http://www.canmoremortgagehouse.com/

Canmore Mortgage House, 113-701 Benchlands Trail, Canmore, AB (2026)

10/06/2023

I’m incredibly honoured and excited to share that I was voted 𝗕𝗲𝘀𝘁 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗕𝗿𝗼𝗸𝗲𝗿 and 𝗕𝗲𝘀𝘁 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗢𝗳𝗳𝗶𝗰𝗲 in Canmore in the RMO’s Best of the Bow 2023!

To everyone who voted for me, 𝗧𝗛𝗔𝗡𝗞 𝗬𝗢𝗨 so much, from the bottom of my heart. You all put the biggest smile on my face and I am truly grateful for this recognition and for the opportunity to do what I love within a community that is this amazing!

01/26/2023

The Bank of Canada announced another interest rate increase this morning, bringing the overnight lending rate in Canada to 4.50%. This will translate to lenders increasing their prime lending rate to 6.70% in the coming days. As a reminder, this means that those with variable/adjustable mortgages, or with lines of credit will see an impact, while fixed rate mortgage holders, will not be immediately affected.

While the Bank of Canada’s rate decisions do NOT impact fixed mortgage rates directly, it’s important to mention that we have seen a reduction in bond yields in Canada over recent weeks (which IS the main driver of fixed mortgage rates). This means that some fixed rates have actually been trending downward, while the variable rates have been continuing to climb (which is very rare to see).

There are many factors that play into the fixed vs variable decision as well as term length and overall product type, but I think it’s safe to say that the rate climate right now is complex and ever-changing. So whether you are an existing homeowner in a variable or fixed rate, if you’re due for renewal, planning to move, or you’re hoping to get into the market, it is absolutely crucial to have an experienced mortgage broker on your side who can offer sound advice and help you navigate these times. Rest assumed, I am here to help, so please reach out anytime!

01/18/2023

Welcoming myself back over here after a busy few weeks, which were relatively free of social media (sorry, not sorry 😉). I had a wonderful break over the holidays with my nearest and dearest people, and I hope everyone was able to take some time and enjoy the season as well. ✨
Since January began though, it seems clear that a common New Year's resolution for many people must have been to get in touch with their mortgage broker, dive into their financial options and strategies, and figure out what kind of moves they want to make through 2023. It has been full-on, but very exciting, and in my mind there is no better way to start a new year! I absolutely love connecting with new clients and re-connecting with existing ones, because the relationships are ultimately what it’s all about and the past few weeks have been a welcomed reminder of that (especially after the year that 2022 was). I am a firm believer that there are unique opportunities during every stage of the economic cycle and also that nothing lasts forever (good, bad or otherwise).
So my advice is this: stay positive, focus on things that are within your control, seek out sound, thoughtful advice, and even though 2023 may still feel a little uncertain at this point, you better believe that there are great things in store for this year!
If you have questions about your existing mortgage or one you’re hoping to obtain, let's connect:

✉️: [email protected]
📱: 403-707-7485

12/08/2022

𝗛𝗲𝗿𝗲 𝘄𝗲 𝗴𝗼 𝗮𝗴𝗮𝗶𝗻! I often talk about how much I LOVE my work, which I really do and I enjoy focusing on the positives... but I will also say that sharing the news of MORE rate increases by the Bank of Canada, has to be my least favourite thing, especially after the year we’ve endured so far. Despite my hopes for a Christmas miracle, the Bank of Canada announced their seventh consecutive rate increase of the year today (and the last one of 2022). This 0.50% increase brings the overnight lending rate in Canada from 3.75% to 4.25%, and marks a cumulative increase of 4.00% for the year! Lenders will be increasing their mortgage prime rate to 6.45% in the coming days and borrowers who hold a variable mortgage with an adjustable payment will see another increase to their payments also (approx. $25-$30/month for every $100,000 in borrowing). Remember this does not impact fixed rate mortgages.

