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 [...]

Finding the ideal home can be challenging, if not impossible, especially in a hot real estate market. You might find a home where you love the layout, but the kitchen and bathrooms haven’t been updated for fifty years. Sure, that psychedelic wallpaper, and vintage cabinetry might have been quite the rage in the 70’s, but [...]

Anyone following the mortgage market is aware that fixed mortgage rates have been increasing since early October. While they have stabilized for now, it’s possible that we could see further increases in coming months. As mortgage payments will increase with rates, this will also reduce your maximum qualified mortgage amount, right? Logically, this makes sense, [...]

When purchasing a resale property, the closing date is a straightforward concept. It’s simply the date that the ownership is transferred from the seller to the buyer. Where it becomes more complex is when purchasing a pre-construction condo, as there is not just one closing date, but two. The first is your occupancy closing. The [...]

5 year fixed mortgage rates have been on the rise since late September, and have now climbed up over 2%. Should this surprise us? The fact that fixed mortgage rates have now moved up over 2% is not surprising. What is surprising is how quickly it has happened.     Why Are Fixed Mortgage Rates [...]

In this morning’s scheduled rate announcement from the Bank of Canada, they confirmed that they will be maintaining their overnight rate. This is the rate that mortgage lenders use to set their prime rate. While their rate remains unchanged as expected, they announced that they are not just winding down their quantitative easing program, they [...]

Bond yields continue to trend upward, which places more upward pressure on fixed mortgage rates. Some mortgage lenders have increased their rates over the last few days, with more expected to increase over the next week. This is in addition to rate increases we saw over the last couple of weeks. As long as bond [...]

Upward pressure on fixed mortgage rates remains, and if bond yields continue with their upward trend, then fixed rates will continue to rise. The regular readers of my blog will know that fixed mortgage rates are largely influenced by bond yields. When the yields begin to trend upwards, this in turn will place upward pressure [...]