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Globe and Mail
6 days ago
- Business
- Globe and Mail
The best fixed and variable mortgage rates for this week
Market expectations for an interest-rate cut by the Bank of Canada have been consistently dropping ahead of the central bank's rate decision next week, meaning that variable-rate mortgage holders may not get the lower rates they hoped for. Earlier in the month, markets had priced in a 60-per-cent chance of a 25-basis-point cut after a federal jobs report came in weaker than expected. (There are 100 basis points in a percentage point.) Today, the odds are just 75 per cent of a rate hold when the BoC announces its interest-rate decision on June 4, largely because of concerning inflation numbers that came out later in May. Making a strategic choice of whether to go with a variable or fixed rate can be challenging at the best of times, but the way market sentiment has changed in just a few weeks shows how fickle it really can be. Earlier in the year, there were solid expectations of three more 25-basis-point cuts by the end of 2025. Now economists say there could be just one or two cuts. Variable-rate mortgages are generally only one rate cut away from being cheaper than a five-year fixed mortgage. But variable rates come with risk, and a potential mortgage holder has to consider whether they have the capacity to handle unexpected rate increases, and whether they can have peace of mind with that level of uncertainty. Mortgage rates are sourced by For a comprehensive list of today's mortgage rates for each term/type, visit is a mortgage-rate comparison marketplace and mortgage brokerage. It helps millions of Canadians compare and obtain the best mortgage rates, credit cards, insurance, deposits and loan products. Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on May 29.
CBC
27-05-2025
- Business
- CBC
Hamilton among 7 Canadian cities seeing drop in home prices: report
Upinder Dhillon is ready to buy a house. The small business owner and aromatherapist lives in a rented home with her husband and son in Oakville, Ont., and she's been scanning listings for a single-storey house near a body of water — and preferably within a short drive to Mohawk College, where her son begins a trades program in September. "Hamilton is my first choice," said Dhillon. "It's more affordable than Oakville or Burlington. And honestly, it has everything — trails, the waterfront, shopping." Dhillon's timing may be just right. New data from shows Hamilton led the country in improved "mortgage affordability" in April, with the average price falling nearly $10,000 to $801,400. That means a buyer now needs $1,800 less in income to qualify for a mortgage on a typical home in the city, compared to what was previously needed, according to Hamilton was one of seven major cities in Canada, out of 13, that saw improvements in mortgage affordability last month, according to the data, released on May 22. " Since mortgage rates remained unchanged [in April], home prices were what impacted home affordability in each of the cities," said Penelope Graham, a mortgage expert at in a news release. According to Graham, sluggish home sales, an uptick in supply and buyer caution are helping push prices downward, particularly in Greater Golden Horseshoe markets like Hamilton and Toronto. Other cities that saw housing prices — and the amount of income needed to afford a mortgage — drop last month include Vancouver, Fredericton and St. John's. Meanwhile, prices went up in some cities, such as Regina, Montreal and Victoria. 1st-time buyers entering the market Dhillon, who plans to buy largely in cash using proceeds from a property sale overseas, said a dip in price could be key for her and her family. "Interest rates are still high, and qualifying for a mortgage is tough when you run a small business," she said. "But this feels like a good time to buy." Mortgage broker Emily Miszk, based in Port Credit west of Toronto, said the change comes down to basic math. "If home prices are coming down, clients need a smaller mortgage — which means they need less income to qualify," she said. But she emphasized the Ratehub report reflects a shift in the cost but not a change in who can quality for a mortgage. Conrad Zurini, a broker RE/MAX Escarpment Realty in Stoney Creek, said he's already seeing a shift. "We're seeing more lower-priced inventory being sold, which is pulling down the average price," he said. "But it's also a sign that first-time buyers are finally making their move." Zurini told CBC Hamilton the sales-to-new-listings ratio — which compares homes sold to new listings — rose from 32 to 40 per cent last month, signalling growing momentum. "Buyers are taking advantage of lower long-term mortgage rates and price stabilization," he said. Where prices are falling — and rising Real estate broker Nanda Puchimada, who recently helped a client buy in Hamilton, said price drops are consistent across the GTA, but vary by housing type. "The steepest declines are in high-end detached homes," he said. "Properties over $1.5 million have seen the biggest hits, while condos and townhouses have dipped more modestly." An outlier? Stoney Creek, in east Hamilton. "Semi-detached homes there actually went up by about 10 per cent," he said. A trend Puchimada is watching closely: collective buying. "We're seeing more multi-family purchases — siblings, cousins, even work colleagues pooling resources to buy together. It's something we didn't see as much before." Both Puchimada and Zurini say investors are backing off, especially from entry-level properties, as returns shrink and renovation costs remain high. Meanwhile, inventory is rising. "Hamilton has seen a 30 to 35 per cent jump in listings," said Puchimada. "A lot of that is due to upcoming mortgage renewals. Owners who locked in low rates a few years ago are now facing much higher payments." Policy suggestions to support buyers Zurini believes targeted policy changes could help turn hopeful buyers into homeowners. His suggestions for all levels of governments for how to help: Extend mortgage amortization periods (e.g. 35 years for new buyers with conditions, gradually reduced over time). Increase RRSP withdrawal limits for home purchases (the Home Buyers' Plan in Canada allows eligible first-time homebuyers to withdraw up to $60,000). Offer down payment assistance programs. Reduce or eliminating the provincial portion of the land transfer tax. Remove the provincial sales tax (PST) on CMHC mortgage insurance for high-ratio mortgages. "Right now, people are stuck renting while they try to save for a down payment. If we help them get in sooner, they can start building equity," Zurini said. For Dhillon, who continues her search for a house in Hamilton, the choice is clear: "I just want a place to call mine."
