The Bank of Canada has hiked their key policy rate by 0.75% since March 2nd, which resulted in immediate rate increases for anyone currently in, or considering a variable rate mortgage. They are not going to stop there and increases of an additional 1.00% - 2.00% are expected over the next year. This would bring [...]
One of the most common mortgage questions is whether to go with a fixed or a variable rate. Some mortgage professionals will advise to always go variable, however, this is not the best choice for everyone. While variable rate mortgages have historically outperformed fixed from a cost savings perspective, there are many people who are [...]
Whenever there is talk about the Bank of Canada increasing rates, many start to wonder if they should convert their variable rate mortgage into a fixed. Some will automatically fear the worst which can lead to panic resulting in them making a move that they might later regret. “My neighbour told me rates are going [...]
The Bank of Canada announced this morning that they are increasing their key policy rate by 0.50% which will bring it to 1.00%. This is the rate that mortgage lenders use to set their prime rate, which will now increase to 3.20%. The last time the BOC increased their rate by more than the typical [...]
The next rate announcement from the Bank of Canada is scheduled for April 13th. Many will be watching closely to see if they will be increasing their key policy rate for the second time this year. This is the rate that mortgage lenders use to set their prime rates, which is of most interest to [...]
Out of everything we can control in our lives, rising mortgage rates are not one of them. We do however have control over how we respond to them. Sure, you could sit back and ride out the storm. But there might be actions you can take to minimize the effect of the increases and therefore [...]
Upward pressure on fixed mortgage rates continues into this week. While the Bank of Canada has eight scheduled rate announcements per year (which determines prime rate), fixed and variable rate discounts can change at any time. When fixed rates change, they can change quickly. Below is an example of recent rates for 5 year fixed [...]
Even with last week’s rate increase from the Bank of Canada, the spread between fixed and variable is still around 1.40%, which is larger than it has been in years. While multiple rate increases are still expected in 2022, the large spread gives you additional cushion to protect variable rate holders against rising rates. More [...]
In their 2nd scheduled rate announcement for 2022, the Bank of Canada confirmed this morning that they will be increasing their key policy rate (overnight rate) by 0.25%. The last time they increased their rate was on October 24, 2018. Today’s increase affects anyone with a variable rate or a HELOC (Home Equity Line Of [...]
If you’ve been shopping for a new home, then you have already experienced the craziness of the red-hot real estate market firsthand. You see home after home, and are continuously outbid. Your frustration grows as you see your dream home slip through your fingers time and time again. With so few listings, the market is [...]
