Tip of the month for February: Anticipate the interest rate hike!

Consult our February tips to anticipate the key rate increases of the coming months, and contact us if you have any questions. 

Many economists are warning that the key interest rate will rise in the coming months. Some even suggest between three and five increases this year, with the first coming in March. These increases will have several impacts, and anticipating them could save you money…

1) Sell now

If you have a sale planned for this year, don’t wait to put your property on the market. Buyers are out in force at the start of the year, keen to buy before rates rise to take advantage of the best financing options! There may be fewer of them in the future…

2) Renegotiate your financing

If you have financed your purchase at a variable rate, now is the time to ask your bank to switch to a fixed rate before the increases. You may have to pay a few penalties, but the impact on your finances will surely be less significant than if you were to suffer the full force of the rate increase!

3) Make your renovation projects a reality

If you have one or more expansion, renovation or other property-related projects requiring new financing, now is also the time to make your plans a reality. Work can be costly, but it’s the work that adds value to your property!

Finally, here is the contact information for our partner financial advisors, who will be delighted to help you:

-Elise Bissonnette, Desjardins

514 – 575 – 0813

-Philippe Quintal, National Bank

514 – 945 – 9514

We’re also here to help you make your plans a reality: 514 519 0505.