CTV News
25-05-2025
- Business
- CTV News
‘Winging it is not a plan': How to shore up your finances in uncertain times
Natasha Macmillan, everyday banking expert, seen in this handout photo, says going back to the basics such as budgeting and paying down debt are important to recession-proof finances. THE CANADIAN PRESS/ **MANDATORY CREDIT** A myriad of challenges have been plaguing Canadians' personal finances, from the high cost of living to the global trade war that has roiled markets and the economy. It likely has some asking how they can better safeguard — or even recession-proof — their finances. Experts say while there's no silver bullet, there are several ways people can better position themselves to weather any economic storms. 'People aren't sure what to do with their finances, how to save for themselves, and as we can call it, even recession-proof their finances,' said Natasha Macmillan, everyday banking expert. 'There's a lot of uncertainty and people are feeling uncomfortable.' Many households are still feeling the pinch from the high cost of living and some are facing or have faced higher mortgage payments upon renewal. On top of that, on-again-off-again tariffs stemming from U.S. President Donald Trump's global trade war have caused disruptions in the world economy and taken a toll on consumer sentiment. April inflation data from Statistics Canada showed a sharp slowing in the annual rate to 1.7 per cent from 2.3 per cent in March. However, the underlying details signalled stronger price increases. For example, grocery store inflation outpaced the overall consumer price index for a third month in a row. Elke Rubach, president of Rubach Wealth: Holistic Family Advisors, says recession-proofing is about preparation. 'It's not (about) timing a market but really structuring your life,' she said. The conversation starts with taking the time to see where a person is headed, Rubach said. 'You can't control the markets. You can control your spending,' she said. 'It starts honestly with being incredibly, brutally honest with a cash flow review.' Macmillan said she's been relaying to clients the need to go back to basics: reviewing their budget and paying down debt. Setting a realistic budget, but without being heavily restrictive on spending, could help boost your savings, she said. Macmillan said it's always good to review your debts and identify any opportunities to save on interest. That can be done by transferring balances from high-interest credit cards to lower-rate options, making additional principal payments if you have extra funds, or negotiating better terms with lenders. Another step toward recession-proofing your finances is building your emergency fund, Macmillan said. 'Aim to save at least three to six months of essential living costs in an accessible account,' she said. Macmillan recommended putting emergency funds in a separate high-interest savings account to allow easy access if you need it, but also earns some interest. 'Any extra dollar that you can put away to savings, whether it's cutting on your budget or paying less interest will set you up for success in the long run,' she said. 'Every extra dollar really matters in uncertain times.' Macmillan said her advice has shifted toward stability and resilience. 'There has been a shift toward low-risk investment strategies that emphasize short-term stability rather than merely pursuing long-term growth,' she said. Rubach recommends taking stock of what you're invested in. 'We do expect volatility. Can you stomach it? How much can you stomach and for how long?' she asked. If there's a sense of nervousness, she suggests rebalancing the portfolio. Rubach said permanent life insurance could also add a security blanket when shoring up your financial situation. 'I don't believe that insurance is a solution for everything, but for the right person, a permanent insurance policy can … be a good piggy bank because you build equity over time,' she said. Overall, she said it's about having a plan that will ultimately be your parachute in difficult circumstances. 'Winging it is not a plan,' she said. 'It's having your house in order, your insurance, your retirement plan, your succession.' Macmillan said it's important to look at the current economic state and adjust your money decisions. 'We're unsure where we are in the market currently, but it is important to start to build that emergency fund should anything happen in the next few months or quarters,' Macmillan said. This report by The Canadian Press was first published May 25, 2025. Ritika Dubey, The Canadian Press
Yahoo
25-05-2025
- Business
- Yahoo
'Winging it is not a plan': How to shore up your finances in uncertain times
