Success Mortgages

04/29/2026

The Bank of Canada (BOC) has, as expected, made no changes to its rate. Prime Rate remains at 4.45% which means no impact (up or down) to variable rate mortgage clients.

Tiff Macklem, Governor of the BOC, stated that they are monitoring the continued impacts of US Tarriffs, (not expected to change anytime soon) and the rising oil prices as a result of the war in the Middle East. Per an article in the Globe and Mail, "The energy price shock is expected to have a mixed impact on the Canadian economy. Higher oil prices boost exports and generate profits for energy companies and tax revenues for Ottawa and the provincial governments. At the same time, consumers are squeezed at the gas pump, leaving them with less discretionary income to spend."

As noted above, BOC Prime rate remains at 4.45%. Most lenders offer a discount ranging from Prime - 0.75 (effective rate of 3.70%) to Prime - 0.25% (effective rate 4.25%)m depending on if the mortgage is a purchase or refinance and the amount of equity (down payment) in the home.

The 2.25% rate quoted in the media is the BOC policy rate. This rate is not available to Canadian borrowers.

03/04/2026

Important Note - Applicable To Everyone but particularly important to Self-Employed Individuals & Landlords.

When applying for mortgage financing, your income tax documents may be required. Copies of your recent Notice of Assessments (what you get back from CRA) and T1 Generals (what you submit to CRA) may be requested for income verification purposes.

When one is self-employed and files as such on their T1 General, there is a "Statement of Business and Professional Activities". Lenders require your full return, including this detailed statement which provides the break-down of your gross income and net taxable income. Depending on your scenario, we may be able to add back some of the expenses to increase your income and hence strengthen your borrowing application.

It's been my experience that some tax preparers only provide their clients a "summary" of their T1 General and do not include all schedules. This becomes a problem if the preparer is no longer in business and/or, for some reason, can't provide the full report at a later date.

If you are self employed (Statement of Business & Professional Activities), a landlord (Statement of Real Estate Rentals), have capital gains or just want to ensure there are no hiccups in the future, request that your tax preparer provides you a copy of your Full T1 General (long form) with all related schedules. Do not accept a condensed format.

Failure to have this detailed information could be the difference between an "approval" or "decline"; between traditional best rates or non-traditional higher interest rates.

04/16/2025

No change to key interest rates today. Bank of Canada Prime rate remains at 4.75%.

Mr. Tiff Macklem, Governor of the Bank of Canada, said “We decided to hold our policy rate unchanged as we gain more information about both the path forward for U.S. tariffs and their impacts."

The next scheduled meeting for the Bank of Canada is June 4, 2025.

Photo: The Logic

03/12/2025

As expected, the Bank of Canada (BOC) reduced their prime rate today. It is down 1/4% to 4.95%. This 1/4% rate reduction will directly impact variable rate mortgage and lines of credit consumers. Fixed rates, though not directly linked to variable rates, are expected to also reduce a little this week as the bond market is also expected to change.

The BOC is scheduled to meet again on April 16th. Pending the on again-off again US tariffs, they can and may meet sooner if they deem it necessary.

You will hear the rate of 2.75% in the news. This is not a rate available to consumers, it is the overnight rate the BOC offers lenders as funds transition from one to another.

03/01/2024

CMHC ANNOUNCES - FIRST TIME BUYER INCENTIVE TO BE DISCONTINUED.

CMHC announced late yesterday they are terminating their First Time Buyer Incentive Program. This announcement is just making the news today and it is not to be confused with the $35K RRSP HBP Withdrawal or minimum 5% Down Payment (which is technically is available for all who qualify and not just first time buyers).

This soon to be terminated CMHC incentive program is commonly referred to as the Shared Equity Program. Qualifying First Time buyers could obtain a federally assisted down payment of 5% on existing homes and up to 10% on new construction. The loan was technically interest free and no payments were required until the sooner of home sale, mortgage refinance or 25 years from date of advance. Whichever life event occurred the down payment assistance loan was required to be paid in full and any increased (or decreased) equity in the home would also be shared with CMHC.

For example:
Year 1: $300,000 Home Purchase Price = $15,000 CMHC Down Payment Loan (5% of the purchase price)Year 7: $450,000 Home Sale Price (clients are relocating). CMHC Loan Payout = $22,500 ($15,000 Loan + $7,500 Shared Equity ( 5% of $150K Equity Increase))

This isn't a program that I, or from what I heard from my colleagues, was utilized much by our clients. Particularly in our current market of rising home prices and the NS Down Payment Assistance Loan it was something I considered a costly and unnecessary program.

For any first time buyers wanting to apply for this program, their accepted offer and application must be submitted on or before March 21, 2024.

If you or someone you know would like to get pre-approved or is in need of mortgage financing, don't hesitate to reach out.

[email protected]

11/09/2023

Two of my favorite things have come together ... Music and Supporting Local. Overjoyed to say Success Mortgages is a co-sponsor of Jon Mullane's "Feels Like Christmas" tour.

If you are not familiar with Jon, he is an award winning, billboard charting, rock/pop singer, performer & songwriter originally hailing from Halifax, NS. I had the good fortune of meeting Jon, a few years ago. I have been enjoying his music ever since. His soothing voice, meaningful lyrics and harmonious melodies have become favorites of mine.

Jon's Christmas CD "Feels Like Christmas" was released in 2021. The cover song is an original upbeat toe-tapping jingle that will put you in holiday spirit. His "Two Hearts For The Holidays" is my favorite song on this special CD.

If you too love music, supporting local and would like to enjoy a nice evening out, I hope you can make it to one of his three concerts. Consider buying his CD and give yourself the gift of great music.

06/21/2022

Tenant Insurance - every landlord should require this.

Water damage, a kitchen fire or a visitor’s slip and fall in your apartment can all lead to significant financial headaches if you’re found liable.

07/15/2021

Received this unexpected and generous gift from my clients. The best part is their kind words and knowing I made a difference.

07/05/2021

Good News ... Effective Immediately, CMHC is reversing the stricter guidelines they implemented in 2020 regarding mortgage financing.

Their return to former guidelines demonstrates faith in the economy and also gives home buyers more options for financing as not all lenders deal with all three national mortgage default insurers.

Stability of income, strong credit and manageable debt ratios remain key factors for eligibility and interest rates.

CMHC Reviews Underwriting Criteria

04/22/2021

With a recent increase in NS COVID cases, here are a few things you need to know:

- The NS border is closed to non-essential travel from April 22 – May 20.

- Buyers entering the province must have a signed Purchase and Sale Agreement dated April 21, 2021 with a closing date on or before May 20, 2021 to enter the province. They must also be able to demonstrate a strong isolation plan as they are required to self-isolate for 14 days.

- Buyers entering agreements during border restrictions should set close dates after May 20, 2021.

- No potential buyers, including military personnel, can come to Nova Scotia to house hunt until border restrictions are lifted.