Just last week, I wrote about mortgage rates falling faster than expected, but today we’re facing a sudden spike in fixed mortgage rates. So, what’s behind this shift? Last week, the lowest 3-year fixed rate for an insured mortgage dropped to 4.09%. Rates this low weren’t anticipated until 2025. This came on the heels of [...]

As we enter the fourth quarter of 2024, mortgage rates continue to fall. Fixed mortgage rates have already fallen by greater than 1.75% since they hit their peak in October 2023. At that time, most mortgage rates were in the high 5% to mid-6% range. Today, fixed mortgage rates range from 4.04% to 4.44% depending [...]

Let’s say you’ve got six months until your mortgage renewal, and suddenly your bank calls with what they’re calling a ‘special rate’ if you renew early. It sounds like an exclusive deal—maybe even a money-saving opportunity. But there’s a catch. They usually give you a tight deadline, often just a few days, to sign the [...]

The long-awaited announcement is finally here! As of December 15th, 2024, the Department of Finance will raise the maximum price limit on CMHC-insured mortgages from $999,999 to $1.5 million. This is a game-changer, especially for homebuyers in Canada’s hottest real estate markets like the GTA and GVA, where skyrocketing prices have made it tough for [...]

It’s the talk of the town, mortgage rates are falling… and falling fast. In fact, fixed mortgage rates have plummeted by as much as 1.50% since they reached their recent peak in October 2023.  Meanwhile, the Bank of Canada has cut its overnight rate by 0.75% since their rate cutting cycle began on June 5th [...]

The Bank of Canada has just made another move, dropping the overnight rate by 0.25%—the third cut in a row. While it might not have been a nail-biting wait, it was exactly what most experts predicted. Any other outcome would have been a surprise.  This is fantastic news for those with variable rate mortgages, as [...]

When it comes to managing your mortgage, understanding prepayment privileges can make a significant difference in how quickly you can pay down your loan. These privileges are often represented by numbers like 10/10 or 20/20, but what do they really mean? Let’s break it down and explore how these numbers can impact your mortgage strategy. [...]

If your mortgage renewal is approaching, you might be facing higher payments due to increased interest rates. Most mortgage holders had to qualify for their mortgage based on a higher "stress test" rate. This means they had to prove they could afford payments even if rates increased—ensuring payments remain manageable despite rising rates. While payments [...]

When you select your mortgage product, you’re entering into a contractual agreement with the lender for a specific closed term. Should you find yourself needing to return the mortgage early, you’re essentially breaching your contract with the lender. Consequently, the lender will then impose a penalty for breaking it early.  Think of this as the [...]

When purchasing a property with less than 20% down payment, mortgage default insurance (CMHC for example) is required. The advantage is that you’ll likely receive a lower mortgage rate. Possibly, much lower.  The maximum amortization is limited to 25 years on insured mortgages.  However, as of August 1st, 2024, 30-year amortization will now be available [...]