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.

Less than 20% down More than 20% down
1 yr Fixed 7.24% 7.29%
2 yr Fixed 6.69% 6.89%
3 yr Fixed 6.49%* 6.51%
4 yr Fixed 6.29%** 6.29%
5 yr Fixed 5.64%*** 6.09%
7 yr Fixed 6.24% 6.24%
10 yr Fixed 6.29% 6.29%
5 yr closed Variable 6.30% 6.95%****

Prime is 7.20%

*6.14% – Conditions apply

**6.19% – Conditions apply

***5.54% – no rate holds – Normal mortgage with less than 20% down payment

****6.45% – Purchase price less than $1m, down payment 35% or more

2019 Update

The changes to the HBP rules in respect of first-time home buyers announced in Budget 2019 To provide first-time home buyers with greater access to their RRSP savings to purchase or build a home, Budget 2019 proposes to increase the Home Buyers’ Plan withdrawal limit to $35,000. This would be available for withdrawals made after March 19, 2019. For […]


2018 Update

With the newest stress test coming into effect on January 1, 2018, the lending environment has become – once again – a little more complicated. Interest rates for what seem to be the same product can not only vary from lender to lender, but also with the same lender. The three categories below should provide […]


Stress Test 2.0.

Effective January 1, 2018, people with 20% or more down payment will be qualified at a rate 2% above the actual rate or the benchmark rate set by the government of Canada – whichever is greater.  We believe the amortization will remain at 30 years.  The full guidelines have not been released – please note that […]