Since 2018, anyone applying for a mortgage in Canada has been required to pass a mortgage “stress test.” This test ensures borrowers qualify at a higher interest rate than the rate their payment was based on, acting as a safety net if rates increase. While some have criticized the stress test, I’ve always supported it—especially [...]

If you locked in your mortgage during the latter half of 2023 or the first half of 2024, there’s an exciting opportunity to potentially save thousands of dollars by switching to a lower rate mid-term. Many of my clients have saved between $5,000 and $10,000 by making the move—and in some cases, even more.   [...]

It seems like just about everyone was following the US election last night. As I mentioned in last week’s blog, a Trump victory would likely trigger an increase in bond yields—and that’s precisely what happened. Bond yields spiked immediately following the election results, setting the stage for higher fixed mortgage rates. We have already seen [...]

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 [...]