An update on mortgage interest rates from my colleague Pauline


To learn more about Pauline please click on her picture:


Pauline Tonkin


Last week there was news that the banks had dropped their fixed rates.  In fact they were simply reducing their rates to match those of non-bank lenders which have been in place since last fall.


5 year fixed rates now settling around 3.35% or a bit lower but some lenders still around 3.39% or higher.  So there is a spread and different rates available depending on the client application.  If we have business for self or rental income we can be competitive with options they may not be able to get with their current lender--- always good to have options for your clients.


On the variable rate side we have seen an increase on discounts to P-.55% and may see that go a bit lower still.


For clients who have trouble qualifying but have sufficient down payment--- we are seeing very solid rates on the B side lending around the mid 4% range which is really great.


As always, I am happy to talk to any clients who need to understand their financing options.  Take care and have a great week!




Till next time ...


Post CommentComments: 0Read Full Story

Providing you with useful mortgage information is something I like to be able to do for you.


Here is an article from the Globe and Mail online that I just had to share with you. 


"When it comes to interest rates, most of the attention is on the Bank of Canada’s overnight rate, which governs short-term lending. But it’s long-term fixed income rates that have the most affect on people’s wealth. Rising five-year, 10-year and 30-year yields impact everything from mortgage rates to portfolio returns.


Unlike the overnight rate, which the Bank of Canada is responsible for moving, the long-term rates shift based on what’s happening around the world."


Many people still think that the lowest rate is the best deal.  That is not always the case.  Getting the best mortgage deal that fits you and your lifestyle is a very delicate business and should be dealt with by a professional. 


If you are in need of a mortgage professional I have a few that I like to recommend, so please don't hesitate to ask me.


Till next time ...


Post CommentComments: 0Read Full Story

Re-blogged from

The big banks have all weighed in on the housing market following CREA’s monthly report and finally there is consensus.

“We believe that much of the strength in recent months reflected the unwinding of earlier restraint associated with the tightening of mortgage insurance rules last year and, in August, a likely rush to lock-in lower mortgage rates,” an RBC report stated. “We expect home re-sales to stabilize near the current levels, although some modest pullback may occur later this year or early next as payback for sales that may have been advanced during the rush to lock-in lower rates.”



The Canadian housing market recorded a hot summer, with many clients rushing the market to cash in on pre-approvals before rate hikes took effect.


 “The recent increase in 5-year mortgage rates (of about 70 basis points) that began in June of this year will likely temper housing activity in the coming months,” a report issued by TD Bank stated. “In large part, some of the strength experienced over the summer months can likely be attributed to households jumping into the market to get ahead of interest rate increases and we anticipate some payback in the coming months.”


And the banks agree that homebuyers will still take advantage of low rates before the market cools once those pre-approvals dry up.


 “Buyers continue to taking advantage of low borrowing costs, though recent increases in fixed mortgage rates are expected to slow the housing market’s momentum later this year and into 2014,” according to a report issued by ScotiaBank. “With posted rates having bottomed around late spring, the window of ultra-low preapproved mortgages is expiring.”


And while the days of historically low interest rates may be behind us, TD Bank believes rates will stay low enough to encourage slight growth through next year.


However, mortgages rates at all maturities remain historically low, keeping affordability decent and supporting modest growth in both sales and prices until the end of 2014 when the Bank of Canada starts lifting short term interest rates.




Post CommentComments: 0Read Full Story

I received some great information on Preparing for Rising Mortgage Rates, and wanted to pass that on to you today, and also to thank Christopher Collins for this great information! You can find out more about Christopher here.


Christopher reports:


"The interest rate party for borrowers is almost over. Following almost five years of historically low rates, we’ve started to see some upward movement in the cost of money.


Most people watch the central banks for indications that rates are about to take off. But that’s not where the real action is for fixed-rate mortgage holders. This actually takes place in the rarefied world of the bond market, where institutional traders like banks and pension plans operate. By the time the Bank of Canada gets around to acting, the bond market will have left it in the dust.


In order to save as much money as possible, a proactive approach is recommended when dealing with rising interest rates:


1.     Budget for future plans. Many borrowers opt for the maximum mortgage for which they can qualify. The problem with this approach is that life happens. It’s important to plan ahead for future changes such as starting a family, maternity leave, relationship changes, health issues, career changes, and so on.


2.     Ensure you would still qualify for your mortgage if rates continue to increase. For instance, if the five-year rate reached 5.2%, could you still afford the payment? We can sit down and run the numbers to ensure we build a buffer zone into your mortgage.


3.     Use your prepayment options. This will enable you to increase your payment in relation to the increased rate. For instance, if you have a five-year fixed mortgage at 2.89% and rates increase to 3.49%, increase your monthly (or bi-weekly) payment to the equivalent. That way, you won’t experience “rate shock” when your mortgage is up for renewal. It’s important to remember that any extra payments you can make will go straight towards paying down your principal faster, which means you will be mortgage-free quicker!


