Mortgage Blog

Victoria - Saanich - Vancouver Island Mortgages Done the Smart Way

Category: Mortgage (43 posts)

Mortgage Renewals in Early 2025 – Where Might Rates End Up?

Mortgage Renewals in Early 2025 – Where Might Rates End Up?

May 4, 2025 | Posted by: Bobby Smart

A friendly guide for Canadian homeowners who are about to renegotiate one of the biggest contracts of their lives. Introduction - Why Everyone Is Talking About 2025 Renewals If your mortgage is co ...

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April 16 - 2025 - Bank of Canada holds policy rate at 2.75%

April 16 - 2025 - Bank of Canada holds policy rate at 2.75%

April 16, 2025 | Posted by: Bobby Smart

The Bank of Canada today maintained its target for the overnight rate at 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%. The major shift in direction of US trade policy a ...

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Tariffs and Their Effect on Interest Rates: What Canadian Homeowners Should Know

Tariffs and Their Effect on Interest Rates: What Canadian Homeowners Should Know

April 5, 2025 | Posted by: Bobby Smart

You might be surprised to learn how tariffs-taxes on imported goods-can affect your mortgage or home-buying plans. Tariffs can indirectly influence interest rates, which impacts mortgage payments and ...

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Pros & Cons of Paying Off Your Mortgage Before Retirement

Pros & Cons of Paying Off Your Mortgage Before Retirement

March 21, 2025 | Posted by: Bobby Smart

If retirement is approaching, you may be considering whether it's wise to pay off your mortgage early. As with many significant financial decisions, there isn't a one-size-fits-all answer. However, ...

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March 12-2025 - Bank of Canada reduces policy rate by 25 basis points to 2.75%

March 12-2025 - Bank of Canada reduces policy rate by 25 basis points to 2.75%

March 12, 2025 | Posted by: Bobby Smart

The Bank of Canada today reduced its target for the overnight rate to 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%. The Canadian economy entered 2025 in a solid position, with infl ...

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Mortgage Renewal Coming UP and rates higher than 5 yrs ago - Consider increasing your amortization?

Mortgage Renewal Coming UP and rates higher than 5 yrs ago - Consider increasing your amortization?

March 7, 2025 | Posted by: Bobby Smart

If your mortgage renewal date is approaching, it's important to take action. You might notice something that's hard to ignore: interest rates are significantly higher now than five years ago. You're n ...

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How will tariffs potentially affect Interest rates

How will tariffs potentially affect Interest rates

February 26, 2025 | Posted by: Bobby Smart

As a mortgage broker in Canada, I often get questions about how global economic events might affect our financial landscape, particularly when it comes to interest rates and the cost of borrowing. One ...

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Is Now the Right Time to Refinance Your Mortgage?

Is Now the Right Time to Refinance Your Mortgage?

February 5, 2025 | Posted by: Bobby Smart

With interest rates in Canada decreasing, many homeowners are considering whether this may be the ideal time to refinance. Refinancing involves replacing your current mortgage with a new one, idea ...

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Bank of Canada reduces policy rate by 25 basis points to 3%, announces end of quantitative tightening

Bank of Canada reduces policy rate by 25 basis points to 3%, announces end of quantitative tightening

January 29, 2025 | Posted by: Bobby Smart

The Bank of Canada today reduced its target for the overnight rate to 3%, with the Bank Rate at 3.25% and the deposit rate at 2.95%. The Bank is also announcing its plan to complete the no ...

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Fixed-Rate vs. Adjustable-Rate Mortgages: Which Might Be Right for You?

Fixed-Rate vs. Adjustable-Rate Mortgages: Which Might Be Right for You?

January 21, 2025 | Posted by: Bobby Smart

Hello there, and welcome! As a mortgage broker here in Canada, I know that diving into the world of mortgages can feel like stepping into a labyrinth of numbers and jargon. Today, let's have a fri ...

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Government announces boldest mortgage reforms in decades to unlock homeownership for more Canadians

Government announces boldest mortgage reforms in decades to unlock homeownership for more Canadians

December 16, 2024 | Posted by: Bobby Smart

Canadians work hard to be able to afford a home. However, the high cost of mortgage payments is a barrier to homeownership, especially for Millennials and Gen Z. To help more Canadians, particularly ...

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Dec 11-2024 - Bank of Canada reduces policy rate by 50 basis points to 3.25%

Dec 11-2024 - Bank of Canada reduces policy rate by 50 basis points to 3.25%

December 11, 2024 | Posted by: Bobby Smart

The Bank of Canada today reduced its target for the overnight rate to 3¼%, with the Bank Rate at 3¾% and the deposit rate at 3¼%. The Bank is continuing its policy of balance sheet no ...

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Unlocking Home Ownership: What Canadian Homebuyers Need to Know About Property Value

Unlocking Home Ownership: What Canadian Homebuyers Need to Know About Property Value

November 4, 2024 | Posted by: Bobby Smart

The Canadian dream of home ownership is evolving. With fluctuating property values and shifting market dynamics, understanding the real estate landscape is more crucial than ever for prospective hom ...