Inflation in Canada has not been decreasing as quickly as the BoC had been hoping for and this is the basis for their decision today. It’s too early to tell if the Bank has ‘overshot’ with this most recent hike, but at this point it's a waiting game to see if these additional increases will have a meaningful impact on the inflation numbers in the months to come.

If you have questions about your mortgage, or are looking to obtain one, please reach out and I would love to help you navigate this wild world of mortgages with confidence.

12/02/2022

𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗻𝗲𝘃𝗲𝗿 𝗺𝗮𝗸𝗲 𝘆𝗼𝘂 𝗳𝗲𝗲𝗹 𝘀𝘁𝗿𝗲𝘀𝘀𝗲𝗱 𝗼𝗿 𝗼𝘃𝗲𝗿𝘄𝗵𝗲𝗹𝗺𝗲𝗱. When buying a home there are a lot of fast moving parts happening all at once (usually much more than people expect) and there is so much to learn and understand in a short period of time… but it’s crucial that you have an 𝗲𝘅𝗽𝗲𝗿𝘁 in your corner who can talk it through with you, and help you make educated decisions for yourself and your future.🤓

So much of what I do is helping my clients navigate this process as seamlessly as possible so they end up not just with a great home and mortgage, but with a feeling of confidence in their decisions and their financial strategy going forward.

Thanks to my awesome clients who place their trust in me on a daily basis and who know that 𝗜’𝘃𝗲 𝗴𝗼𝘁 𝘁𝗵𝗲𝗶𝗿 𝗯𝗮𝗰𝗸! :)

11/30/2022

𝗟𝗲𝘁’𝘀 𝘁𝗮𝗹𝗸 𝗽𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀! Borrowers often focus their attention on mortgage rates, which I like to call the ‘cost on the way IN to your mortgage’. Yet, what about the cost you'll likely incur if you break your mortgage before the end of your term (which btw, is the case with up to 70% of all mortgages)? This is your ‘cost on the way OUT’. It's very important and often overlooked, so listen up!!

If you’re in a variable rate mortgage, it's calculated as a flat 3 months interest charge.
𝗙𝗼𝗿𝗺𝘂𝗹𝗮: {[(𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗿𝗮𝘁𝗲/𝟭𝟮 𝗺𝗼𝗻𝘁𝗵𝘀) 𝘅 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗯𝗮𝗹𝗮𝗻𝗰𝗲] 𝘅 𝟯} = 𝗽𝗲𝗻𝗮𝗹𝘁𝘆

For fixed rates, it’s a little more complex… These penalties are typically calculated as the 𝗚𝗥𝗘𝗔𝗧𝗘𝗥 𝗼𝗳 𝗮 𝟯 𝗺𝗼𝗻𝘁𝗵 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗰𝗵𝗮𝗿𝗴𝗲, 𝗼𝗿 𝘄𝗵𝗮𝘁’𝘀 𝗰𝗮𝗹𝗹𝗲𝗱 𝗮𝗻 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗥𝗮𝘁𝗲 𝗗𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁𝗶𝗮𝗹 𝗼𝗿 ‘𝗜𝗥𝗗’.
If your fixed rate is very low in comparison to where prevailing rates are at the time you’re looking to break, you may get lucky and only incur a 3 mo. interest penalty, but in many cases the IRD ends up being the higher number and ends up being the one that applies to you.
𝗛𝗲𝗿𝗲 𝗶𝘀 𝘁𝗵𝗲 𝗴𝗲𝗻𝗲𝗿𝗮𝗹 𝗳𝗼𝗿𝗺𝘂𝗹𝗮:
{[(𝘆𝗼𝘂𝗿 𝗲𝘅𝗶𝘀𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲 – 𝗹𝗲𝗻𝗱𝗲𝗿’𝘀 𝗰𝘂𝗿𝗿𝗲𝗻𝘁 𝗿𝗮𝘁𝗲 𝘁𝗵𝗮𝘁 𝗺𝗼𝘀𝘁 𝗰𝗹𝗼𝘀𝗲𝗹𝘆 𝗺𝗮𝘁𝗰𝗵𝗲𝘀 𝘆𝗼𝘂𝗿 𝗿𝗲𝗺𝗮𝗶𝗻𝗶𝗻𝗴 𝘁𝗲𝗿𝗺) 𝘅 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗯𝗮𝗹𝗮𝗻𝗰𝗲] 𝘅 𝗿𝗲𝗺𝗮𝗶𝗻𝗶𝗻𝗴 𝘁𝗲𝗿𝗺)}
*Most of the big banks use a slight variation to this calculation that factors in their posted rates and the 'discount' that they gave you, which boosts up that IRD calculation even higher.

