Categories for Mortgage Rate Research

Canadians Not Doing Enough Mortgage Homework at Renewal

Three in five Canadians say they do “a lot” of research before choosing their mortgage, according to a recent Ipsos poll. But when it comes to mortgage renewals, too many put in too little effort. Only 42% of renewal customers claim to do a lot of mortgage research. A disappointing 1 in 5 (22%) admit to doing no research at all. That’s a real problem...

Average Mortgage Rates Fell in 2016

If you got a mortgage last year and paid less than 2.76%, you beat the averages. That was the typical rate for a new mortgages in 2016, according to Mortgage Professionals Canada’s (MPC’s) annual mortgage survey. It was a good year for those renewing a mortgage. A majority (64%) switched into a lower rate, with the average being 2.70%. This data confirms the obvious, of...

Why Do Mortgage Rates Vary by Province?

When it comes to getting the lowest mortgage rate, where you live matters. Someone searching RateSpy.com from Halifax, for example, sees 2.49% as today’s lowest 5-year fixed mortgage rate. Meanwhile, someone in Vancouver with the exact same qualifications sees 2.32%. Both of those rates are clearly exceptional, but 0.17 percentage points is still 0.17 percentage points. We’re talking about $1,593 of interest differential on a standard $200,000 five-year...

Mortgage Rate Complacency

One of the worst things a mortgage shopper can do is assume that a lender’s rates are competitive. For evidence of that, look no further than the latest data from our nation’s largest default insurer, CMHC. It reports that borrowers who closed insured 5-year fixed mortgages in the third quarter of 2014 paid an average rate of 3.37%. That’s somewhat remarkable when you realize that the...