Earlier in 2019, it was predicted that we would see a rate drop from the Bank of Canada as late spring. Three scheduled rate announcements later and still no rate cut. Each time, the market has been closely watching in anticipation of a drop, however, the Bank of Canada remains reluctant to make any changes.  [...]

The mortgage industry was watching this morning's scheduled interest rate announcement from the Bank of Canada very closely. Economists were split as to whether we would see a cut, or whether the overnight rate would be maintained. In the last couple of weeks leading up to the announcement, it was looking more and more likely that the [...]

Over the past 30+ years, people of traditionally come out ahead by choosing a variable rate mortgage, which leads many mortgage professionals to suggest for their clients to always go variable.  But this blanket advice does not always work. Variable rates do not always win. This is why my advice on whether to choose fixed [...]

Around a year ago, it was widely predicted that we would see 2-3 increases to prime rate in 2019.  Economists did a complete 180 on these predictions in January of this year, predicting that we would see the Bank of Canada cut their overnight rate by summer. Fast forward now to today.  The overnight rate [...]

When mortgage regulations changed on November 30, 2016, mortgage borrowers were required to pass a stress test in order to qualify for a mortgage.  This meant that anyone applying for a mortgage would need to qualify based on the higher of the benchmark rate set by the Bank of Canada, or 2% of the contract [...]

Back at the start of 2019, the lowest 5-year fixed rate was 3.49%.  The market, however, shifted early February and rates started plummeting and plummeting fast.  Around that time, I had mentioned that we could potentially see 5 year fixed rates in the mid-2% range by mid-summer. With the precipitous drop in bond yields that [...]

Amortization is something that many mortgage borrowers do not put much thought into.  The ‘standard’ amortization is 25 years, and this is what most mortgages are approved with.   But is 25 years right for you? The lowest rates are generally found with amortizations of 25 years and under. Any amortization over 25 years and [...]

It has been predicted from the start of the year that there will be a cut coming to prime rate at some point this summer.  The Bank of Canada had another scheduled interest rate this morning and announced no changes to their overnight rate, which in turn affects prime rate.  So it looks like we'll [...]

There are so many options when trying to choose a mortgage that is best for you. The most common question is whether to choose fixed or variable.  However, one that is less common is regarding the length of your mortgage term. The 5-year fixed mortgage has become standard, but this doesn’t necessarily mean that this [...]

You have a mortgage renewal coming up in six months, and your bank calls you offering you a ‘special rate’ for renewing your mortgage early. They tell you that this is an exclusive offer and that you can save by renewing your mortgage early. They’ll often tell you that if you want to take advantage [...]