Ratehub had the privilege of speaking to Jonathan Haziza, the Mortgage Solutions Product Officer at the National Bank of Canada (NBC), to discuss the mortgage market and NBC mortgage solutions.
Housing markets across Canada
According to Mr. Haziza, certain markets across Canada are vulnerable to market corrections. He believes the growth of condo prices in Toronto and Vancouver is unsustainable. However, the market in Quebec, although high in recent years, remains relatively stable. Mr. Haziza believes that Canada’s low mortgage rate environment has spurred the growth of property prices, noting that mortgage rates are at fifty-year lows and are unlikely to increase significantly by the end of the year.
When and how to approach mortgage financing
The second quarter of the year during the months of April, May, June, and July is when property purchases are typically at their peak. For renters with leases maturing during this period, it is an ideal time to buy their first property.
National Bank has built an easy-to-follow checklist for first-time home buyers on their website www.bnc.ca, breaking down the home buying process in eight simple steps. Furthermore, the Canada’s sixth largest bank has a network of mortgage development managers, who are willing to meet NBC clients in their homes to discuss mortgage financing, including evenings and weekends.
Customized mortgage solutions
Mr. Haziza says banks have a duty to properly advise their clients to help them achieve their financial goals. NBC’s mortgage approach is based on the needs and preferences of their clients and their tolerance for mortgage rate fluctuations. So, National Bank’s custom-made mortgages offer adjustability in real time by combining features of their other mortgage products. For example, for a customer who wishes to save on interest and is comfortable with rate fluctuations, but would still like some rate-protection, NBC can provide a mortgage that is 50% variable and 50% fixed over a 5-year term. The variable portion would provide interest savings, while the fixed portion would offer some protection against rate increases.
We’d like to thank Jonathan Haziza for his time and sharing his insights. You can compare National Bank mortgage rates or learn more about Canada’s sixth largest bank.