An IRD penalty can be difficult to anticipate, given the various inputs but the scenario that is guaranteed to produce the highest penalties is when you want to (or need to) break or renegotiate your mortgage and you're in a high fixed rate, but the prevailing fixed rates being offered have now dropped. So, in our current rate environment, it's more important than ever to understand how penalties work.

If you’re looking for a new mortgage or considering making a change, reach out and I’d be happy to review your situation and share my thoughts!

11/26/2022

𝗜𝘀 𝘆𝗼𝘂𝗿 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗱𝘂𝗲 𝗳𝗼𝗿 𝗿𝗲𝗻𝗲𝘄𝗮𝗹 𝗶𝗻 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝟰-𝟲 𝗺𝗼𝗻𝘁𝗵𝘀? If yes, then do yourself a favour and give me a call!! We can get your approval in place with a guaranteed rate up to 120 days before your maturity date (and if it drops further, you'll always get the new lower rate, but you are protected in case there are further increases).

𝗣𝗿𝗼 𝗧𝗶𝗽: At the time of your renewal, lenders will always send out an offer in the mail, with a request to just ‘sign here’ and send it back! What many people don’t realize is that these offers (especially if they are coming from the 'big banks'), rarely reflect the best rate/product/terms available. These initial renewal offers are often priced higher, simply because of the staggering number of people that actually just sign it and send it back! 😳 Easy process for you, sure, but even easier money for the bank (FYI: the banks profit margins are just fine without you paying more interest unnecessarily 😉).

𝗧𝗵𝗲 𝗚𝗼𝗼𝗱 𝗡𝗲𝘄𝘀: Other lenders WANT your business, and they will offer great deals in order to earn it!

Looking at the bigger picture... a LOT can happen in 5 years! Your circumstances and plans when you initially started your mortgage may no longer be in line with or supporting the goals you have today.
𝗬𝗼𝘂𝗿 𝗿𝗲𝗻𝗲𝘄𝗮𝗹 𝗽𝗲𝗿𝗶𝗼𝗱 𝗶𝘀 𝘁𝗵𝗲 𝗣𝗘𝗥𝗙𝗘𝗖𝗧 𝘁𝗶𝗺𝗲 𝘁𝗼 𝗿𝗲𝘃𝗶𝗲𝘄 𝘆𝗼𝘂𝗿 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆 𝗮𝗻𝗱 𝗺𝗮𝗸𝗲 𝗰𝗵𝗮𝗻𝗴𝗲𝘀 𝗶𝗳 𝗻𝗲𝗲𝗱𝗲𝗱 (𝗮𝗹𝗹 𝗽𝗲𝗻𝗮𝗹𝘁𝘆 𝗳𝗿𝗲𝗲!).
So, if you have an upcoming renewal, reach out to discuss. Especially in this current rate climate, it could save you tens of thousands in the coming years! Oh, and if your current lender IS offering you the best deal, I will be the first one to tell you to take it… but if there is room for improvement, let's work together and make sure your mortgage strategy is on point!

