2022 has been a strange year for the real estate market. We continue to see record sales across much of Ontario, and British Columbia and other emerging markets such as Nova Scotia, New Brunswick and Alberta are starting to spike as well. We started the year with a low-interest record rate, but with back to back updates to the overnight rate by the Bank of Canada and yet another raise due in the next couple of weeks, we are left with a question.
However hot the real estate market has been over the past few months, the time is now for those considering a second mortgage. With interest rates still low by traditional numbers, thousands of Canadians are looking at the possibility of borrowing against their home to fund renovations, pay down other debt or finally invest in that secondary property. The timing and current interest rates make this a great time to explore this option. So, if you have the ability, it is certainly worth looking into and seeing how a second mortgage can help plan your financial future.