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October 23-2024: Bank of Canada reduces policy rate by 50 basis points to 3.75%

October 23-2024: Bank of Canada reduces policy rate by 50 basis points to 3.75%

October 23, 2024 | Posted by: Bobby Smart

The Bank of Canada today reduced its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is continuing its policy of balance sheet normalization. ...

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Is a Reverse Mortgage Right for You?

Is a Reverse Mortgage Right for You?

October 8, 2024 | Posted by: Bobby Smart

A reverse mortgage is a great financial tool for homeowners over 55 who want to stay in their homes while accessing the value they've built up over the years. It provides additional income, eliminates ...

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With Lower Interest Rates, Is Now a Good Time to Refinance My Mortgage?

With Lower Interest Rates, Is Now a Good Time to Refinance My Mortgage?

September 6, 2024 | Posted by: Bobby Smart

With interest rates dropping, many homeowners ask the same question: Is now the right time to refinance my mortgage?* The simple answer? It could be! But as with most financial decisions, a few factor ...

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Sept 4th, 2024 - Bank of Canada reduces policy rate by 25 basis points to 4.25%

Sept 4th, 2024 - Bank of Canada reduces policy rate by 25 basis points to 4.25%

September 4, 2024 | Posted by: Bobby Smart

The Bank of Canada today reduced its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is continuing its policy of balance sheet normalization. ...

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How Lower Interest Rates Could Benefit Canadian Homeowners: Is Now the Time to Refinance?

How Lower Interest Rates Could Benefit Canadian Homeowners: Is Now the Time to Refinance?

August 23, 2024 | Posted by: Bobby Smart

As a Canadian homeowner, you're probably hearing a lot of buzz about falling interest rates. You might be wondering, "Is this the right time to refinance my mortgage?" The short answer is, it could be ...

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What are Alternative Mortgage Lenders?

What are Alternative Mortgage Lenders?

August 8, 2024 | Posted by: Bobby Smart

In the dynamic world of real estate, securing a mortgage can often be daunting, especially for individuals with unique financial situations. This is where alternative mortgage lenders come into play ...

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July 7, 2024 - Bank of Canada reduces policy rate by 25 basis points to 4.5%

July 7, 2024 - Bank of Canada reduces policy rate by 25 basis points to 4.5%

July 24, 2024 | Posted by: Bobby Smart

The Bank of Canada today reduced its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is continuing its policy of balance sheet normalization. ...

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7 Things to Know When You Are Looking to Purchase a Cottage or Vacation Home

7 Things to Know When You Are Looking to Purchase a Cottage or Vacation Home

July 8, 2024 | Posted by: Roar Solutions

Purchasing a cottage or vacation home can be an exciting venture, offering a perfect getaway from the hustle and bustle of city life. However, it's essential to approach this purchase with careful con ...

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Bank Of Canada Rate Update June 1, 2022

Bank Of Canada Rate Update June 1, 2022

June 1, 2022 | Posted by: Bobby Smart

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 1½%, with the Bank Rate at ...

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How a Mortgage Pre-Approval Can Protect You from Rising Rates

How a Mortgage Pre-Approval Can Protect You from Rising Rates

May 26, 2022 | Posted by: Bobby Smart

With interest rates rising, it's important to lock in a lower rate as soon as possible. You can do this with the right home mortgage pre-approval. Find out how! Do you plan on searching for and buy ...

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How is a Private Mortgage Different Than a Traditional Bank Mortgage

How is a Private Mortgage Different Than a Traditional Bank Mortgage

May 4, 2022 | Posted by: Bobby Smart

Understanding the difference between private mortgages and traditional bank mortgages can help you make the best decision for financing a new home. Each option provides the money to secure real estate ...

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Bank Of Canada Rate Update April 13, 2022

Bank Of Canada Rate Update April 13, 2022

April 13, 2022 | Posted by: Bobby Smart

Bank of Canada increases policy interest rate by 50 basis points, begins quantitative tightening The Bank of Canada today increased its target for the overnight rate to 1%, with the Bank Rate at 1¼% ...

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Bank Of Canada Rate Update March 2, 2022

Bank Of Canada Rate Update March 2, 2022

March 2, 2022 | Posted by: Bobby Smart

Bank of Canada Increases Policy Interest Rate The Bank of Canada today increased its target for the overnight rate to ½ %, with the Bank Rate at ¾ % and the deposit rate at ½ %. The Bank is contin ...

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Bank Of Canada Rate Update January 26, 2022

Bank Of Canada Rate Update January 26, 2022

January 26, 2022 | Posted by: Bobby Smart

Bank of Canada maintains policy rate, removes exceptional forward guidance The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ %, with the Bank Rate at ...

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Top 10 Questions to Ask Your Mortgage Broker in Victoria, British Columbia

Top 10 Questions to Ask Your Mortgage Broker in Victoria, British Columbia

January 19, 2022 | Posted by: Bobby Smart

Top 10 Questions to Ask Your Mortgage Broker The mortgage world can sometimes be difficult to navigate when buying a home. However, an experienced Mortgage Broker can help walk you through the proces ...

