Is Now a Good Time to Buy?

Marci • September 12, 2016

If you’re getting tired of all the media headlines claiming impending housing market and economic doom and gloom, you’re not alone. It seems every time you browse the news another US economist is predicting terrible things for Canada. Articles like this one , claiming an ‘extreme bubble’ is just around the corner… note, not just a bubble… but an extreme bubble. 

The truth is, mortgage rates have never been lower and while low interest rates are somewhat blamed for increased house prices, low interest rates are good for borrowers who are looking to get into the market. So despite what the media would have us believe, now (historically speaking) is actually a pretty good time to buy a property.

Understanding that you can’t control the future, and of course past performance doesn’t indicate future direction, if you isolate the actual cost of borrowing money, you might be surprised at how cheap money is right now. Obviously buying a property is a personal decision, the time has to be right for you, and your finances have to be in order, but if the sensational media headlines are causing you to second guess yourself or the market, let’s have a look at the cost of borrowing today compared to previous years.

Fixed Interest Rates

Fixed interest rates are at an all time low. Seriously, it has never been cheaper to borrow fixed money in Canada. Here is a handy chart that provides a visual to that effect, showcasing the historical posted 5 year mortgage rates from 1973 to today. 

Here are a couple points to note: 

  • In July of 1981, fixed rates were at 21.75%. 
  • 21.75% is a higher rate of interest than a lot of credit cards. Yikes!
  • In July of 2016, rates were at 4.74%.
  • 4.74% is a posted rate, a lot of broker channel lenders have discounted rates in the low 2% range.

Prime Rate

So, fixed rates are a little too permanent for you? No problems, the prime rate (the rate that sets the baseline for a variable rate mortgage) can be found hovering below half of the Canadian historical average. So here is another handy chart that provides a visual going back to 1935 up until today. 

A couple points to note:

  • The 80s were not only bad for music and fashion, but a bad time to borrow money as well.
  • Although prime is 2.7%, lenders offer a variable component discount as well tied to the prime.
  • Discounts in today’s lending landscape are around half a percentage point.
  • The 40s, 50s, and 60s, were pretty steady, who knows, we might just be in for some more of that! 

Let’s Talk

So regardless if you prefer the fixed or variable, as you can see, it’s never been cheaper to borrow money. Period. Please don’t let the media scare you into thinking the market is about to implode, their job is to sell advertising not bring a balanced perspective to your newsfeed. Affordability is a personal thing and shouldn’t be dictated by a market you can’t control. 

If you would like to figure out what you can afford, and go over your financial situation to prepare for getting a mortgage, I’d love to help.  Please contact me anytime , I would love to work with you. 

 

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Divorce and Your Mortgage: What You Need to Know

By Marci Deane • May 13, 2026
Going Through a Separation? Here’s What You Need to Know About Your Mortgage Separation or divorce can be one of life’s most stressful transitions—and when real estate is involved, the financial side of things can get complicated fast. If you and your partner own a home together, figuring out what happens next with your mortgage is a critical step in moving forward. Here’s what you need to know: You’re Still Responsible for Mortgage Payments Even if your relationship changes, your obligation to your mortgage lender doesn’t. If your name is on the mortgage, you’re fully responsible for making sure payments continue. Missed payments can lead to penalties, damage your credit, or even put your home at risk of foreclosure. If you relied on your partner to handle payments during the relationship, now is the time to take a proactive role. Contact your lender directly to confirm everything is on track. Breaking or Changing Your Mortgage Comes With Costs Dividing your finances might mean refinancing, removing someone from the title, or selling the home. All of these options come with potential legal fees, appraisal costs, and mortgage penalties—especially if you’re mid-term with a fixed-rate mortgage. Before making any decisions, speak with your lender to get a clear picture of the potential costs. This info can be helpful when finalizing your separation agreement. Legal Status Affects Financing If you're applying for a new mortgage after a separation, lenders will want to see official documentation—like a signed separation agreement or divorce decree. These documents help the lender assess any ongoing financial obligations like child or spousal support, which may impact your ability to qualify. No paperwork yet? Expect delays and added scrutiny in the mortgage process until everything is finalized. Qualifying on One Income Can Be Tougher Many couples qualify for mortgages based on combined income. After a separation, your borrowing power may decrease if you're now applying solo. This can affect your ability to buy a new home or stay in the one you currently own. A mortgage professional can help you reassess your financial picture and identify options that make sense for your situation—whether that means buying on your own, co-signing with a family member, or exploring government programs. Buying Out Your Partner? You May Have Extra Flexibility In cases where one person wants to stay in the home, lenders may offer special flexibility. Unlike traditional refinancing, which typically caps borrowing at 80% of the home’s value, a “spousal buyout” may allow you to access up to 95%—making it easier to compensate your former partner and retain the home. This option is especially useful for families looking to minimize disruption for children or maintain community ties. You Don’t Have to Figure It Out Alone Separation is never simple—but with the right support, you can move forward with clarity and confidence. Whether you’re keeping the home, selling, or starting fresh, working with a mortgage professional can help you understand your options and create a strategy that aligns with your new goals. Let’s talk through your situation and explore the best path forward. I’m here to help.

Everything You Need to Know About Second Mortgages

By Marci Deane • May 6, 2026
What Is a Second Mortgage, Really? (It’s Not What Most People Think) If you’ve heard the term “second mortgage” and assumed it refers to the next mortgage you take out after your first one ends, you’re not alone. It’s a common misconception—but the reality is a bit different. A second mortgage isn’t about the order of mortgages over time. It’s actually about the number of loans secured against a single property —at the same time. So, What Exactly Is a Second Mortgage? When you first buy a home, your mortgage is registered on the property in first position . This simply means your lender has the primary legal claim to your property if you ever sell it or default. A second mortgage is another loan that’s added on top of your existing mortgage. It’s registered in second position , meaning the lender only gets paid out after the first mortgage is settled. If you sell your home, any proceeds go toward paying off the first mortgage first, then the second one, and any remaining equity is yours. It’s important to note: You still keep your original mortgage and keep making payments on it —the second mortgage is an entirely separate agreement layered on top. Why Would Anyone Take Out a Second Mortgage? There are a few good reasons homeowners choose this route: You want to tap into your home equity without refinancing your existing mortgage. Your current mortgage has great terms (like a low interest rate), and breaking it would trigger hefty penalties. You need access to funds quickly , and a second mortgage is faster and more flexible than refinancing. One common use? Debt consolidation . If you’re juggling high-interest credit card or personal loan debt, a second mortgage can help reduce your overall interest costs and improve monthly cash flow. Is a Second Mortgage Right for You? A second mortgage can be a smart solution in the right situation—but it’s not always the best move. It depends on your current mortgage terms, your equity, and your financial goals. If you’re curious about how a second mortgage could work for your situation—or if you’re considering your options to improve cash flow or access equity—let’s talk. I’d be happy to walk you through it and help you explore the right path forward. Reach out anytime—we’ll figure it out together.

Bank of Canada Holds Rate at 2.25% — April 29, 2026

By Marci Deane • April 29, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. This decision comes against a backdrop of significant global uncertainty — and for Canadian homeowners, buyers, and anyone with a mortgage coming up for renewal, here's what it means.