Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Higher renewal costs test household budgets in Ontario and B.C., says Equifax Sep 13th
Equifax reports that rising renewal costs are testing household budgets, with Ontario and B.C. most exposed, while mortgage growth remains muted..... More »
BoC official warns against playing with mortgage rules to make housing affordable + MORE Nov 9th
The Bank of Canada’s senior deputy governor is warning against adjusting mortgage rules to try to make the prospect of homeownership more affordable..... More »
Variable-rate mortgages regain popularity as Morningstar flags rising risks + MORE Feb 1st
Morningstar DBRS says mortgage portfolios should hold up in 2026 despite a soft housing market, while warning that rising variable-rate use and Alt-A exposure are key areas to watch..... More »
The best 5-year fixed mortgage rates in Canada May 24th
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance .... More »
Mortgage debt taking up a record share of income Mar 17th
Borrowers are now spending roughly $1 out of every $13 of their disposable income on servicing their mortgages. That’s according to Statistics Canada’s fourth-quarter national balance sheet and financial flow accounts. The data shows Canadians are spending 7.66% of their household dispos.... More »
BoC Lays Groundwork for More Competitive 10-Year Fixed Rates
– canadianmortgagetrends.com
The Bank of Canada announced this week it will begin purchasing 10-year Canada Mortgage Bonds (CMBs), a move seen as paving the way for mortgage lenders to more easily offer lower-cost 10-year fixed mortgage rates to consumers. This is the first time the Bank has purchased 10-year fixed mortgage bonds on the open market. Previously it has only participated in 5-year fixed and 5-year floating rate note issues. “The Bank will continue to adhere to its principles of neutrality, prudence […]
How's my rate?
– canadamortgagenews.ca
You’re two years into your mortgage term. You’ve got a great rate, or so you thought? But now you aren’t sure. With so much talk about record low interest rates, you begin to question. Maybe there’s a better deal out there? Did you choose the right product and lender? Has your mortgage advisor or broker contacted you during those two years? Does this sound familiar?We’ve all heard of buyer’s remorse. That’s when you make a purchase, only to regret spending the money days or weeks later. I’m seeing a lot of people second-guessing their mortgage decision recently. And I have news for you… RELAX! There is a way to check to and see if you made the right choice, and better still, there is a way to see if you can do better today.
It’s called getting a Mortgage Review. I go through this process with every new client and with existing clients at least once per year. We compare existing rates, debts and balances against current rates, products and costs…
Considering Extra Mortgage Payments? Understand Your Prepayment Penalties
– ratesupermarket.ca
Your mortgage is a long financial commitment. It makes sense to want to get rid of it as soon as possible. But if you pay off your mortgage early, your lender loses out on the interest on that debt. That’s why borrowers often have to pay a prepayment penalty when you pay down more of the mortgage than is permitted in your mortgage contract, or pay out the mortgage outright.
You may have some prepayment privileges in your mortgage agreement. Most lenders typically allow you to make annual lump sum payments of 10% to 20% and increase your monthly payments by the same amount. Your rights depend on the flexibility of the contract. Here’s what to think about — plus a handy calculator to help you determine what kind of penalty you might face.
What is the Difference Between Open and Closed Mortgages?
Typically, a closed mortgage can be locked in at a lower interest rate, but you can’t make additional payments outside of what is contractually permitted. An open mortgage, on the other hand, allows you more flexibility to repay the debt whenever you like, but often entails higher interest rates…
