Kristin Stauffer - Ottawa Mortgage Broker, AMP

10/31/2025

**The lowest RATE does not always mean the lowest COST**

I've said this before and I'll repeat this forever. Advertised low rates are exactly that, advertisements meant to get you in the door. I'll save this rant strictly for mortgages but am sure this applies to most consumer products we see.

When obtaining a mortgage directly from a bank, you are working with an employee who only knows how to sell their own product.
Do you trust they are going to advise you of all of the negative aspects of their mortgage that could apply to your specific situation? I sure hope not, because in case you're unaware, they have no reason to and are not required to do so.

Some mortgages have massive restrictions; whether it's the inability to break the mortgage before the end of the term, restricted or no portability options, a higher than 'normal' penalty calculation, no prepayment options, restrictive renewal rate options with no open terms available, etc, etc, etc.

It's easy to say that you won't need one or more of those features when first arranging your mortgage, but unless you realize why and how these restrictions can negatively impact you moving forward it's impossible to say for sure if it's best to consider these types of products.

Often these restricted mortgages have a slightly lower interest rate, typically 0.05% - 0.10%.
An overall annual savings of a few hundred dollars that could restrict you from accessing the equity in your home when you most need it or moving when you want to in the future could instead end up costing thousands, or even your house as we've seen in some circumstances lately.

When economic pressure ramps up, the drive to search for the 'best rate' often becomes the goal. But please know and understand, that the interest rate you are being offered should be close to the last item you discuss when arranging what is often the largest debt you will ever obtain.

The term length, penalty calculations, portability options, prepayment terms, renewal options, conversion policies, etc, etc, etc should be what you are concerned with, and unfortunately those terms are often not shown or provided in writing until its too late and you are signing with your lawyer.

A Mortgage Broker (or Agent) is required to be licensed in their respective province and has strict regulations that must be followed when it comes to proper disclosure and guidance.
They do not work for the lender you are obtaining your mortgage from, they have a due diligence to ensure that you are receiving the best mortgage that suits your needs and also that the lender is going to gain a client that has been verified with proper documentation.

So before you take that flashy low rate you're being offered, ask what downfalls should be considered.
And if the response is that there are none - RUN. Run away fast.

Every single mortgage has good and bad terms associated with them, the goal is to determine based on your specific needs which type of mortgage will work best for you, now and in the future.

10/29/2025

**Prime Rate now at 4.45%**

After cutting rates to 2.25%, the Bank of Canada says borrowing costs are now “about the right level” to keep inflation near 2%. But it warns the economy faces “structural damage” from U.S. tariffs and projects just 1.2% growth next year.

Automatically view the rate announcement the moment it is published.

10/28/2025

***Ontario to Remove PST on New Homes up to $1M for First-Time Buyers**

As part of its plan to protect Ontario, lower costs and help more families realize the dream of homeownership, the provincial government is proposing to rebate the full 8 per cent provincial portion of the HST for first-time home buyers on new homes valued up to $1 million. The province’s proposal, which will be included in the 2025 Fall Economic Statement, would save first-time home buyers up to $80,000 off the cost of a new home when combined with existing provincial relief, helping lower costs for first-time home buyers and spurring the construction of more homes. When combined with the federal government’s proposed removal of its 5 per cent portion of the HST, which would save up to $50,000 off the cost of a new home, total savings for first-time home buyers would equal up to $130,000.

Ontario Lowering Costs for First-Time Home Buyers | Ontario Newsroom

09/17/2025

Another rate drop! Variable rates are decreasing and we are seeing pressure on fixed rates based on the current Bond Yields.

Prime Rate will decrease from 4.95% to 4.70% with this change.

11/27/2024

Are rates still expected to decrease throughout 2025? Yes.

Do economists agree how much they will decrease by? No!

It's not very often we see such large differences across the board from the Big 5 Canadians banks, it will be interesting to see who, if anyone, ends up being correct

09/16/2024

Today marks an important victory for Mortgage Professionals of Canada and the housing market. We are excited to share that the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, announced significant changes to mortgage rules—many of which reflect MPC’s persistent advocacy on behalf of our industry and all Canadian homebuyers.



