Mike Garganis - Mortgage Agent

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Mike Garganis - Mortgage Agent - Over 20 years in the Financial Industry
- Over 10 years as a Mortgage Agent
- Top producing team i It’s easier than you might think!

Find out how transferring your mortgage can help you get a better rate and become mortgage-free faster. Renew your existing mortgage with us or access the equity in your home.

10/23/2026

Is the Bank of Canada going to raise rates next week?

While the Big Banks have flipped back and forth, the consensus has shifted to a "yes." Naturally, I’m getting flooded with the same question: Is it time to lock in?

My answer remains a definitive no, and I stand by that strategy.

Here is why the math doesn't justify a panic move right now:
• Current Rates: Fixed rates are sitting in the mid-to-high 4% range, while variable rates are still below 4%. Switching to a fixed rate today would immediately cost you about $60 more per month per $100,000 of your mortgage balance.

• The Cost of a Hike: If the Bank of Canada does raise rates next week, it adds roughly $13 a month per $100,000 of balance.

• The Big Picture: Recent inflation data, unemployment numbers, and trade tariffs are driving this potential move. The central bank held off on hikes earlier this year when they had the chance, so a minor move now is no reason to panic.

If you want to look at how these numbers apply to your specific mortgage, I am more than happy to chat.

Have a great day and a wonderful weekend!

Mike Garganis
416-481-6444
[email protected]

If I asked you to look at the chart below, would you think home prices are down?If you purchased between 2020 - 2022, yo...
10/14/2026

If I asked you to look at the chart below, would you think home prices are down?

If you purchased between 2020 - 2022, you shouldn't be selling. Unless you can get more today or break even, but chances are, it may not sell for what you bought it for.

If you purchased prior to 2020 and thinking of selling, you're not losing money.

That's the message that should be discussed.

I keep hearing, "rates are high". No they're not.

I keep hearing, "we're waiting for home prices to drop further."

Yes, home prices may drop even further, BUT what if trade deals are done tomorrow?

What if a long term diesel deal was made and prices of goods dropped?

This could all happen today, tomorrow, or next year.

Point is, for the most part, home prices over a period of time will go back up.

Whether it's a 5 year cycle or 10 year cycle, real estate goes up.

One thing we can control is your mortgage payment.

People say I don't want to take 30 years to payoff a mortgage.

Who says you do? You can increase your payments to mimic a faster payoff and at renewal, you can go down to 20 years or 15 years amortization if you wanted, as long as it qualifies, and if it doesn't just increase your payments.

A discussion can address and answer many questions. Don't just ask me about rates, ask me about options.

I can help you make that decision and guide you to what's best for you and your family.

Have a great day!

Mike Garganis
416-481-6444
[email protected]

09/30/2026

As fixed rates go a little higher, is it cause for concern for variable rate holders?

In my opinion, no.

Even if the Bank of Canada raises the overnight lending rate by .25% on October 28, on a $500,000 mortgage, that's about $60 a month increase.

Fixed rates are roughly .70% - 1.00% higher than variable rates right now. You are still ahead of the game.

I've had these discussions with my clients letting them know in the event rates go up, you are still in the positive compared to fixed rates, PLUS when rates come down, you will be in a position to lock in fixed rates.

My advice, ride it out.

If you want me to review your current situation, feel free to contact me.

Have a great day!

Mike Garganis
416-481-6444
[email protected]

09/22/2026

October 28 - Bank of Canada rate announcement.

The US just raised their rates by a quarter percent.

Rising bond yields and lack of a tariff/trade deals has economists split on whether BoC Governor Tiff Macklem will leave the rate unchanged or raise rates.

Naturally people are concerned about rates going up.

Here's my take and advice.

When you purchase stocks in a company, they go up and down. If they go down, it's usually a matter of time before they come back up. Depending on the company, it usually comes back. We won't use Nortel Networks or Blackberry as examples. :)

IF the BoC increases rates, it will be a quarter percent.

What's the impact to variable rate holders:
- a $400,000 mortgage, it's about $50 a month more.
- a $600,000 mortgage, it's about $80 a month more.

Most variable rates are around 4%.

Fixed rates are higher.

In other words, you have a buffer to decide whether you want to lock in rates or stick it out.

Everyone's situation is different and I'm happy to go through your options if you have any questions or concerns.

