Hold On...

Marci Dean • March 7, 2024
The Bank of Canada has decided not to change its benchmark rate in its latest decision.


  • This keeps rates steady for the fifth consecutive time.
  • The overnight rate, which affects variable mortgage rates, stays at 5.0%, the same rate since July 2023. (Bank prime is still 7.20%)
  • There were no surprises in this Bank announcement today.
  • The Bank of Canada is still concerned about inflation risks and wants to see more easing in core inflation.
  • Last month, inflation decreased more than expected to 2.9%, inching closer to the Bank's target rate, which was good news, but……
  • The Canadian economy expanded in the fourth quarter and grew at a 1.0% annualized rate.
  • The speech from the US Treasury later this week will give a better sign on the possible trajectory of the rates both north and south of the Border.
  • Another thing to look for is the job numbers both here in Canada and in the US as these will have an impact on interest rate movement and timing of cuts.


All this to say it is a delicate balancing act right now and there is not enough economic incentive for the BOC to start cutting rates!

 

Leading economists still expect the Bank to lower the policy rate to 3% by 2025, with a 33% chance of a cut in April at the next Bank of Canada meeting. Most economist now think rate cuts will be delayed until the summer. I follow many economists and experts on the Canadian Economy and one of my favourites if Benjamin Tal. Here is what he has had to say after yesterday’s news from the BOC:


Still, while its tone was slightly more hawkish than many had expected, Tal said the central bank had good reason not to give away the game on when it’s likely to begin bringing rates down.


“What’s interesting is the language of the statement, which is not as dovish as some people expected,” Tal told Canadian Mortgage Professional after yesterday’s announcement. “There’s no hint of any cuts coming. They’re concerned about sticky inflation – and I think it makes sense.


Tal went on to say: …. the central bank is still likely to cut in June.


Time will tell if Ben has it right!


Fixed rates for a three-year term are now hovering in the low 5% range while the 5-year fixed rates are a bit lower than this, some even starting with a 4! The trouble with locking in for 5 years is that if/when rates drop further the penalty to break and refinance for an even lower rate could be very costly. Everyone’s situation is different so please reach out if you would like to discuss your mortgage renewal options.


Meanwhile, the real estate market is picking up with an up tick in listings and many buyers coming off the side lines. We do expect that this will continue through 2024 and if/when the BOC cuts and prime drops, activity heat up. If you want to consider your options for buying or selling and upsizing, now is the time to run the Mortgage Math!


The Bank's next announcement is scheduled for April 10, 2024! 🏠💰


As always, if you want to review your own personal mortgage please reach out for a complimentary Mortgage Review.

Let's Talk About Mortgage Renewals In 2024

At the risk of sounding like a broken record, today’s uncertain rate environment means mortgage renewals are more complicated!


Here are some things to consider if you have an upcoming mortgage renewal:


  • Confirm that your lender’s renewal offer includes all available terms.
  • Know that the lender’s first offer isn't always their best offer.
  • Ask for a quote that includes the rate and the new payment.
  • Understand that Mortgages can be moved to a new lender at renewal and this is often without a cost to the borrower!
  • The time to shop for a new mortgage is 3 - 6 months before your maturity date.

 


If you would like to explore all of your renewal options be sure to reach out to book a call.


If you want me to monitor your mortgage you can sign up for this service here!

