Less than one year ago, the Bank of Canada overnight rate was just 25 basis points. Today, it's 450 basis points – an 18X increase. How have record rate increases affected homeowners and potential homebuyers? What about borrowers with a home equity line of credit (HELOC)? On today's podcast, Ron Butler, mortgage broker extraordinaire, gives us insight into the mortgage world in 2023. He also discusses how recency bias affects our decision-making, with lots of practical advice to avoid paying more for your mortgage than you need to. Tune in!

Links:

Ron Butler on Twitter: @ronmortgageguy https://twitter.com/ronmortgageguy

Butler Mortgage (mortgage rates): https://www.butlermortgage.ca/mortgage-calculator/

High Interest Rates: What Can You Do/ https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/

Bank of Canada, share of mortgages with high Debt Service Ratio: https://www.bankofcanada.ca/rates/indicators/indicators-of-financial-vulnerabilities/

Average Toronto house prices: https://wowa.ca/toronto-housing-market

Podcast 293 - Debt, HELOCs, and The New World of Mortgage Lending with Ron Butler https://www.youtube.com/watch?v=VDSd6z5EJzA

Podcast 334 - Mortgages & Home Equity Refinancing: What Are The Risks in 2021? https://www.youtube.com/watch?v=-CSt5J7CIQ0

Podcast 376 - Should You Help Your Child Get a Mortgage? with Ron Butler https://www.youtube.com/watch?v=INc3t7ikv-w

Podcast 403 - What's Happening Now that Mortgage Rates are up? https://www.youtube.com/watch?v=Iw-HtqgOgJM

Podcast 421 - Mortgage Challenges After Record Rate Hikes + Advice with Ron Butler https://youtu.be/kJ9vyHA5pJw