Q & A with Kim Setrum and Angela Gordon
Friday Mar 21st, 2025
I sat down with Mobile Mortgage Specialist, Angela Gordon from RBC, to discuss what she’s been seeing in the housing markets. Here are some questions we discussed:
- What have you been seeing rates do over the last 6 months?
A: Rates have definitely been trending downwards over the last 6 months or so. The Bank of Canada has cut their overnight rate for the 7th consecutive time in a row with this most recent rate cut announced on March 12th by another 25 basis points. This directly impacts variable rate mortgages and loans, but we have also seen fixed rates slowly come down over the last few months as well. All of this has sparked more interest in potential home buyers, as their affordability can change with these drops.
- Where do you foresee rates trending going forward, and how will that impact buyers?
A: What interest rates are doing is always top of mind for home buyers, but we also have to look at the whole picture when deciding if a client is eligible / ready to buy a home. There is so much uncertainty in the markets that it is hard to predict what will happen to rates at any point in time. A buyer should not always look at what rates are doing when they think about buying, but rather are they comfortable with where rates and payments are right now, and what would happen to their affordability if rates change in either direction. With that, when I speak with clients about what their options are, we look at their budget, income stability, overall debt picture, net worth, risk tolerance, knowledge on the markets and economy, experience, and how much they have saved up for the house they are looking at buying, instead of just the rate.
- What really is the benefit of getting a mortgage with RBC , and using you as their mortgage specialist?
A: Even though rates are important, like I said above they aren’t ‘everything’ when you’re looking at buying a home. It is really important for clients to have a team of dedicated specialists on all ends of the home buying process to ensure they’re making the right financial decisions for themselves now and for their future. When I help a client with a mortgage, we do discuss all payment options, rate options, and down payment options, when looking at their full financial picture, to set them up for success in their home. I want to help them reach their overall financial goals whether that be to have lower mortgage payments to focus on cash flow and savings, or paying off other debts, or maybe they want to structure their mortgage in a way to make extra payments to pay it off as quickly as possible. My conversations are in depth and thorough to give the best all around financial advice. When you get a mortgage with RBC, I help clients from step 1 all the way to completion as their dedicated mortgage specialist, and I am mobile which means I’m not only available for a call during “banking hours”, but rather I make it work based on the clients needs. We also have some exciting spring offers including cash back and Avion points that put a little money back in their pockets as well!
Interested in learning what RBC economists have to say about the current economy, tariffs, and trade wars? Click on the links to find out more!
https://thoughtleadership.rbc.com/trade-turbulence-shakes-canadas-housing-market-foundations/