Share

By Marci Deane • October 21, 2026
Why More Mortgage Options Matter—Especially for Assignment Purchases One of the biggest advantages of working with an independent mortgage professional is access to choice. Instead of being limited to one lender and one set of products, mortgage brokers work with multiple lenders—each with different guidelines, risk tolerances, and mortgage solutions. That flexibility becomes especially valuable when your situation doesn’t fit neatly into a “standard” box. A great example of this is purchasing new construction through an assignment contract . Why Assignment Purchases Can Be Challenging Assignment purchases are often viewed as higher risk by traditional lenders. Rather than declining these deals outright, many lenders quietly make them difficult by adding layers of conditions, restrictions, or uncertainty. This can lead to delays, frustration, or financing falling apart late in the process. The Good News There are lenders—available exclusively through the broker channel —that have clear, favourable policies for assignment purchases. With the right lender and proper planning, these transactions are absolutely doable. Typical Financing Requirements for Assignment Purchases While every situation is unique, many lenders that allow assignment financing look for the following: Standard purchase qualification, including income verification, credit, and down payment Assignments accepted at either the original purchase price or current market value Minimum 620 credit score , with no prior bankruptcies or consumer proposals The full down payment must come from the purchaser —seller incentives cannot be used Required Documentation To secure financing, lenders typically require: The original purchase agreement signed by all parties The MLS listing (if applicable) The assignment agreement signed by the builder, original purchaser, and new buyer Any side agreements outlining changes to the purchase price A full appraisal to confirm value This list isn’t exhaustive, but it highlights that while assignment purchases require more coordination, they are very achievable with the right lender and guidance. Final Thoughts Assignment contracts can open doors to great opportunities—but only if your financing supports the transaction. This is where access to multiple lenders and specialized policies makes a real difference. If you’re considering purchasing new construction through an assignment, or if you’d like to explore more traditional purchase options, feel free to connect anytime. I’d be happy to walk you through the mortgage products available and help you choose an option that doesn’t limit your financing possibilities.
By Marci Deane • October 14, 2026
How Mortgage Payment Frequency Affects What You Pay Over Time You’ve probably heard the saying that there are two certainties in life: death and taxes. When it comes to your mortgage, there’s really just one certainty—you’ll repay what you borrow, plus interest. What is flexible, though, is how often you make your mortgage payments. And that choice can have a meaningful impact on how quickly you pay down your mortgage and how much interest you pay over time. The Six Mortgage Payment Frequencies Most lenders offer the following payment options: Monthly – 12 payments per year Semi-monthly – 24 payments per year Bi-weekly – 26 payments per year Weekly – 52 payments per year Accelerated bi-weekly – 26 payments per year Accelerated weekly – 52 payments per year Standard Payment Frequencies The first four options are designed to align with how you get paid. For example: Paid monthly? Monthly mortgage payments may make sense. Paid every two weeks? Bi-weekly payments can align nicely with your cash flow. With these standard options, regardless of how often you pay, the total amount paid over the year is the same —it’s simply divided into more frequent payments. What Makes “Accelerated” Payments Different Accelerated payments work differently—and this is where the real savings happen. With accelerated bi-weekly or accelerated weekly payments, you’re paying a slightly higher amount each time. That extra money goes directly toward reducing your mortgage principal, which lowers the interest you’ll pay over the life of the mortgage. A Simple Example Let’s assume a $1,000 monthly mortgage payment: Monthly: $1,000 once per month = $12,000 per year Semi-monthly: $500 twice per month = $12,000 per year Bi-weekly: $1,000 × 12 ÷ 26 = $461.54 every two weeks = $12,000 per year Accelerated bi-weekly: $1,000 ÷ 2 = $500 every two weeks = $13,000 per year With accelerated bi-weekly payments, you effectively make two extra payments per year without having to think about it. Those extra payments reduce your principal faster, which lowers interest costs over time. Accelerated weekly payments work the same way—you just make smaller payments more frequently. Why This Matters Long Term While it’s difficult to calculate exact savings due to variables like interest rates, terms, and amortization changes, maintaining an accelerated payment schedule over the life of your mortgage can reduce your amortization by up to three years and save a significant amount of interest. The Bottom Line Accelerated payments are a simple, automatic way to lower your overall cost of borrowing—without needing to make lump-sum payments or drastically change your budget. If you’d like to see how different payment frequencies would impact your mortgage specifically, feel free to reach out anytime. I’d be happy to walk through the numbers with you and help you choose the option that fits your goals.
By Marci Deane • October 7, 2026
Your Lender Is Not Obligated to Renew Your Mortgage Many homeowners assume that if they’ve made every mortgage payment on time, their lender is automatically required to renew their mortgage at the end of the term. That’s a common belief—but it isn’t true. When you sign a mortgage, you’re agreeing to a contract for a specific term . Once that term ends, the lender has the legal right to either renew the mortgage or call the loan . There is no obligation to offer a renewal. In practice, most lenders do renew mortgages—but certain situations can prevent that from happening. Reasons a Lender May Decline to Renew A lender may choose not to renew if: Mortgage payments were missed during the term A bankruptcy or consumer proposal has occurred There is a separation or divorce Employment or income has changed A borrower on the mortgage has passed away The lender no longer prefers the property’s location or market The lender is no longer licensed to lend in Canada Even one of these factors can change how a lender views the risk. Why This Matters Because renewal is not guaranteed, waiting until the last minute can put you in a difficult position. Understanding this reality early gives you time and control. How to Protect Yourself at Renewal The best approach is to be proactive. Ideally, you should begin reviewing your options 120 days before your mortgage term ends . This gives you enough time to explore alternatives and make informed decisions—rather than reacting under pressure. Even if your current lender offers a renewal, that’s just one option , not automatically the best one. The lender that was right for you years ago may no longer offer the most competitive rate, terms, or flexibility today. The goal at renewal isn’t convenience—it’s reducing your total cost of borrowing and choosing terms that align with your current situation. Why Work With an Independent Mortgage Professional Working with an independent mortgage professional ensures someone is advocating for you , not the lender. Instead of being limited to one set of products, you can compare options across multiple lenders and choose the solution that best protects your interests. Final Thoughts Whether your lender is offering a renewal or not, the smartest move is to review all your options before signing anything. If your mortgage is coming up for renewal—or if you want to plan ahead—feel free to connect anytime. I’d be happy to help you protect your options and make a confident decision.