Hi, my name is Michael Fortin and I have been a mortgage specialist for over 15 years. During that time, we have seen many changes in the mortgage landscape. The decision is more complicated than it has ever been – more choice and of course more decisions to make. That said, at the same time there seems to be a push to move quickly and have an application done in five minutes and a focus on the lowest rate. This sounds great, but I would encourage you to take some time – lets say how long it takes to watch an average TV Show – an hour – to make an informed decision.

That is where I come in. We need to know a few details – not a biography – but some information about you, what you are buying, how long you plan to keep the property, how do you feel about risk and a few other details to help you make a better decision. Did you know that penalties can be very different from one lender to another or that a variable mortgage can be less risky than a fixed rate mortgage? Let’s take a few minutes and make sure you don’t save a few bucks every month and then end up paying that and a lot more a few years down the track.

Mortgage Rates – November 20, 2017

Less than 20% down  20% or more down
1 Year Fixed 2.89% 2.99%
2 Year Fixed 2.89% 2.94%
3 Year Fixed 2.99% 3.14%
4 Year Fixed 3.04% 3.29%
5 Year Fixed 2.99% 3.29%
7 Year Fixed 3.69%
10 Year Fixed 4.09%
5 Year Closed Variable 2.40% 2.70% 
Promotional Rate slightly longer than 4 year term – 2.89%
5 Year fixed promotion rate 2.99% – Insured / less than 20% down
5 Year Closed Variable 2.40% – Insured / less than 20% down

CMHC to Increase Mortgage Insurance Premiums

CMHC is increasing its homeowner mortgage loan insurance premiums effective March 17, 2017. For the average CMHC-insured homebuyer, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment. “We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” […]

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B.C. budget: New homes get transfer-tax cut

A B.C. budget move designed to open up the Vancouver housing market could stimulate homebuilding in Victoria and improve affordability for buyers. The province announced changes Tuesday to the property transfer tax, including an exemption from the tax when buying new homes worth up to $750,000. That change was designed to stimulate the supply side […]

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Mortgage rules requiring 10% down on Canadian homes over $500K kick in today

Today is the first day you’ll need to put at least 10 per cent down on a home selling for more than $500,000 in Canada. The new mortgage rules, announced last December by Finance Minister Bill Morneau, are intended to keep housing prices affordable for anyone wishing to enter some of Canada’s hottest real estate markets, such as Toronto […]

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