It may be worth your while to take advantage of a free mortgage check-up before rates increase any further. This will help you determine if it makes sense, for instance, to renew your mortgage a few months early if this means being able to lock in to a new five-year term before rates increase even more.


With rates on the rise, it’s more important than ever to take advantage of mortgage brokering services, since we can shop different lenders and advise which ones not only have the best rates, but also which lenders have the best prepayment options and mortgage offerings to suit your individual needs."


Do you have any questions for Christopher?  Please contact him here.



Post CommentComments: 0Read Full Story

First-time home buyers warned of possible mortgage hikes.


BMO predicts mortgage rate hikes in second half of 2014.



According to BMO’s First-Time Home Buyer’s Report, one-third of first-time buyers (31 per cent) expect interest rates to stay the same over the next five years. However, these first-time buyers may need to reconsider their outlook.


BMO Economics projects the Bank of Canada will raise its overnight lending rate in the second half of 2014.

"The Bank of Canada has made no changes to its policy bias," said Doug Porter, Chief Economist, BMO Capital Markets. "With Canadians’ debt-to-income ratio poised to stabilize in the months ahead and the housing sector cooling, we continue to look for a rate hike during the second half of 2014. Even so, other interest rates, such as longer-term mortgage rates, can rise well ahead of the Bank of Canada."

Post CommentComments: 0Read Full Story

With recent fluctuation in home loan rates, it is important to make sure you still have the best loan and rate for your budget needs. A half a percent off your home loan rate could save you as much as $50,000! (based on a $500,000 loan)


On my blog I provide a mortgage calculator that looks like this:



You can access it by clicking here.


I want to make sure you are not ONLY in the house of your dreams, but in the best budget for you that is possible!


Till next time ...


Post CommentComments: 0Read Full Story

Can you Believe these Mortgage Rates?!


5 year 2.89% mortgage with NO restrictions!! 


It is an awesome time to purchase! 


If you are paying more than 4% it's time to consider making the move!


I am always on the lookout to help those looking for a change; a move or an improvement in their financial situation [using real estate] and when I came across this statement I just HAD to share it with you!


There is a great website, called, that gives the most up-to-date rate information for today's Canadian real estate shopper.  Check it out here.


Let's not only get you THE HOME OF YOUR DREAMS but at the VERY BEST RATE POSSIBLE!!


