In this episode we have the pleasure of interviewing Rob McLister. Rob is a true expert when it come to all things Canadian Mortgages. Rob is a mortgage rate analyst, and lead author of Mortgage Logic newsletter, a trusted source for unbiased, and detailed mortgage news in Canada.
Rob shares with us his mortgage rate forecasts into early next year.
We ask Rob about his forecast of the outcome for the next Bank of Canada meetings on Oct 26th and Dec 7th. What is the magnitude of the increases if any, and what are some of the signs to watch for to tell us the rate increase cycle is about to end.
We then go through his perspective on fixed vs. variable rates right now (October 2022), especially for mortgages that are up for renewal soon. If someone is currently in a variable rate without an upcoming renewal, should they ride out the cycle or consider switching to a fixed option?
We finally discuss 40 year amortizations and ask for his advice for people having difficulties making their payments with the new higher rates.