Natalie Wellings: Mortgage Broker with Verico Compass Mortgage Group

04/29/2026

If you have a variable rate mortgage, your rate remains the same after the BoC announcement earlier today!

04/17/2026

12/11/2025

Yesterday, the Bank of Canada released its final scheduled announcement of the year, leaving the prime rate unchanged at 4.45%. For reference, the prime rate was exactly 1.00% higher at the beginning of 2025, with a prime rate of 5.45%.
We saw a slight uptick in fixed mortgage rates late last week and early this week in anticipation of the announcement. Fixed rates are tied to bond yields, which often rise or fall ahead of Bank of Canada decisions.
Overall, fixed interest rates have remained relatively stable in 2025. Back in January, the 5-year fixed insured rate was hovering around 4.50%. Today, it’s sitting closer to 4.25%. After several years of rate volatility, this stability is a welcome change—though rates are still higher than we’d like.
That said, many of my clients who are up for renewal are choosing to refinance their mortgages to access equity and pay off other higher-interest debts. For many households, this strategy provides some much-needed breathing room in their monthly budget.
Please reach out to me with any questions or to have a quick chat about options!

12/11/2025

Yesterday, the Bank of Canada released its final scheduled announcement of the year, leaving the prime rate unchanged at 4.45%. For reference, the prime rate was exactly 1.00% higher at the beginning of 2025, with a prime rate of 5.45%.

We saw a slight uptick in fixed mortgage rates late last week and early this week in anticipation of the announcement. Fixed rates are tied to bond yields, which often rise or fall ahead of Bank of Canada decisions.

Overall, fixed interest rates have remained relatively stable in 2025. Back in January, the 5-year fixed insured rate was hovering around 4.50%. Today, it’s sitting closer to 4.25%. After several years of rate volatility, this stability is a welcome change—though rates are still higher than we’d like.

That said, many of my clients who are up for renewal are choosing to refinance their mortgages to access equity and pay off other higher-interest debts. For many households, this strategy provides some much-needed breathing room in their monthly budget.

Please reach out to me with any questions or to have a quick chat about options!

12/11/2024

The Bank of Canada has made the wishes of variable-rate mortgage holders come true with a 0.50% rate cut! In response to recent economic data showing weak employment numbers and a generally slowing economy, the Bank of Canada decided to surprise us with another significant rate reduction (rate changes are usually made in 0.25% increments). This morning, the prime rate was lowered from 5.95% to 5.45%.

There’s a lot of excitement surrounding this additional rate cut to close out the year, and we expect more cuts in 2025. It's important to note that this rate change primarily affects those with variable-rate mortgages and home equity lines of credit, as these types of loans fluctuate with the prime rate.

Fixed rates have not changed, but since prime and fixed rates often move in tandem, we are hopeful that we’ll see further relief for fixed-rate mortgages soon. Due to recent rate cuts, variable-rate mortgages have become more popular. A variable-rate mortgage can be a smart strategy for weathering higher rates, with the potential to lock in a lower rate when they eventually decline.

If you’re up for renewal or planning to purchase a new home, now could be one of the best times to obtain a mortgage in recent years. Please contact me to discuss your options!

The next interest rate announcement by the Bank of Canada is scheduled for January 29th, 2025.

10/24/2024

It was widely speculated and anticipated for weeks, and now it’s finally here! A gift from the Bank of Canada in the form of a 50-basis point cut! The central bank cut its rate yesterday by 0.50%. This is welcome news for those with variable rate mortgages and home equity lines of credit. The prime rate moves from 6.45% to 5.95%. I’m happy with any cut they’ll give us, but as you can see, the prime rate still remains quite high, and those with variable rates are still feeling the pinch.

In fixed rate news, rates are already substantially lower than on variable rate mortgages, with the 5-year fixed rate hovering around 4.5%. So, that being said, why would anyone choose a variable rate over a fixed rate and pay more? In short, flexibility and the hope of an even lower prime rate in the future.

I’m definitely seeing a marked increase in the number of borrowers choosing variable rate mortgages over fixed ones, including myself with my recently renewed mortgage.

It will be interesting to see what happens between now and the end of the year. The Bank of Canada has one more scheduled rate announcement set for December 11th, 2024. Hopefully another cut is in the cards.

Fixed rates do not change on a schedule; they are priced based on bond yields and can change at any time. I’m hoping for more rate decreases on the fixed side as well.

It’s nice to have lots of positive news to share with you after several years of high interest rates. In addition, there are several positive changes that will make mortgage financing easier.