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How Much of A Mortgage Can You Afford?

How Much of A Mortgage Can You Afford?

January 5, 2022 | Posted by: Bobby Smart

How Much of a Mortgage Can You Afford? Mortgage Application: How Much of A Mortgage Can You Afford? The mortgage application process involves a buyer's due diligence in calculating how much mortgage ...

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Prequalification and Pre-Approval—What is the Difference? Home Buying in Victoria, British Columbia

Prequalification and Pre-Approval—What is the Difference? Home Buying in Victoria, British Columbia

December 15, 2021 | Posted by: Bobby Smart

What is the Difference Between Pre-Qualification and Pre-Approval? Prequalification and Pre-Approval-What is the Difference? Prequalification is a basic review of the borrower's information to deter ...

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Bank Of Canada Rate Update December 9, 2021

Bank Of Canada Rate Update December 9, 2021

December 8, 2021 | Posted by: Bobby Smart

Bank of Canada maintains policy rate and forward guidance The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent ...

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What to do if You Are Denied a Mortgage

What to do if You Are Denied a Mortgage

November 24, 2021 | Posted by: Bobby Smart

What to do if You Are Denied a Mortgage Main reasons Why your mortgage application is Denied and What to do If Mortgage lenders reject Yours Mortgage lenders often reject loan application requests f ...

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How to Know if it's Time to Refinance

How to Know if it's Time to Refinance

November 3, 2021 | Posted by: Bobby Smart

How to Know if it's Time to Refinance According to mortgage advisors, mortgage refinancing is one of the ways to make and save money from your home loan. When done right mortgage refinancing benefits ...

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Bank Of Canada Rate Update Oct 27, 2021

Bank Of Canada Rate Update Oct 27, 2021

October 27, 2021 | Posted by: Bobby Smart

Bank of Canada maintains policy rate and forward guidance, ends quantitative easing The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with ...

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What Is Home Equity and How Can I Build It?

What Is Home Equity and How Can I Build It?

October 6, 2021 | Posted by: Bobby Smart

Home equity is an essential asset for creating wealth and income. Learn how home equity is calculated, why it's important, and five steps you can take to build it. As you make monthly mortgage paymen ...

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Bank Of Canada Rate Update Sept 8, 2021

Bank Of Canada Rate Update Sept 8, 2021

September 8, 2021 | Posted by: Bobby Smart

Bank of Canada maintains policy rate, continues forward guidance and current pace of quantitative easing The Bank of Canada today held its target for the overnight rate at the effective lower boun ...

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Getting a Mortgage as a Student

Getting a Mortgage as a Student

August 18, 2021 | Posted by: Bobby Smart

Purchasing a home is most likely one of the most sizable purchases most of us will ever make, and finally, buying a home is a dream come true for most. For students, it may seem like this dream is fo ...

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What Happens if You Lose Your Job Before Closing?

What Happens if You Lose Your Job Before Closing?

August 4, 2021 | Posted by: Bobby Smart

A job loss a few days or weeks prior to closing your home purchase can be distressing; especially when you have no alternative source of income. Getting a new job can ease the situation, but it's not ...

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How a Funding Condition Can Secure Purchasers From Financial and Legal Penalties in  Victoria, British Columbia

How a Funding Condition Can Secure Purchasers From Financial and Legal Penalties in Victoria, British Columbia

July 21, 2021 | Posted by: Bobby Smart

When you make a deal to buy a home, in addition to thinking about how much money to provide, you likewise need to think about any conditions that you want to include. Some common conditions deal with ...

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Bank Of Canada Rate Update July 14, 2021

Bank Of Canada Rate Update July 14, 2021

July 14, 2021 | Posted by: Bobby Smart

Bank of Canada maintains policy rate and forward guidance, adjusts quantitative easing program The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ per ...

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Risks of Putting Down a Firm Offer with a Pre-Approval Victoria, British Columbia

Risks of Putting Down a Firm Offer with a Pre-Approval Victoria, British Columbia

July 7, 2021 | Posted by: Bobby Smart

Risks of Putting Down a Firm Offer with a Pre-Approval Today, the real estate market is competitive and homebuyers need all the help they can get to secure their home at the right price. Once you fin ...

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Low Rates in Victoria, British Columbia Helping Buyers Pay Off Their Mortgages at Record Pace

Low Rates in Victoria, British Columbia Helping Buyers Pay Off Their Mortgages at Record Pace

June 28, 2021 | Posted by: Bobby Smart

Home prices may be astronomical in certain parts of the country, but historically low mortgage rates are allowing borrowers to pay off their mortgages faster than ever. At today's average rates, 61% ...

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Bank Of Canada Rate Update June 9, 2021

Bank Of Canada Rate Update June 9, 2021

June 9, 2021 | Posted by: Bobby Smart

Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, continues quantitative easing The Bank of Canada today held its target for the overnight rat ...

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