Woah. Did Anyone See That Coming?
After the dust has settled on 2020 the one question I want to ask is how’s your financial future looking?
For many of us 2020 was a year we are going to look back on thinking ‘I didn’t see that coming!’. From lockdowns to furloughs, to many of us moving from downtown cities to smaller towns it has been a year of changes
Today, the Bank of Canada announced that they are holding the overnight lending rate at 0.25%, which is at the lower end of their range. They also are expected to maintain a low rate right through to 2023 to help kick start the economy and help to get Canadian’s back on track
Historically we have not seen interest rates this low in Canada. Now is a great time to review your financial situation, especially if you are a home owner with a mortgage. If you have any unsecured debt it is almost certainly worth the interest savings to convert this into a consolidated single mortgage payment (hmmm 19.99% vs 1.35% sounds like an easy decision)
Reach out to me and I’ll be happy to review your situation and make any recommendations that can help save you interest, increase your cash flow and put you on a path for financial success as we enter a new year.