Whether you are a first time homebuyer, or someone who has been through the process many times before, purchasing a new home can be an exciting experience. The excitement can however turn into a nightmare, so it’s important that you have an understanding of how the mortgage approval process works. This can help prevent any [...]

It’s no big secret that the Bank of Canada will be increasing their key policy rate (overnight rate) multiple times in 2022. What we don’t know is when or how often it will occur. With all the talk about rate increases, many are asking if they should be choosing a fixed rate, or ‘locking in’ [...]

One of the most common questions we get from our clients is whether they should be choosing a fixed or variable rate mortgage. With all the talk about rising rates, it can be enough to scare anyone into locking into the certainty of a fixed rate. I’m hearing more and more people telling me that [...]

Ever since the US Fed hinted that they are expecting to raise their rate sooner than expected, there has been increasing speculation that the Bank of Canada would increase their rate on their next scheduled rate announcement which came on January 26th. In fact, economists were predicting a 70% chance of a rate increase on [...]

Upward pressure on fixed mortgage rates builds as bond yields continue to rise. They have been trending upward since the US Federal Reserve announced that they are expecting to raise rates by as much as three times in 2022, which was back in mid-December. Many economists are now predicting this will increase to four times.  [...]

In the last scheduled rate announcement from the Bank of Canada on December 8th, they held true to their projection on holding their overnight rate steady until sometime in the middle two quarters of 2022.  The US Federal Reserve has since hinted that they may have to raise their rate sooner than anticipated due to [...]

It’s hard to believe that it’s 2022 already. Such a futuristic sounding number, yet still no flying cars. What gives?  For those who have been following my blog over the years, you may recall that I always start off my first blog of the year with the same joke. Yes, the same one. It just [...]

If there is anything positive to come out of COVID, it’s the record low mortgage rates that it created. As the pandemic won’t last forever, neither will the rates, so rising rates shouldn’t come as a shock to any of us. As the economy recovers, we can expect rates to revert back to where they [...]

With all the talk about the Bank of Canada increasing their rate in 2022, I’m getting more and more questions regarding converting a current variable rate mortgage into a fixed.   But is this a good idea?   For those who follow my blogs regularly, you’ll know that I’m always saying that there is no one size fits all mortgage advice, and [...]

In their final scheduled rate announcement for 2021, the Bank of Canada confirmed this morning that they will be holding their overnight rate at 0.25%. This is the rate that mortgage lenders use to set their prime rate, which is applicable to variable rate mortgages. They do not directly affect fixed mortgage rates, however they [...]