Mortgage Rates Archives - Jordan Thomson https://jordanthomson.ca/blog/category/mortgage-rates/ Citywide Mortgage Services Mon, 08 Sep 2025 22:24:56 +0000 en-CA hourly 1 MARKET UPDATE – Odds favour a Bank of Canada Rate Cut https://jordanthomson.ca/blog/2025/09/08/market-update-odds-favour-a-bank-of-canada-rate-cut/ Mon, 08 Sep 2025 22:24:56 +0000 https://jordanthomson.ca/?p=1327 Canada’s latest employment report has significantly increased the likelihood of an interest rate cut by the Bank of Canada on September 17. Statistics Canada’s Labour Force Survey (LFS) for August shows a loss of nearly 66,000 jobs for the month.  That follows a drop of 41,000 positions in July.  The August unemployment rate stands at […]

The post MARKET UPDATE – Odds favour a Bank of Canada Rate Cut appeared first on Jordan Thomson.

]]> Canada’s latest employment report has significantly increased the likelihood of an interest rate cut by the Bank of Canada on September 17.
Statistics Canada’s Labour Force Survey (LFS) for August shows a loss of nearly 66,000 jobs for the month.  That follows a drop of 41,000 positions in July.  The August unemployment rate stands at 7.1%, up from 6.9% a month earlier.
Looking back to June, the Survey of Employment, Hours and Payroll (SEPH) – which is considered more reliable than the Labour Force Survey (LFS) – shows more than 32,000 jobs were lost; a significant reversal from initial reports of 83,000 jobs added for the month.
Most of the August loses came in part-time positions but had an inordinate impact on workers aged 25 to 54, which is an important demographic in the first-time homebuyer market.  On-going trade trouble with the United States is getting the blame.
Employment plays an important role in the Bank of Canada’s interest rate decisions.  Market watchers now say there is a better than 80% chance the Bank will cut its policy rate later this month.  However, inflation is still the key factor.
“All told, this weak report fully reinforces any bias for the BoC to ease somewhat further here, but inflation hasn’t quite given them the all-clear,” wrote bank economist Douglas Porter in a newsletter.
The next inflation report is due September 16, one day before the Bank of Canada’s next interest rate setting.
Thank you to First National for the Market Commentary

The post MARKET UPDATE – Odds favour a Bank of Canada Rate Cut appeared first on Jordan Thomson.

]]> UNCERTAINTY TRIGGERS BANK OF CANADA RATE CUT https://jordanthomson.ca/blog/2025/03/17/uncertainty-triggers-bank-of-canada-rate-cut/ Mon, 17 Mar 2025 21:46:39 +0000 https://jordanthomson.ca/?p=1311 It has become the recurring theme in the Canadian economy: the on-again, off-again trade war with the United States. And in the tradition of hoping for the best and preparing for the worst the Bank of Canada is using the one weapon it has, interest rate policy. Last week the central bank trimmed its trend […]

The post UNCERTAINTY TRIGGERS BANK OF CANADA RATE CUT appeared first on Jordan Thomson.

]]>

It has become the recurring theme in the Canadian economy: the on-again, off-again trade war with the United States. And in the tradition of hoping for the best and preparing for the worst the Bank of Canada is using the one weapon it has, interest rate policy.

Last week the central bank trimmed its trend setting Policy Rate for the seventh straight time, dropping it another 25 basis-points to 2.75%. Even though the year started strong, with good GDP growth and inflation under control, the uncertainty swirling around American tariff threats has caused a chill in the economy.

“While it is still too early to see much impact of new tariffs on economic activity, our surveys suggest that threats of new tariffs and uncertainty about the Canada-U.S. trade relationship are already having a big impact on business and consumer intentions,” Bank of Canada Governor Tiff Macklem said.

Macklem has also warned that the Bank cannot shield the Canadian economy from the financial impact of tariffs, but that it can use interest rates to manage a potential surge in inflation.

The chill in the broader economy is also being felt in the housing market. High hopes, mainly among sellers, have dropped as sales have dipped. Prices are also drifting lower in a number of bell weather markets.

On the positive side, buyers now have a wider selection of homes to choose from given the growth in new listings over the past several months. That, somewhat, better bargaining power might be enough to coax some reluctant house hunters back into the market.

