One of the main considerations when getting a mortgage if whether to lock in your rate or choose a variable rate mortgage. I always educate my clients on the pros and cons of each mortgage type and then help them make a decision that will be best for their financial situation and risk profile. I have mentioned before that historically a client you chooses a variable rate will be better off in the long run.
You can’t avoid the taxman: Goods ordered early for post-July installation will still get 13% levy. With all the billboards springing up around the city, it’s hard to miss the 13% harmonized sales tax (HST) slated to become law July 1. For many, the tax is just a convenient combination of 8% provincial sales tax (PST) and 5% goods and services tax (GST). But for the home renovation industry, which contributes $20-billion and 195,000 jobs to Ontario’s economy, the HST may have some hidden challenges.
| 6 Months | 4.60% | 3.85% |
| 1 Year | 3.65% | 2.49% |
| 2 Years | 3.95% | 2.95% |
| 3 Years | 5.04% | 3.69% |
| 4 Years | 5.14% | 3.89% |
| 5 Years | 5.39% | 3.69% |
| 7 Years | 6.30% | 4.95% |
| 10 Years | 6.50% | 5.20% |
| Variable | NA | 1.80% |
