You’re shopping for a mortgage, and are presented with two different mortgage options, both with different rates and different features. The first thing you do is attempt to calculate the difference in cost between the two options.  What many will do is look at the difference in payment and then multiply that over the term [...]

It was no surprise that last week’s rate announcement from the Bank of Canada resulted in maintaining the status quo….. for the tenth straight time.  Much like shopping for a mortgage, there is a lot more to these announcements than just rate.  They also include the Monetary Policy Report, which provides the BOC’s economic outlook, [...]

As expected, the Bank of Canada maintained its overnight rate this morning in the first scheduled rate announcement of 2020.  The overnight rate is what the banks base their prime rate on.  The non-bank lenders then follow the major banks.  Since the overnight rate remains unchanged, so does prime rate, which is currently 3.95%. While these [...]

It’s hard to believe that we are now in the year 2020, yet still no flying cars.  What gives?   Still, we have seen some great technological advances in the last decade, along with some of the lowest mortgage rates in history.    So what can we expect as we enter 2020?  We rounded out [...]

The controversial mortgage ‘stress test’ is what requires borrowers to qualify for a mortgage based on a higher rate than their contract rate (the rate the mortgage payment is based on).    It requires you to qualify based on the higher of the benchmark rate, which is currently 5.19%, or 2% above the contract rate, [...]

Fixed rates have fallen to their lowest levels in more than two years, with 5 year fixed rates as low as 2.54%.  Anyone currently in a variable rate mortgage will know that this is lower than their current rate.  Even those with the deepest prime rate discounts would be paying 2.75%. With fixed rates being [...]

This morning marked the Bank of Canada’s final rate announcement for 2019.  As expected, they have once again kept their rate unchanged.  Prime rate remains 3.95%. Earlier in the year, it was predicated that we would see at least one rate cut from the BOC before the end of the year. The wait will however [...]

Since the middle of the first quarter in 2019, it’s been predicted that the Bank of Canada will cut their prime rate at least once.  Ever since, the market has been watching closely, yet the Bank has been steadfast in maintaining the status quo despite continuous pressure to make the cut. The next scheduled rate [...]

It’s hard to believe that we are now approaching the end of 2019.  With the end of the year in sight, some mortgage lenders are introducing extremely aggressive promotions to finish the year strong. Regardless of whether you have a mortgage coming up for renewal, have a new home purchase closing soon, or if you [...]

New job opportunities can be exciting!  They typically offer a higher income, and more potential for growth.  But what happens if you’ve purchased a new home and are offered a new job prior to closing on your new home? This is not an uncommon situation.  Should you find yourself in this position, you’ll need to [...]