First National Market Commentary, March 17

The post UNCERTAINTY TRIGGERS BANK OF CANADA RATE CUT appeared first on Jordan Thomson.

]]> COUNTDOWN TO RATE CUTS! https://jordanthomson.ca/blog/2023/12/11/countdown-to-rate-cuts/ Mon, 11 Dec 2023 22:57:50 +0000 https://jordanthomson.ca/?p=1275 READ ALL ABOUT IT HERE The Bank of Canada has held its trendsetting interest rate at 5.0% for a third straight setting and talk of further increases has been all but silenced. In the statement that came with the most recent rate announcement, The Bank offered a number of reasons for the decision to hold […]

The post COUNTDOWN TO RATE CUTS! appeared first on Jordan Thomson.

]]> READ ALL ABOUT IT HERE

The Bank of Canada has held its trendsetting interest rate at 5.0% for a third straight setting and talk of further increases has been all but silenced.

In the statement that came with the most recent rate announcement, The Bank offered a number of reasons for the decision to hold steady:

– higher rates are “clearly restraining spending”
– the economy “is no longer in excess demand”
– the general economic slowdown is reducing inflationary pressures

Even though The Bank said it will hike again, if necessary, most market watchers are looking into their crystal balls trying to predict when, and by how much, The Bank will be cutting rates.

The post COUNTDOWN TO RATE CUTS! appeared first on Jordan Thomson.

]]> HOW TO GET A BETTER RATE ON YOUR MORTGAGE RENEWAL https://jordanthomson.ca/blog/2023/11/22/how-to-get-a-better-rate-on-your-mortgage-renewal/ Wed, 22 Nov 2023 23:03:33 +0000 https://jordanthomson.ca/?p=1272 https://www.facebook.com/646287120/videos/286457907107275/ Your mortgage is up for renewal and the interest rate you’re being offered is a lot higher than expected and going to put your finances in a pinch. Are there any other options? There may be! If you have at least 20% equity in your home, a 25 year or less amortization and your […]

The post HOW TO GET A BETTER RATE ON YOUR MORTGAGE RENEWAL appeared first on Jordan Thomson.

]]> https://www.facebook.com/646287120/videos/286457907107275/

Your mortgage is up for renewal and the interest rate you’re being offered is a lot higher than expected and going to put your finances in a pinch. Are there any other options?

There may be! If you have at least 20% equity in your home, a 25 year or less amortization and your home value was less than $1Million when you bought it, you may be eligible for “insurable” rates. These rates are better than traditional conventional rates and can save you a bundle in interest and help lower your monthly payments. The catch is you can’t get them from your bank. You can only access them through a licensed mortgage broker with a mortgage finance company aka a monoline.

Check out my interview with the Business Development Manager at one of Canada’s leading monolines to learn more. And of course, reach out to me to see what I can do for you!

The post HOW TO GET A BETTER RATE ON YOUR MORTGAGE RENEWAL appeared first on Jordan Thomson.

]]> THE LATEST INFLATION NUMBERS – WHAT DO THEY MEAN? https://jordanthomson.ca/blog/2023/08/21/the-latest-inflation-numbers-what-do-they-mean/ Mon, 21 Aug 2023 21:50:27 +0000 https://jordanthomson.ca/?p=1253 July Headline Inflation Rose to 3.3%, But Core Inflation Improved The Consumer Price Index (CPI) rose 3.3% y/y in July, up from a 2.8% rise in June. The acceleration in headline inflation was widely expected due to a base-year effect on gasoline prices, as a sizeable monthly decline in July 2022 (-9.2%) no longer impacts the 12-month movement. Excluding […]

The post THE LATEST INFLATION NUMBERS – WHAT DO THEY MEAN? appeared first on Jordan Thomson.

]]> July Headline Inflation Rose to 3.3%, But Core Inflation Improved

The Consumer Price Index (CPI) rose 3.3% y/y in July, up from a 2.8% rise in June. The acceleration in headline inflation was widely expected due to a base-year effect on gasoline prices, as a sizeable monthly decline in July 2022 (-9.2%) no longer impacts the 12-month movement. Excluding gasoline, the CPI rose 4.1% from 4.0% in June.

The mortgage interest cost index (+30.6%) posted another record year-over-year gain and remained the most significant contributor to headline inflation. The all-items excluding mortgage interest cost index rose 2.4% in July.

