What is a recession? A recession is two back to back quarters with negative growth. In other words the economy is shrinking over six months. What is the impact of a recession on mortgages?
In the case of a recession, the Bank of Canada generally lowers their key rate, which impacts variable rate mortgages. This means you can be rewarded for choosing a variable rate mortgage, if you’re prepared to ride the storm. Watch the video to learn more!
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker Edmonton.