Back in the fall of 2018, there were strong predictions that the Bank of Canada would be increasing their overnight rate* at least two times in 2019. There was a solid chance of the initial increase coming with the scheduled rate announcement on January 9th, however, this did not occur. A lot can change in a few [...]
It's hard to believe that 2019 is now among us. A new year brings another year of fun in the world of mortgages! At least, that's how I look at it! Who's with me? No one? Alrighty then. Let's just provide you with some news and information to kick off 2019! The Bank of Canada announced this [...]
5 year fixed mortgage rates have now risen by approximately 1.5% since late 2016. Rising rates mean higher payments, and higher payments mean that you will qualify for a lower mortgage amount. On top of higher rates, everyone now has to pass a ‘stress test’, which lowers your qualified amount further. The ‘stress test' means that [...]
The Bank of Canada announced this morning that they will be maintaining their overnight rate, which means there is no increase to prime rate. This is exactly what was expected to happen. This announcement came this morning, December 5th at 10am EST. As we head into 2019, the Bank of Canada will continue to have their finger on [...]
As we move into December, fixed mortgage rates have now reached their highest levels since 2010. The big banks recently increased 5 year fixed rates to 3.94% to 4.04%, with most other mortgage lenders increasing rates since mid-November. There are however 5 year fixed mortgage rates still available from 3.44% - 3.74%, depending on your [...]
You are now 3 years into your 5-year fixed mortgage. Your family is growing and your current home no longer suits your needs. You’ve found a new home that would be perfect for you and your family! So what do you do with your mortgage? You’ve checked with your current lender and found out that [...]
It doesn't matter where you look these days, there is talk about rising mortgage rates. Prime rate has already increased by 1.5% since July 2017, with further increases expected. The next interest rate announcement by the Bank of Canada will be on December 5th, 2018. Prime rate is expected to remain unchanged on this date, [...]
It’s no big secret that mortgage rates are on the rise and increases are expected to continue through 2019. But will you be able to afford payments at a higher rate? If you are currently in a variable rate or fixed term shorter than five years, then you almost certainly passed the stress test, which [...]
The Bank of Canada announced this morning that they will be increasing their overnight rate by 0.25%, which in-turn, increases prime rate by 0.25%. This was no big surprise and the Bank of Canada has had their finger on the trigger since their last increase this past July. This announcement came this morning, October 24th [...]
Since mid-2017, mortgage rates have been on the rise and 5 year fixed products have already increased as much as 1.50% since that period. I would love to be able to tell you that rates have plateaued, but that would be wishful thinking. The Bank of Canada has been looking to increase prime rate and [...]