Among the new measures are several key initiatives that we have long advocated for:



An Increase to the Insured Mortgage Price Cap: The government will raise the price cap from $1 million to $1.5 million, reflecting the realities of today’s housing market. This change, effective December 15, 2024, will help more Canadians qualify for insured mortgages and make homeownership more attainable, especially for younger Canadians.



Expanded Eligibility for 30-Year Amortizations: First-time homebuyers and all buyers of new builds will now be eligible for 30-year insured mortgage amortizations. This is a crucial step in reducing monthly mortgage payments and helping more Canadians, particularly Millennials and Gen Z, achieve the dream of owning a home.



Increased Mortgage Competition: The strengthened Canadian Mortgage Charter now enables insured mortgage holders to switch lenders at renewal without being subject to another stress test. This will foster greater competition and ensure Canadians have access to the best mortgage deals.



These policy changes are a direct result of MPC’s tireless advocacy and the collective efforts of our members. We’ve worked hard to make sure the federal government understands the challenges Canadians face in buying a home. Today’s measures prove that our advocacy has been heard, and more importantly, respected. This is a major win not just for first-time buyers, but for the entire housing sector.



But we’re not stopping here. MPC will continue to push for policies that make homeownership more accessible and sustainable for all Canadians. We’ll keep pushing for the extension of 30-year amortizations to all homes, not just new builds, and for the implementation of an income verification tool to fight mortgage fraud during our upcoming advocacy on Parliament Hill on September 24.



Our mission remains clear: to advocate for a fair, transparent, and affordable housing market that works for everyone.



Thank you to all our members for your ongoing support. Let’s take a moment to celebrate this achievement—and get ready for the next steps in our advocacy journey.



“The federal government’s decision to raise the insured mortgage cap from $1 million to $1.5 million is a huge win for Canadians. We’re also happy to see the expansion of 30-year amortizations to all first-time homebuyers and to all buyers of new builds, as well as the exemption of the stress test when switching lenders at renewal. This milestone, achieved through our persistent advocacy, shows that housing is now truly a top priority for the government and represents a significant win for first-time buyers and the housing market as a whole. Our mission remains steadfast: to advocate for fair, transparent, and affordable housing market for everyone.”



– Lauren van den Berg, President and CEO of Mortgage Professionals of Canada

The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today announced a suite of reforms to mortgage rules to make mortgages more affordable for Canadians and put homeownership within reach:

09/04/2024

As predicted, another decrease by the Bank of Canada today.
Those with adjustable or variable rate mortgages - you'll be glad you stuck it out! You're now seeing that relief from those higher payments and we are heading into a time of lower rates again

Bank of Canada Cuts Rates Another Quarter Point Today, the Bank of Canada cut the overnight policy rate by another 25 basis points to 4.25%. This is the third consecutive decrease since June. The Bank’s decision reflects two main developments. First, headline and core inflation have continued to e...

06/05/2024

04/23/2024

A great recap on all of the latest mortgage updates and budget announcements, from Dr Sherry Cooper, Dominion Lending Centres Chief Economist

Federal Budget Targets Rich Canadians For New Spending The budget focuses on helping Millennial and Gen Z voters experiencing rising housing costs and other inflationary pressures. The government has set fiscal anchors, such as keeping the deficit below 1% of GDP starting in 2027. The Canadian feder...

02/06/2024

"Based on the median survey results, the participants expect the Bank of Canada to cut its policy rate by 25 basis points starting in April, followed by another 75 bps by December.

That would bring the Bank’s overnight target rate down to 4.00% from its current level of 5.00%.

The survey respondents also see the Bank continuing to cut rates by another full percentage point in 2025, bringing its overnight rate to 3.00%."

These predictions are from a questionnaire which is sent to 30 influential financial market participants in Canada - and provides a good outlook of what we can expect with interest rates in the coming months!

Despite push-back from the Bank of Canada against aggressive rate-cut predictions, a majority of influential economists and analysts still expect rates to start falling by April.