"Inflation should be within that [1-3%] band about three-quarters of the time"
—BoC Governor Tiff Macklem (source)
- Opportunity to reassure borrowers: 77% of mortgagors are "worried" about borrowing costs ballooning at their next mortgage renewal, according to this Angus Reid survey. The number is similar for both variable and fixed-rate borrowers. So what better time to create a touch point with mortgage clients, letting them know how they could be affected at maturity and listing their options? Proactive outreach on stressful topics builds loyalty. The borrowers most receptive to such advice are first-time mortgagors and those who may be overextended (e.g., highest GDS/TDS ratios at origination). Angus Reid suggests 91% of first-time borrowers have this concern.
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