Immediately following the news on the collapse of Silicon Valley Bank in the US, bond yields plummeted by roughly 19%. This put immediate downward pressure on fixed mortgage rates. But that doesn’t mean a rate drop is guaranteed. Logically speaking, a 19% drop in bond yields would result fixed rates dropping by 19%. That would [...]

It’s amazing the impact that news can have on mortgage rates. Up until Thursday of last week there was upward pressure on fixed rates which was building quickly. We had already seen them increase over the last few weeks, and the precipitous upward trend in bond yields continued to pressure fixed mortgage rates to move [...]

In this morning’s scheduled rate announcement, the Bank of Canada confirmed that they are leaving their rate where it is. Finally! Exactly what variable rate mortgage holders wanted to hear. This is the first time they have maintained their rate since January 26, 2022. After eight consecutive rate hikes, six of which were oversized, it’s [...]

With much stronger employment statistics coming out of both the US and Canada earlier last month, bond yields started to soar which have resulted in fixed mortgage rate increases across the board. While I would love to tell you that fixed rates have stabilized, further increases are not only possible, but likely. Anyone with a [...]

Given the significant increases to mortgage rates over the past year, it may go without saying that many are feeling the pinch. Particularly those in variable rate mortgages and those with mortgages coming up for renewal. Seeing your payment increase by hundreds (or more) per month can be stressful for anyone. Afterall, it’s not like [...]

In the Bank of Canada’s rate announcement on January 25th, they told us exactly what we wanted to hear. They are pausing rate hikes. Their report stated that they expect inflation to reach 3% by the middle of this year and back to their 2% target in 2024, which was on track with their previous [...]

At the beginning of 2022, economists were forecasting that the Bank of Canada's overnight rate would increase four to five times, all at the standard 0.25% per hike. This would have meant a total rate increase of 1.00% to 1.25% for the year. Instead, we saw it increase by a whopping 4.00% with an additional [...]

The Bank of Canada increased their policy rate by another 0.25% this morning which should not have come as a surprise.  This means that the prime rate will be increasing from 6.45% to 6.70% which is the highest it has been since 2001. Through the third and most of the fourth quarter last year, none [...]

High levels of debt can significantly eat into monthly cash flow which can take a toll on many households. Particularly those who are living paycheque to paycheque. Rising inflation is not making it any easier. There may be ways to utilize the equity in your home to significantly reduce your debt payments to increase your [...]

Happy New Year! 2022 was another interesting year to say the least. One year ago, it was expected that we would see the Bank of Canada increase rates by 4-5 times by the end of the year. Given that the standard size increase is 0.25%, this would have meant a hike of 1.00% to 1.25% [...]