Should you take fixed or variable rate | First time home buyer 🏡

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I am a licensed mortgage agent M21004312 working with Dominion lending centres, Valko Financial FSRA13047. I work with over 60 lenders including the top banks to provide an array of mortgage products that are suited to your needs. I can help you with your housing needs across all provinces in Canada (except Quebec).

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My mission is to provide you with actionable content that enables you to build your wealthand live up to your potential. I came to Canada with my wife (Simran), during the pandemic in 2020, started with very little money, no job - to today, where I recently quit my job after building my side hustle to a cool 6-figures in revenue. I have met so many amazing people and mentors along the way, and I want to bring everything that I have learnt and continue to learn to you via this channel.

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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.

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Timestamps
00:00 - Intro
01:19 - BOC Cuts interest rate
04:51 - Differences between interest rate
07:19 - Impact on mortgage eligibility
09:14 - Fixed rates?
15:59 - First time home buyer?
18:49 - Fixed or Variable?
21:34 - Outro
Keywords "Bank of Canada, interest rate cut, housing market, real estate, economic policy, monetary policy, lower interest rates, mortgage rates, housing affordability, real estate prices, financial stability, economic growth, inflation control, economic stimulus, home buyers, property market, residential property, real estate investment, mortgage lending, housing demand, financial markets, borrowing costs, homeownership, property values, central bank decision, economic impact, Canadian economy, housing supply, real estate trends, rate reduction, mortgage affordability, economic outlook, property sales, real estate development, housing bubble, market dynamics, lending practices, economic recovery, interest rate policy, housing sector, economic conditions, monetary stimulus, Bank of Canada Governor, economic forecast, real estate financing, market stability, economic measures, financial policy, interest rate changes, housing finance, property affordability, economic strategy, real estate market analysis, central banking, home prices, market predictions, mortgage market, financial regulations, interest rate effects, housing economics, rate adjustment, real estate affordability, market analysis, mortgage interest rates, property investment, economic indicators, Bank of Canada policy, housing affordability crisis, mortgage rate changes, real estate market impact, financial planning, property market forecast, interest rate trends, economic policy-making, housing market trends.

[pengily_emi]

My aunt passed and I inherited some of her portfolio and cash savings, I’m 28 with about 400k cash in savings and as usual everybody’s preaching invest, so what stocks are a good long term buy, only major purchase I intend to make is buying a home in 5years from my returns

[vikashbhansali]

Hi Nav, Possibly the era of low interest rate is gone for foreseeable future..China withlow cost of production, kept inflation very low, which i dont see happening any time soon...One request Nav, if its possible to create video on property management, for investors? What do they cover and what they do not..Pros and feedback tok, i always notice that your potential customer interest exceeds ur self / Business interest..Kudos to u

[vishwasgupta]

Great and insightful content as always, Nav. I'm a big fan. I've noticed that in most of your recent videos, the focus is primarily on FTHB and same putting <20%. You may want to put more more appealing numbers to your audience. However Is it possible for you to put numbers and comparisons for investors > 20% & see how equation differs.

[arshcanada]

Very nice video!
Could you also make a video comparing amortization of fixed vs variable interest rates?
I have heard in the long run, you end up paying more principal in variable rate vs fixed rate. Is that true?

[karanlamba]

Loved it! Exactly what I was looking for.

[harshadsonaje]

Great video. Can you explain the inversion of the yield curve concept?

[parthppatel]

Interest rates are going to stay elevated over long term. There's a high possibly that market corrects slowly (government doesn't want to make big corrections) so that or in the BEST CASE SCENARIO it'll remain flat over foreseeable future. In no case they want market to run up from here. Going by pure logic and facts. If war happens then market could break too.. that's why all wise investors are out after selling their holdings.

[NewYorkJ]

One thing you are missing the strain and weight that is being added to the families for longer term. All mortgages that are getting extended to well over 40 yrs are burdensome and have lingering effect on the society.

[mmohammed]

Hi, If you move from variable to fixed do you have to pay penalty? Example if you have taken 5 yr variable and after 2 yrs you want move it to fixed do I have to pay any penalty?

[pritish]

Hi Nav, I've been following you for a while from your original Youtube channel. I've just passed my Agent level 1 exam in Ontario from Remic as you had suggested. How can I work with you?

[supertramp]

Here is my take on this as a first time buyer.
1. Don't buy if you can't put at least 20% down. Remember that 5% down offers are really not meant for you, they are meant for banks to make money off you.
2. Always ask if this is the right time to buy. This question would make you do your research. For me, I would wait to see how this year goes. Can see the stress in the market right now. %sales/%listings ratio is going down.
3. When you actually decide to buy, do not go over budget ever. If you can't afford it, just don't go for it. Quick check on affordability: %EMI not exceeding 30% of cashflow/per month for a mortgage term of max 20 years. Do not ever go more than 20 years.
4. Do not put in blind bid offers. Again, the system in Canada is meant to favor the sellers and realtors. Realtors make more money if they sell it for more. Simple.
5. Hope you do your own research. Best of luck!