A myriad of challenges have been plaguing Canadians' personal finances, from the high cost of living to the global trade war that has roiled markets and the economy. It likely has some asking how they can better safeguard — or even recession-proof — their finances. Experts say while there's no silver bullet, there are several ways people can better position themselves to weather any economic storms. "People aren't sure what to do with their finances, how to save for themselves, and as we can call it, even recession-proof their finances," said Natasha Macmillan, everyday banking expert. "There's a lot of uncertainty and people are feeling uncomfortable." Many households are still feeling the pinch from the high cost of living and some are facing or have faced higher mortgage payments upon renewal. On top of that, on-again-off-again tariffs stemming from U.S. President Donald Trump's global trade war have caused disruptions in the world economy and taken a toll on consumer sentiment. April inflation data from Statistics Canada showed a sharp slowing in the annual rate to 1.7 per cent from 2.3 per cent in March. However, the underlying details signalled stronger price increases. For example, grocery store inflation outpaced the overall consumer price index for a third month in a row. Elke Rubach, president of Rubach Wealth: Holistic Family Advisors, says recession-proofing is about preparation. "It's not (about) timing a market but really structuring your life," she said. The conversation starts with taking the time to see where a person is headed, Rubach said. "You can't control the markets. You can control your spending," she said. "It starts honestly with being incredibly, brutally honest with a cash flow review." Macmillan said she's been relaying to clients the need to go back to basics: reviewing their budget and paying down debt. Setting a realistic budget, but without being heavily restrictive on spending, could help boost your savings, she said. Macmillan said it's always good to review your debts and identify any opportunities to save on interest. That can be done by transferring balances from high-interest credit cards to lower-rate options, making additional principal payments if you have extra funds, or negotiating better terms with lenders. Another step toward recession-proofing your finances is building your emergency fund, Macmillan said. "Aim to save at least three to six months of essential living costs in an accessible account," she said. Macmillan recommended putting emergency funds in a separate high-interest savings account to allow easy access if you need it, but also earns some interest. "Any extra dollar that you can put away to savings, whether it's cutting on your budget or paying less interest will set you up for success in the long run," she said. "Every extra dollar really matters in uncertain times." Macmillan said her advice has shifted toward stability and resilience. "There has been a shift toward low-risk investment strategies that emphasize short-term stability rather than merely pursuing long-term growth," she said. Rubach recommends taking stock of what you're invested in. "We do expect volatility. Can you stomach it? How much can you stomach and for how long?" she asked. If there's a sense of nervousness, she suggests rebalancing the portfolio. Rubach said permanent life insurance could also add a security blanket when shoring up your financial situation. "I don't believe that insurance is a solution for everything, but for the right person, a permanent insurance policy can … be a good piggy bank because you build equity over time," she said. Overall, she said it's about having a plan that will ultimately be your parachute in difficult circumstances. "Winging it is not a plan," she said. "It's having your house in order, your insurance, your retirement plan, your succession." Macmillan said it's important to look at the current economic state and adjust your money decisions. "We're unsure where we are in the market currently, but it is important to start to build that emergency fund should anything happen in the next few months or quarters," Macmillan said. This report by The Canadian Press was first published May 25, 2025. Ritika Dubey, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
08-05-2025
- Business
- Globe and Mail
The best fixed and variable mortgage rates for the week
Five-year fixed mortgage rates have slightly ticked up in the last few weeks, with some of the lowest advertised rates rising from the 3.7-per-cent range to the 3.8-per-cent range. It's a result of bond yields – which mortgage lenders base their rates on – moving up after plummeting last month in April. But Daniel Vyner, principal broker at DV Capital Corp., says long-term fixed-mortgage rates are still at a relatively low level – low enough that many variable mortgage holders are locking into fixed rates because they don't think there'll be a much better time to do so. Five-year and three-year fixed mortgages notably have very similar rates right now. Some of the cheapest three-year mortgages available are only 10 to 15 basis points higher than five-year rates. Mr. Vyner says the difference between three- and five-year rates has been larger historically. A three-year rate could be a great deal right now for anyone who wants a bit more flexibility, who could foresee selling or breaking their mortgage, or who just thinks rates could be cheaper in three years. Mortgage rates sourced by For a comprehensive list of today's mortgage rates for each term/type, visit: is a mortgage rate comparison marketplace and mortgage brokerage. They help millions of Canadians compare and obtain the best mortgage rates, credit cards, insurance, deposits and loan products. Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on Thursday May 8.
