02NOV
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      The Problem With Decorating Allowances

      In order to maintain a certain price point, many sellers of new properties will offer “incentives” to purchasers in lieu of a reduction in the price. The most common one is to include a “decorating allowance”. I have seen “decorating allowances” as high as $100,000 but they can be of any amount. This basically means

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