Shawn Lee Talks Mortgages
According to the Chinese Zodiac, the year of the Snake is about letting go of the past, making big changes, and strategizing before striking. From a real estate perspective, this sounds exciting. But if you’re one of the 1.2 million Canadian homeowners who’s mortgages are up for renewal, 2025 might feel daunting. Many of those mortgages were assigned back in 2020 when interest rates were really low. 5 year rates have gone from roughly 1.5% to 4.5% which means payments for a $1 million dollar mortgage went from just shy of $4,000 to over $5,500.
Those are some big numbers, so as you can imagine we’re hearing questions like:
• Should I renew and hold on?
• What kind of rates (fixed or variable) should I go with?
• Do I need to downsize?
• Or do I get out of the market all together?
If you’re feeling the financial strain of homeownership you’re not alone, far from it. Many Canadians are facing the same challenges. Having to reassess your living situation is not a failure. It’s a smart responsible step towards stability.
Just like the snake, shedding its skin, there’s no shame in making a change. So if you have questions or just want to have an honest conversation, the Blu Crew is here for you.
Those are some big numbers, so as you can imagine we’re hearing questions like:
• Should I renew and hold on?
• What kind of rates (fixed or variable) should I go with?
• Do I need to downsize?
• Or do I get out of the market all together?
If you’re feeling the financial strain of homeownership you’re not alone, far from it. Many Canadians are facing the same challenges. Having to reassess your living situation is not a failure. It’s a smart responsible step towards stability.
Just like the snake, shedding its skin, there’s no shame in making a change. So if you have questions or just want to have an honest conversation, the Blu Crew is here for you.
