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Welcome to our monthly Better Mortgage Select newsletter - our final newsletter of 2024!

 

Brought to you by Daniel Patton, Michael Zanzini, Lorenzo Podda, and of course, our President, Dave Butler.

   
   

As we look back on 2024, we can’t help but look at it in two halves.  The first half of the year felt a lot like 2023 and was difficult to say the least.  Interest rates were still at uncomfortable levels and the housing market was at a standstill.  The second half of the year, however, was almost the complete opposite with the key points being:


  • Five consecutive Bank of Canada rate cuts totalling 1.75% in relief
  • Inflation finally getting down to the government’s 2% target
  • A myriad of mortgage rule changes geared towards stimulating the housing market
  • 5-year fixed rates hitting as low as 3.89%-3.99% at different times

 

There is no question that the mortgage and real estate world heads into 2025 with some real positive momentum.  Here’s what to look for as we head into the new year:

 

   
   

Last October was the peak high for fixed rates in Canada, as the major banks had nothing better to offer than around 6.25%.  What a difference a year can make!  As recent as this month, our office is still receiving approvals from major banks for 5-year fixed rates at 3.99% and under for CMHC insured mortgages.

 

If you have been working with us or following our newsletters, we have been very vocal about the fact that we believe next year the 5-year fixed rate will bottom out in the 3.49% to 3.99% range (the lower part of that range for renewals/conversions/insured mortgages and the higher part of the range for conventional mortgages).  This means the time is here to begin seriously thinking about getting back into a 5-year rate next year (or even sooner).  Economists are split in terms of how long they feel like these lower interest rates will last, making next year a very pivotal year for many mortgage holders.

   
   

December is always a busy month for our crew, let’s look at what they were up to!

 

Our team was able to break away from work and spend some time together at our annual Christmas party. We had an amazing time at Grappa Restaurant in Etobicoke, with colleagues, spouses and our friends from Scotiabank, National Bank, Equitable Bank and BMO. A big thank you to them for joining us and making it an unforgettable evening.

   
   
     
   

The Michael St. Jean Real Estate Team has big plans in 2025.  They have been growing their team at a rapid pace in anticipation of many more units being sold next year. Our President, Dave Butler, along with Vice-President, Daniel Patton and Sr. Mortgage Agent, Michael Zanzini were able to spend some quality time preparing for 2025 with the St. Jean family (Michael, Robin and Teresa).


   
     
   

Our very own Operations Manager, Lorenzo Podda, had the pleasure of attending a Raptors game with Randy Drohan, of The Drohan Real Estate Group.  They were able to talk shop and prepare for what is set to be a busy 2025 in the real estate world.

   
   
     
   

Michael Zanzini was putting some miles on his vehicle this month as he  attended the Our Neighborhood Realty Christmas dinner, and was able to get in some game planning with Gary Hibbert, Bob & Rhonda Best, as well as Luiz & Paula Lameiras.

   
   
     
   

For those that are not aware, Better Mortgage Select is the only mortgage company in Canada with DIRECT access to National Bank’s Wealth Division for mortgages - and it’s been a great partnership.  Our very own Underwriting Supervisor, Marko Vidovich, spent some time with National Bank Underwriters, Matthew Pickering and Todd Speakman, and they set their sights on some lofty targets in 2025!

   
   
     
   

Last but certainly not least, our President, Dave Butler, stopped by to see Todd Slater at The Simple Investor office in Burlington, to tape the final ‘Simply Real Estate’ radio episode of the year.   The guys had a great chat about the current state of the real estate world and shared their outlook for 2025.


   
   
     
   

Just a friendly reminder to come visit us on our socials, where we put out a ton of videos with tips and information to help you navigate the wild world of mortgages! Check out the links below and give us a follow!

   
   
   
     
   

As always, if you have any questions or want to do some mortgage planning, feel free to reach out to us at: