In this morning’s scheduled rate announcement from the Bank of Canada, they confirmed that they will be maintaining their overnight rate, which is exactly what was expected. No surprises here, and anything else would have been a shock. The overnight rate is what lenders use to set their prime rate, which will remain at 2.45%. [...]

The housing market continues its frenzy as new home purchasers face strong competition in attempt to have their offer accepted. This should not come as any surprise, as its exactly what I predicted in my blog on The Impact of COVID19 On The Housing Market, written almost exactly one year ago. When the housing market [...]

Anyone who has been actively shopping for a new home can attest to how busy the housing market has become. It’s next to impossible to purchase a property without getting into a bidding war. The market is in a frenzy, and it seems as though everyone is trying to get a piece of the action. [...]

There are many mortgage professionals who have a specific stance when advising their clients on the choice between fixed and variable rate mortgages. There are some who always recommend variable, while others might always recommend a fixed rate. This is often due to their own feelings, beliefs, and risk tolerance, which is what forms the [...]

It’s a common belief that the Bank of Canada rate is connected to fixed mortgage rates, however the two are unrelated. We’re seeing a clear example of this in today’s market, as fixed mortgage rates have been rapidly rising, while the Bank of Canada rate remains unchanged. But why? The Bank of Canada will base [...]

Last week, it appeared as though the upward trend on fixed mortgage rates had plateaued, and showed possible signs of reversal.  However, the bond yields shot up again at the end of the week, breaking through resistance and therefore continuing the upward trend. I was originally thinking that fixed mortgage rates were going to settle [...]

Just as expected, the Bank of Canada announced this morning that they will be maintaining their overnight rate.  This is what mortgage lenders use to base their prime rate. When the overnight rate remains unchanged, so does prime rate. It’s important to note that the BOC rate does not have any direct effect or relation [...]

The title of this blog is a question with an easy answer. Of course they will. But that’s a very loose answer since it does not state ‘when’.  Eventually, we will see fixed mortgage rates rise back up over 3%, however I would not expect to see this anytime this year. Or even next year [...]

Mortgage rates have been steadily trending downward since early April 2020, and have fallen a whopping 1.25% since the beginning of the trend. That’s almost 9 months without any rate increases, which brought us to today’s lowest 5 year fixed rate of 1.39%*. Understandably, we can’t expect the downward spiral to last forever. We’ve hit [...]

With our unemployment rate on the rise, there are many finding themselves wondering how they’re going to make their next mortgage payment. If your income is severely affected by COVID-19, and you don’t have funds available to make your next mortgage payment, then you may want to speak with your current lender about the possibility [...]