Pantone of the Year – Dominion Lending Centres

As we enter the New Year, it’s always fun to reflect on the previous twelve months and take a look at what is trending as we move forward.

If you’re unfamiliar with the Pantone of the Year, it is more than just a colour to paint your walls. Since 2000, the Pantone Colour Institute has been indicating a colour of the year and, for many, this is seen as a representation of the current moment in time helping us to reflect on the culture and state of the world. Think of it like a snapshot in time!

For 2024, the Pantone color of the year is “Peach Fuzz”; which is notably a warm and cozy hue to feed and nourish the soul.

During this post-pandemic period of turmoil around the economy, mortgage industry, and housing market, many of us are currently in need of more nurturing and comfort. This colour signifies the importance of caring and community even more as we enter 2024.

As the calendar turns over, take inspiration from Pantone to make the New Year one of comfort, healing and peace for yourself and those around you. With interest rates forecasted to drop towards the later half of 2024, housing and job markets set to stabilize and inflation slowly reducing to normal, we have some stability to look forward to.

To ensure you can make 2024 as comfortable as possible, don’t hesitate to reach out to a DLC Mortgage Expert for advice. Managing your finances can be a great way to reduce stress and leave time for more important things! Renewals are on the rise, and this can be a great opportunity for you to rebalance your mortgage contract, review your interest rate and terms, and update your payment schedule to make the most of your monthly cashflow.

Are you feeling the squeeze of high mortgage interest rates? You’re not alone. As of January 2023, mortgage interest rates in Ontario have risen significantly from the record lows seen in recent years. This means that borrowing costs for those looking to purchase a home or refinance their mortgage have increased, making it more expensive to own a home.

So, what’s behind these rising interest rates? There are a few factors at play. First and foremost, the economy is improving. As unemployment is at record lows and inflation on the rise the Bank of Canada is starting to raise its benchmark interest rate. This, in turn, affects the interest rates offered by financial institutions on mortgages and other loans.
Another factor is the increased demand for homes. As more people look to purchase a home, competition for available properties is driving up prices. This, in turn, is causing lenders to charge higher interest rates to offset the increased risk of lending.

What does this mean for you if you’re in the market for a mortgage? It means that you’ll need to be prepared to pay more for your mortgage, but it doesn’t mean that homeownership is out of reach. There are still many options available for those looking to purchase a home, including government programs such as the First-Time Home Buyer Incentive. Additionally, many financial institutions offer specialized mortgage products that can help those with lower credit scores or less stable employment. Furthermore, it’s important to shop around and compare rates from different lenders, and also consider the terms and conditions of the mortgage, as well as the overall costs that are associated with the loan.
Finally, remember that interest rates will likely continue to rise in the future, so it may make sense to lock in a fixed rate mortgage now, rather than waiting for rates to go even higher. It’s important to keep in mind that this is a unique situation, and rates can change rapidly, so it’s always better to consult with a mortgage expert or a financial advisor to get a better understanding of the current mortgage market and how it may affect your financial situation.