Have a great day!

Mike Garganis
416-481-6444
[email protected]

09/21/2026

Is it a good time to buy a home? YES!!

Rates are low, homes prices are down and properties are sitting.

Is it a good time to consolidate debt? YES!!

Again, rates are low, under 5%. Don't diversify debt. Cashflow should be the main objective.

Renewal time is the best time to go through your finances.

Have a great day!

Mike Garganis
416-481-6444
[email protected]

Looks like fixed rates will be going up soon.Got a few warnings from lenders and the bond yields have been trending up.
09/03/2026

Looks like fixed rates will be going up soon.

Got a few warnings from lenders and the bond yields have been trending up.

08/27/2026

There are some rumblings that the Bank of Canada could cut rates next week.

I'd be happy if they just left them unchanged.

Ongoing trade tensions and tariff disputes create economic uncertainty, economists suggest it creates an economic stalemate, making a rate cut or a rate hike equally unlikely until conditions shift.

The 5 yr bond yields have also come down since last week so the banks are playing 'nice' and didn't increase the fixed rates.

What's my advice?

Let's talk. Everyone's situation is different. There is no one size fits all.

Let's plan to save money together and pay the least amount of interest while doing it.

If you're carrying a lot of debt, let's get rid of it.

Is your mortgage coming up for renewal? You may qualify for insured rates which are the lowest in the market.

Are you purchasing? Does your new home require some work to it and/or do you need a home equity line of credit?

I can customize a mortgage solution to suit your needs and wants.

Contact me today.

Have a great day!

Mike Garganis
416-481-6444
[email protected]

08/21/2026

HOME INSPECTIONS

Clients just contacted me saying they MAY not be moving forward with the purchase after a serious issue with the foundation caught from the inspection report.

These are first time home buyers who don't have the financial means to cover the cost.

Even if they did, this could be a big repair cost, or could lead to additional issues down the road.

A neighbour down the road from me who moved in a few months ago didn't get an inspection and just spent $22,000 on a crack in the foundation. Excavation and sealing on the outside and inside was required to repair it.

I know the importance of going in firm to get the deal, but at what cost?

Always take precaution and get the inspection. It could save you a lot of money.

RATES

Rates are holding steady and some terms have even come down.

But as I mentioned previously, we are in a good place historically speaking.

Especially with renewals, you may qualify for insured rates!!

The difference could be up to half a percent on your mortgage, saving you anywhere from $200 - $600 a month in many cases.

Your bank won't tell you this, but I am. If I can save you money, I will.

Do you want to save money or do you want to just sign back your renewal because it's easy?

Have a great weekend!

Mike Garganis
416-481-6444
[email protected]

08/17/2026

July's Inflation Rate hit 3%.

Unemployment is at a 2 yr low.

This signals a "red-hot" (??) economy with high demand for goods, services, and workers, forcing the central bank to hike rates to cool spending and tame rising prices.

Question is, will the BoC raise or leave the overnight lending rate on September 2nd?

The US held their rate, so hopefully the BoC will follow suit and let the economy gain some momentum.

Rates are a in good spot, BUT if they do go up, I still wouldn't switch to a fixed rate.

If you have any questions or concerns, feel free to contact me.

Mike Garganis
416-481-6444
[email protected]

08/05/2026

If you're in the market to buy a house, hold off on that new car.

Leasing/financing a new car will ruin a purchase deal.

Unless you're buying it outright with your own savings, please wait till after closing otherwise you could jeopardize the deal by inflating your qualifying numbers.

Banks work within specific parameters when qualifying you for a mortgage.

It's based on a percentage of gross income to debt. The calculations looks like this:

Gross Debt Service - 39%
Principal + Interest + Taxes + Heat / Gross Household Income

Total Debt Service - 44%
Principal + Interest + Taxes + Heat + Other Debt Obligations

There is flexibility, BUT it's not as easy as punching in numbers in a mortgage calculator.

Get pre-approved, lock in a rate and hold off on that big purchase until you purchase your home.

The same can go for renewing your mortgage. If you're shopping because your bank didn't offer you a great rate, wait till your mortgage closes.

If you have any questions or want to go through some numbers, please feel free to reach out.

Have a great day!!

Mike Garganis
416-481-6444
[email protected]

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Uxbridge, ON

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