Since October 2023, fixed mortgage rates have dropped by about 2.00%, creating a buzz among homeowners and buyers. Now, with predictions that the Bank of Canada may lower its rate by up to 1.75% by Q3 of next year… including another potential oversized cut on December 11th, excitement is high.  However, it’s possible if not [...]

The Bank of Canada has cut rates by 0.50%, a move that was widely anticipated. While there were some signals that they might take a more conservative approach, the drop in CPI inflation to 1.6% in September pushed the Bank to make this significant cut. The goal was to bring inflation down to 2%, which [...]

Everyone loves to speculate about mortgage rates, but predictions aren't facts. Lately, there has been a lot of talk about the Bank of Canada (BoC) cutting rate by 0.50% on October 23rd, as if it’s a done deal. But let’s be clear—while many are betting on this, it's still just a prediction. There's some evidence [...]

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. [...]