10/27/2022

The Bank of Canada announced another 0.50% increase to the overnight lending rate in Canada, which is the 6th consecutive increase we’ve seen in 2022. With inflation beginning to slow, economists are predicting that we are likely nearing the peak of these rate increases.
According to Benjamin Tal, Chief Economist with CIBC, the BoC needs to be careful to not overshoot the rate increases during this cycle, because if they do it could lead to a much deeper and longer recession than we are already facing. He is predicting another potential smaller increase in December, but following that, it is likely that we will see a pause regarding rate increases throughout 2023, before we start transitioning to a period of rate reductions.
We seem to still be within the period of ‘getting worse before it gets better’, but more positive days are on the horizon. Over the next year, Canadians will need to focus on tightening their budgets, smart debt management and seeking out sound advice for how to best navigate this current climate.
If I can offer my support with your own mortgage or your home ownership goals, please reach out anytime. I am here for you!
- Shannon
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10/07/2022

What a tremendous honour to be voted the best Mortgage Broker in Canmore (and 2nd place in Banff) in the Outlook’s ‘Best of the Bow’ competition!
It is such a pleasure to be able to do what I love in such a special place, and to help homeowners achieve their goals on a daily basis.
Heading into this Thanksgiving weekend, there is so much to be grateful for in my life, and my clients, referral partners and supporters in this community are such a huge part of that. I cannot thank you all enough!
Wishing everyone a wonderful and relaxing Thanksgiving weekend ahead!
-Shannon
🍁☀️🍁

09/29/2022

Ensuring you feel confident in your decisions is always a top priority for me. No matter how many questions you may have, I’m here to answer them, provide all the insight I can and to bring clarity to your personal mortgage journey.

⭐️ Many thanks to these clients of mine for their incredibly kind feedback! ⭐️

09/28/2022

Mortgage rates can seem complicated, especially with so many different types and terms, so here is a bit of a crash course for you!

𝗙𝗶𝘅𝗲𝗱 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗿𝗮𝘁𝗲𝘀:
Did you know that fixed mortgage rates are not in ANY way set by the Bank of Canada? I often hear from clients who assume that all mortgage rates have increased by a certain margin because they heard the Bank of Canada increased rates. This is not the case. Fixed mortgage rates are actually set by individual banks/lenders and are driven primarily by yields within the bond market in Canada! Because of this, the ‘best’ available fixed rates can fluctuate from day to day.

𝗧𝗵𝗲 𝗼𝘃𝗲𝗿𝗻𝗶𝗴𝗵𝘁/𝗸𝗲𝘆/𝗽𝗼𝗹𝗶𝗰𝘆 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗿𝗮𝘁𝗲 (𝟯.𝟮𝟱% 𝗮𝘀 𝗼𝗳 𝗦𝗲𝗽𝘁. 𝟳𝘁𝗵):
Set by the Bank of Canada, this is the rate that banks/commercial lending institutions can borrow and lend from each other on a daily basis. It is used by the BoC to either slow down or stimulate the economy, and control inflation. Any changes up or down are typically announced on 8 pre-determined dates through the year. It is often used interchangeably with the term ‘Prime rate’ but while it does influence prime, is NOT the same!

𝗣𝗿𝗶𝗺𝗲 𝗹𝗲𝗻𝗱𝗶𝗻𝗴 𝗿𝗮𝘁𝗲 (𝟱.𝟰𝟱% 𝗮𝘀 𝗼𝗳 𝗦𝗲𝗽𝘁. 𝟳𝘁𝗵):
Set by individual lenders/banks in Canada, this rate impacts variable rate mortgages, lines of credit and some loans. Lenders typically move their Prime rate by the same margin as the overnight lending rate, so if the BoC increases by 1.00%, so do the lenders. Prime rate was held at 2.45% for nearly 2 years through the pandemic and is now 5.45%.

𝗬𝗼𝘂𝗿 (𝗻𝗲𝘁) 𝘃𝗮𝗿𝗶𝗮𝗯𝗹𝗲 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗿𝗮𝘁𝗲 (𝗣𝗿𝗶𝗺𝗲 +/- 𝗫%):
Also set by lenders/banks, this is the ACTUAL rate you pay if you have a variable rate and is determined by a formula of {‘Prime’ plus or minus X%}. That formula is what is guaranteed through your term (ie. 5 years). As Prime changes, so does your rate, but you always remain X% above/below Prime through your term.

If you're looking for advice in this changing rate environment, I'm always happy to help!