The CPI rose 0.6% in July, following a 0.1% gain in June, mainly due to higher monthly prices for travel tours, with July being a peak travel month. On a seasonally adjusted monthly basis, the CPI rose 0.5%.

Food price inflation eased last month but remains sticky.

READ THE FULL ARTICLE HERE

The post THE LATEST INFLATION NUMBERS – WHAT DO THEY MEAN? appeared first on Jordan Thomson.

]]> Current Real Estate and Interest Rate Update this Week https://jordanthomson.ca/blog/2023/02/18/current-real-estate-and-interest-rate-update-this-week/ Sat, 18 Feb 2023 18:46:10 +0000 https://jordanthomson.ca/?p=1221 CHECK OUT THE VIDEO HERE! 2023 is underway! After an uncertain and tumultuous past year with the economy, mortgage rates and the real estate market, where are we now and what is expected in the coming months?? Higher interest rates continue to impact our real estate activity, inventory, affordability and home values which are continuing […]

The post Current Real Estate and Interest Rate Update this Week appeared first on Jordan Thomson.

]]> CHECK OUT THE VIDEO HERE!

2023 is underway!

After an uncertain and tumultuous past year with the economy, mortgage rates and the real estate market, where are we now and what is expected in the coming months??

Higher interest rates continue to impact our real estate activity, inventory, affordability and home values which are continuing to experience a downward trend at the moment.

There are still many unknowns at this time including unemployment and inflation numbers, the US Fed direction with their rates, all which will impact the direction of our interest rates and for how long.

There is no doubt that change is the constant right now with more to come so stay tuned for further updates!

With each video, I strive to provide you with useful and up to date information to help you better understand and navigate the mortgage and real estate world we live in. My purpose is always to help and to make your financial decisions perhaps that little bit easier. One of my greatest joys is in knowing I helped at least one person today, and perhaps today that person is YOU!

CHECK OUT THE VIDEO HERE!

 

The post Current Real Estate and Interest Rate Update this Week appeared first on Jordan Thomson.

]]> Top 5 Mortgage Stories of 2022/Round-Up!!! https://jordanthomson.ca/blog/2022/12/20/top-5-mortgage-stories-of-2022-round-up/ Tue, 20 Dec 2022 20:56:33 +0000 https://jordanthomson.ca/?p=1201 What a year it’s been!! Here is my 2022 Round Up of the 5 Top Mortgage Stories as I see it and what could be in store for 2023. 1) BOC raises rates 400 basis points, the steepest rise in one year since 1936 2) Variable Rate Mortgage Pain, Trigger Rates and Higher Payments 3) […]

The post Top 5 Mortgage Stories of 2022/Round-Up!!! appeared first on Jordan Thomson.

]]> What a year it’s been!! Here is my 2022 Round Up of the 5 Top Mortgage Stories as I see it and what could be in store for 2023.

1) BOC raises rates 400 basis points, the steepest rise in one year since 1936
2) Variable Rate Mortgage Pain, Trigger Rates and Higher Payments
3) Inflation and higher cost of living
4) Good bye low rates! We won’t see those low rates again
5) Real estate in Metro Vancouver fizzles out with high mortgage rates and unaffordable payments.
What can we expect for 2023??
– Bank of Canada PAUSE with rate hikes? Maybe…but we just don’t know.
– Most likely going into a recession with rate cuts by 2024 expected.
BUT…there’s some light at the end of the tunnel and this will not last forever. FIXED rates are on the way down as I write this and on another positive note, long term prospects for home prices look good due to immigration, strength of mortgage industry and inflation appearing to have peaked so mortgage rates shouldn’t undermine house prices in the long run.
For more information, watch the video below:

 

The post Top 5 Mortgage Stories of 2022/Round-Up!!! appeared first on Jordan Thomson.

]]> When Will the Bank of Canada Stop Raising Rates? https://jordanthomson.ca/blog/2022/09/13/when-will-the-bank-of-canada-stop-raising-rates/ Tue, 13 Sep 2022 19:24:41 +0000 https://jordanthomson.ca/?p=1169 When Will The Bank of Canada Stop Raising Rates? Attention Canadian Homeowners and Homebuyers! The Bank of Canada raised rates AGAIN September 7th, this time by three quarters of a percent, taking Prime rate to 5.45%! With interest rates on the rise, in fact a total increase of 3% i in the past 6 months, […]

The post When Will the Bank of Canada Stop Raising Rates? appeared first on Jordan Thomson.