Here’s a recap of the changes effective December 15th, 2024:

• Stress Test Removal: The stress test is being removed on mortgage renewals, allowing borrowers to qualify to move their mortgage between institutions more easily.
• New Construction Homes: The maximum amortization has been increased to 30 years for mortgages on new construction homes.
• Amortization Changes for First-Time Buyers: First-time buyers can amortize their mortgage over 30 years instead of 25 years (starting December 2024). A first-time buyer is someone who has never owned a home or has not owned one in the last four years, including those going through a separation or divorce. Please contact me to ensure you meet this definition.
• Lower Down Payments on Homes Over $1 Million: The maximum purchase price allowable on an insured mortgage has increased from $1 million to $1.5 million—this means homes under $1.5 million can be purchased with less than 20% down.
I’m always here for you if you want to chat; please reach out!

The next rate announcement is scheduled for December 11th, 2024. Another rate cut is anticipated. Note: this will announce any changes to the prime lending rate which affects variable-rate mortgages (not fixed ones).

09/04/2024

I’m loving the new direction the Bank of Canada is taking! For the third time in a row, the Bank of Canada has lowered the prime rate by 0.25%, moving from 6.70% to 6.45%. The last time this happened was in 2009, when I was a baby broker in my second year of brokering. Those were the good ol’ days, when mortgages were a heck of a lot simpler!

What does this latest rate cut mean?

If you have a fixed-rate mortgage, it means nothing. The prime rate ONLY affects those with a variable-rate mortgage or a home equity line of credit (HELOC).

For insured mortgages (with less than 20% down), the current five-year fixed rate is about 4.69%. Insured variable-rate mortgages are currently priced at Prime -0.95%. After today’s announcement, this means a rate of 5.50% (6.45% - 0.95%).

Given that variable-rate mortgages are almost 1% higher than fixed-rate mortgages, why would anyone choose a variable-rate mortgage right now?

The short answer is flexibility and the overall rate outlook. The general consensus is that the Bank of Canada has not finished cutting rates and will likely continue to do so into next year. This means that if you have a variable-rate mortgage, your rate will continue to go down. If you do have a variable mortgage, I recommend keeping an eye on fixed rates. If they continue to fall, you might consider contacting your lender to explore the options to convert to a fixed-rate term. You can do this without having to qualify again and at no cost. It’s super easy!

I’m always here if you want to discuss your options, as it can be a complex decision right now.

The next rate announcement is scheduled for October 23rd, 2024. Another rate cut is anticipated of 0.25%.

07/24/2024

The BoC is at it again!

Finally, a reprieve from the hot weather and some good news for our pocketbooks! The Bank of Canada announced this morning that they are cutting the prime rate by 0.25%, changing it from 6.95% to 6.70%. It’s always welcome news when the Bank of Canada announces a cut to the prime rate. This rate is used to determine the interest rates for variable-rate mortgages as well as home equity lines of credit. If you have either of these types of mortgages, your rate will decrease by 0.25%. It isn’t much, but we will take it! It’s been a hard few years for those in variable-rate mortgages and home equity lines of credit.

To see two decreases in a row sends a strong signal that the central bank is reversing course. The general consensus is that rates will drop further now that inflation has cooled and to stimulate a sluggish economy.

The next rate announcement is scheduled for September 4th, 2024.

07/10/2024

If you’re one of the many Canadians who received an email from Ticketmaster concerning their recent hack, I encourage you to add an identity alert to your credit file at both Equifax and TransUnion. This alert will help to protect you should anyone try to apply for credit under your name.

The process is easy, please phone the numbers listed below to add an alert to your file. It will stay on your credit report for 6 years:
Equifax: 1-800-465-7166
TransUnion: 1-800-663-9980

If you have any questions, please get in touch!

06/05/2024

In a very welcome announcement earlier this morning, the Bank of Canada has dropped the key lending rate by 0.25%. The prime rate has decreased from 7.20% to 6.95%.

If you have a variable rate mortgage or a home equity line of credit, this means that you will see a 0.25% reduction in your interest rate. While fixed rate mortgages are NOT priced using the prime rate, this latest announcement may have an impact on the bond market, which fixed rates are based on.

If you have a $300,000 mortgage on a 25-year amortization and an adjustable variable rate mortgage you will see a payment decrease of about $45/month with today’s rate decrease.

While the price impact of today’s rate announcement is relatively small, what it indicates is HUGE. This small rate drop indicates that the central bank is satisfied with recent economic indicators and signals that the rate tightening cycle may have finally come to an end. The next rate announcement is scheduled for July 24th, 2024.

Please reach out if you have any questions or want to chat about your mortgage!