Variable Mortgage Rates to Rise as Prime Rate Jumps to 3.20% + MORE Apr 16th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
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Mortgage or retirement savings? Where to get the most bang for your extra bucks + MORE May 4th

Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info. Mortgage or retirement savings? Where to get the most bang for your extra bucks - thestar.comContinue Reading On thestar.com » The L.... More »
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This millennial making $110,000 helps her family with mortgage, groceries. Is it time to buy a place with her boyfriend? + MORE May 16th

‘Can we even afford anything in the GTA. Is it smart to buy?’ Leanne asked. ‘The market is insane.’.... More »

How to take advantage of the first home savings account + MORE May 10th

In April, in response to Canada’s white-hot housing market, the federal government introduced the tax-free first home savings account (FHSA). The FHSA is a new kind of registered account aimed at easing the path of first-time home buyers to securing a mortgage at a time when average Canadian home .... More »
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What it’s like to be a first-time home buyer in Ontario—for real + MORE Apr 25th

We’d been looking for over two years when we finally closed on our home last year in Vaughan, Ontario, just north of Toronto. As first-time home buyers in Ontario, my husband and I had seen around 30 houses, had been outbid on five or six and had expanded our search area from the middle of Toronto.... More »
Variable-rate mortgage holders are about to see their interest costs rise again after Canada’s Big 5 banks announced a 50-basis-point hike to prime rate on Wednesday.

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Bank of Canada Raises Benchmark Interest RateYesterday was Wednesday the 13th – but for some, it might have felt like Friday the 13th. That’s because the Bank of Canada announced they’re upping their rate by a whopping 0.50%. This rate hike means that the prime rate will increase from 2.7% to 3.2%, a fairly sizable jump relative to what we’ve seen in the last couple of years. 

All of this might seem terrifying. But let me assure you: there’s no need to panic. 

How Does This Affect Me?

If you’re looking to secure a fixed-rate mortgage, you can take a deep breath. The rate hike announced yesterday won’t directly affect you. Why? Because fixed rates are based on Canada’s 5-year government bond yields. Those are currently sitting at 2.53% and have not changed with this latest Bank of Canada rate hike. 

In fact, I don’t expect fixed-rate mortgages to move much at all over the next 12-18 months. Those rates already increased over the last five months in anticipation of rising rates, so investors have built in the rate hikes already…

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