Time to go shopping soon! Smile





Post CommentComments: 0Read Full Story
Categories: #icebucketchallenge | #RCBD | 2014 | 2014 Elections Langley | 2014 Trends | 35792 Canterbury Avenue | 3676 Bluejay Street | Abbotsford | Abbotsford BC | Abbotsford East, Abbotsford Real Estate | Abbotsford Listing | Abbotsford Listings | Abbotsford PD | Abbotsford Real Estate | Abbotsford West, Abbotsford Real Estate | Aberdeen, Abbotsford Real Estate | Acreage | Affordable Housing | Aldergrove | Aldergrove Langley, Langley Real Estate | ALS Ice Bucket Challenge | anti-bullying | Autumn home care | Autumn Time Change | availability | Average home price | Bank of Canada | Bank of Canada Rate | BC | BC Budget | BC Commercial Leading Indicator | BC Commercial Leading Indicator Rises | BC election | BC Historic and Heritage Sites | BC housing | BC Liberals | BC Lotto Max | BC mortgage rates | BC Real Estate news | BCREA | BCREA Housing | BCREA Housing Market Update | BCREA Mortgage Update | BCREA Update | Bear Creek Green Timbers, Surrey Real Estate | Beautiful BC | Before You Start House Shopping | Benchmark home price | British Columbia Consumer Debt Study | Brookswood Langley, Langley Real Estate | Budget | buy and sell online | Buyers Agent | Buying a Home | CAAMP | Campbell Valley, Langley Real Estate | Canada Day 2014 | Canada Day Celebrations | Canadian Investor Immigrant Program | Canadian Mortgage Rates | Canadian Real Estate Magazine | Canadian Real Estate Wealth Magazine | Canadian Realtors | Canadian Remembrance Day | Canadian stock market | Canadian stock market index | Canadian Thankgiving | Canadians | Central Abbotsford, Abbotsford Real Estate | Chad Kroeger | Chad Kroeger House for Sale | Change is in the Air | Chicken Wing Lollipops | Children's Miracle Network | Chilliwack | Chilliwack E Young-Yale, Chilliwack Real Estate | Chilliwack Listing | Chilliwack Mountain, Chilliwack Real Estate | Christmas | Christmas entertaining | Christmas Events | Christmas ideas | CIIP | Clayton, Cloverdale Real Estate | Cloverdale BC, Cloverdale Real Estate | Cloverdale Rodeo | CMHC | co-buy | Co-Own a Home | Co-Ownership | Colonial Home | condo | Considering Co-Ownership | Contest | Cottage Homes | Country Lane Estates | CREA | credit score | Customer Appreciation | Customer Appreciation Night | DIY Christmas | Downpayment | downsizing | Downtown Vancouver | Earth Day 2013 | East Abbotsford | Easter Weekend | Economics Now | entrepreneur | Estate Sale | EXCELLENT Revenue Property | Fab Forts Day | Fall Back | Fall Back 2013 | Famous Real Estate Quotes | Finances | Financial Post | First Time Buyers | First Time Home Buyers | First Time Homebuyer | Fort Langley | Fort Langley BC | Fort Langley, Langley Real Estate | Fraser Health Authority | Fraser Valley | Fraser Valley Real Estate | Fraser Valley Real Estate Board | Fraud | FSBO | FVREB | FVREB Market Update | Garibaldi Lane | Garibaldi Lane Abbotsford | get pre-approved for your mortgage | Getting the BEST Price for Your Home | Government Relations Committee | GVREB | Halloween | Happy Canada Day | Happy Holidays | Hatzic, Mission Real Estate | HGTV | History of BC | History of Labour Day | Holiday | Holiday decorating | Holiday recipes | Holidays | Home Inspectors | Home Staging | Home Staging that Sells | HomeLife | Homelife Benchmar | Homelife Benchmark | Homelife Benchmark Listing | Homelife Benchmark New Listing | HomeLife Benchmark Realty | HomeLife Benchmark Realty Walnut Grove | Hootie Johnston | house hunting tools | House Price Index | House Rich | Household debt | How Often Do You Unplug | how to buy a home | How To Prepare for an Open House | HPI | Imani Orphan Care | In Flanders Field | Interest Rate | Interest Rates | internet marketing | Investing in Canada | Just Reduced | Labour Day | Labour Day Weekend | Langley | Langley Arts Council | Langley BC | Langley City, Langley Real Estate | Langley Condo | Langley Listing | Langley long weekend activities | Langley Real Estate | Langley Tourism | Langley, BC | Large Open Concept Classic Elegance | live like a rock star | Long Weekend Activities | Lotto Max | Lower Mainland Real Estate | Lyoness | Market Update | market value | Mashable | Matsqui, Abbotsford Real Estate | May election | May long weekend | Median home price | Merry Christmas | Michele Cartwright | Michele Cartwrigt | micro-condo | Mission BC, Mission Real Estate | Mission-West, Mission Real Estate | Month of Miracles | Monthly Housing Market Update | Mortgage | mortgage information | mortgage news | Mortgage Rate Update | mortgage rates | Mortgage Update | Mother's Day | Mothers Day | Murrayville | Murrayville, Langley Real Estate | negotiating your mortgage in vancouver | New Listing | New Listings | New Year's | New Year's Resolutions | Nordel, N. Delta Real Estate | online marketing | Open House | paperless | pink shirt day | Pinterest | Polygon Homes | Port Kells | Port Kells Listing | Port Kells, North Surrey Real Estate | Postage Increase | pre-approval | pre-approved mortgage | price update | productive | productivity | Property Transfer Tax | PTT | Pumpkin Giveaway | Pumpkins | Quality of Life | | RBC | RBC Economics | RBC Economics Update | Real Estate | Real Estate Agent | Real Estate Board of Greater Vancouver | Real Estate Fraud | Real Estate Investing | Real Estate Quotes | real estate terms | Real Estate Trends | Real Estate Update | REALTORS Care | REALTORS Care Blanket Drive | REALTORĀ® | REBG | REBGV | REBGV Housing Market Update | REBGV Market Update | refinancing your mortgage | REIN | REMAX | REMAX Agents | REMAX LIttle | REMAX Little Oak | REMAX Little Oak Fort Langley | Rememberance Day 2013 | Remembrance Day | Rental Income | REW | | RRSP | Safety First | sales psychology | Salmon River, Langley Real Estate | Sands & Associates | Sapperton, New Westminster Real Estate | Sardis East Vedder Rd, Sardis Real Estate | Saving Money | Season's Greetings | Sellers Guide | Selling your home | Set Apart from the Rest | Size Matters | Social Media | spring break | Spring has sprung | Spring time | Spruce Up Your Home for Sale | Summer | summer holidays | summer real estate market | summer vacations 2014 | Surrey | Surrey BC Listing | Sweepstakes | technology | temporary solutions | temporary storage solutions | Thanksgiving | The Wealthy Barber Returns | Time Change | Top Reasons Why You Should List Your Home During the Holidays | Tourism Abbotsford | townhouse | Township of Langley | U.S. Government Shutdown | United Way Spirit Awards | Vancouver | Vancouver closet rentals | Vancouver Home & Design Show | Vancouver house rentals | Vancouver housing prices | Vancouver Real Estate | Vancouver Real Estate Market | Victoria Day | Victoria Day Long Weekend | Walnut Grove | Walnut Grove Langley | Walnut Grove, Langley Real Estate | Welcome to Langley | West Abbotsford | West Abbotsford Listing | White Rock BC | White Rock property | Whonnock, Maple Ridge Real Estate | Willoughby Heights, Langley Real Estate | Willowbrook Mall Langley | Winter | Winter House Prep | Year End Housing Market Update | Year End Report