09/07/2022

𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟳𝘁𝗵, 𝟮𝟬𝟮𝟮:
This morning the Bank of Canada announced their fifth consecutive rate increase of the year, bringing the overnight rate in Canada to 3.25%. In the coming days we will see mortgage lenders update their prime rate from 4.70% to 5.45%. While some economists are suggesting that we may be at or near the peak, the BoC is less clear about what Canadians can expect.

𝗙𝗼𝗿 𝘀𝗼𝗺𝗲 𝗽𝗲𝗿𝘀𝗽𝗲𝗰𝘁𝗶𝘃𝗲:
The BoC has historically moved rates slowly and steadily (typically 0.25% at a time), so it’s as though they’ve squeezed 12 of these more ‘standard’ sized increases into a 6 month time frame, over only 5 announcement dates! This is being done in an attempt to settle domestic inflation quickly so we do not run the risk of it becoming entrenched (lasting long-term). Despite the apparent necessity of these dramatic actions, they began a mere 19.5 months after the Governor of the BoC, Tiff Maklem stated confidently and publicly the following:
“𝘖𝘶𝘳 𝘮𝘦𝘴𝘴𝘢𝘨𝘦 𝘵𝘰 𝘊𝘢𝘯𝘢𝘥𝘪𝘢𝘯𝘴 𝘪𝘴 𝘵𝘩𝘢𝘵 𝘪𝘯𝘵𝘦𝘳𝘦𝘴𝘵 𝘳𝘢𝘵𝘦𝘴 𝘢𝘳𝘦 𝘷𝘦𝘳𝘺 𝘭𝘰𝘸 𝘢𝘯𝘥 𝘵𝘩𝘦𝘺’𝘳𝘦 𝘨𝘰𝘪𝘯𝘨 𝘵𝘰 𝘣𝘦 𝘵𝘩𝘦𝘳𝘦 𝘧𝘰𝘳 𝘢 𝘭𝘰𝘯𝘨 𝘵𝘪𝘮𝘦… 𝘐𝘧 𝘺𝘰𝘶’𝘷𝘦 𝘨𝘰𝘵 𝘢 𝘮𝘰𝘳𝘵𝘨𝘢𝘨𝘦 𝘰𝘳 𝘪𝘧 𝘺𝘰𝘶’𝘳𝘦 𝘤𝘰𝘯𝘴𝘪𝘥𝘦𝘳𝘪𝘯𝘨 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢 𝘮𝘢𝘫𝘰𝘳 𝘱𝘶𝘳𝘤𝘩𝘢𝘴𝘦, 𝘰𝘳 𝘺𝘰𝘶’𝘳𝘦 𝘢 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘢𝘯𝘥 𝘺𝘰𝘶’𝘳𝘦 𝘤𝘰𝘯𝘴𝘪𝘥𝘦𝘳𝘪𝘯𝘨 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵, 𝘺𝘰𝘶 𝘤𝘢𝘯 𝘣𝘦 𝘤𝘰𝘯𝘧𝘪𝘥𝘦𝘯𝘵 𝘳𝘢𝘵𝘦𝘴 𝘸𝘪𝘭𝘭 𝘣𝘦 𝘭𝘰𝘸 𝘧𝘰𝘳 𝘢 𝘭𝘰𝘯𝘨 𝘵𝘪𝘮𝘦”. 🤷🏻‍♀️

𝗜𝗺𝗽𝗮𝗰𝘁𝘀 𝗳𝗼𝗿 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗯𝗼𝗿𝗿𝗼𝘄𝗲𝗿𝘀:
This increase of 0.75% will affect you if you hold a variable rate mortgage or line of credit, but it does not impact fixed rate mortgages.
We will also see a change in the actual $$ people will qualify for on any new mortgage applications, because of the stress test. If you are looking to buy, you’ll want to update your pre-approval numbers before submitting any offers!
If your mortgage is variable with adjustable payments, this means an average increase of $42/mo (approx.) for every $100,000 in borrowing.
If you’d like to discuss what options are available, please reach out anytime!

Canmore Mortgage House

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