]]> When Will The Bank of Canada Stop Raising Rates?

Attention Canadian Homeowners and Homebuyers!

The Bank of Canada raised rates AGAIN September 7th, this time by three quarters of a percent, taking Prime rate to 5.45%! With interest rates on the rise, in fact a total increase of 3% i in the past 6 months, homeowners and home buyers are wondering, how high can they go?

The question now might better be… When Will These Rate Hikes END? Some info about where we are, where we might go and what you can do NOW!

 

The post When Will the Bank of Canada Stop Raising Rates? appeared first on Jordan Thomson.

]]> Will rising mortgage interest rates affect your mortgage qualification? https://jordanthomson.ca/blog/2022/07/16/will-rising-mortgage-interest-rates-affect-your-mortgage-qualification/ Sat, 16 Jul 2022 16:00:46 +0000 https://jordanthomson.ca/?p=1151 Will rising mortgage interest rates affect your mortgage qualificaiton? It is very possible. As rates go up, so too does the stress test rate that I have to use. The stress test is the greater of 5.25% or the contract rate + 2%. For example, if you are wanting a fixed rate and the rate […]

The post Will rising mortgage interest rates affect your mortgage qualification? appeared first on Jordan Thomson.

]]>
Will rising mortgage interest rates affect your mortgage qualificaiton?
It is very possible.
As rates go up, so too does the stress test rate that I have to use. The stress test is the greater of 5.25% or the contract rate + 2%.
For example, if you are wanting a fixed rate and the rate is 5%, then I have to use a payment that is equivalent to 7%. If the rate goes up to 5.5%, I now have to use a payment equivalent to 7.5%.
So BEFORE you go home shopping, be sure to find out your budget and qualification amount by reaching out to me or your lender!

The post Will rising mortgage interest rates affect your mortgage qualification? appeared first on Jordan Thomson.

]]> EXPECT A 75 POINT INCREASE TO PRIME RATE JULY 13, 2022- VARIABLE RATE MORTGAGE HOLDERS https://jordanthomson.ca/blog/2022/06/30/expect-a-75-point-increase-to-prime-rate-july-13-2022-variable-rate-mortgage-holders/ Thu, 30 Jun 2022 21:00:49 +0000 https://jordanthomson.ca/?p=1148 VARIABLE RATE MORTGAGE HOLDERS If you are currently in a variable rate mortgage, I wanted to give you this update prior to the next Bank of Canada meeting July 13th! At this point, we can fully expect a 75 basis point hike, the highest we have seen in decades, taking our current prime rate from […]

The post EXPECT A 75 POINT INCREASE TO PRIME RATE JULY 13, 2022- VARIABLE RATE MORTGAGE HOLDERS appeared first on Jordan Thomson.

]]>
VARIABLE RATE MORTGAGE HOLDERS
If you are currently in a variable rate mortgage, I wanted to give you this update prior to the next Bank of Canada meeting July 13th!
At this point, we can fully expect a 75 basis point hike, the highest we have seen in decades, taking our current prime rate from 3.7% to 4.45%.
WHAT THIS MEANS FOR YOU
This equals an approximate $40 increase in your monthly payment for every $100,000 of loan.
Your “discount” from Prime will determine your principal/interest payment.
We may also be looking at another large hike come September 7th, as the Bank of Canada speaks of taking whatever measures are necessary to cool the economy and inflation. At this point, we may be in for a break as we see the affects these rate hikes have on the economy.
WHAT WE CAN DO
If you have a renewal coming up in the next 6-12 months, consider an early renewal to secure a lower rate today
If you are in a variable rate mortgage with a fixed payment- increase your regular payment amount or make a lump sum payment to keep your mortgage in line with where it should be
Budget ahead of time and be prepared with this knowledge to weather the storm
Feel free to reach out, I’m here to help!

The post EXPECT A 75 POINT INCREASE TO PRIME RATE JULY 13, 2022- VARIABLE RATE MORTGAGE HOLDERS appeared first on Jordan Thomson.

]]>