Mick Hayward Mortgage Specialist

07/09/2026

🏠 Tired of worrying about retirement finances? A Reverse Mortgage could be your smartest move yet!
If you’re a homeowner aged 55+ in Canada, a reverse mortgage lets you unlock the equity in your home — without selling, without monthly payments, and without giving up your house.

Why more Canadian seniors are choosing reverse mortgages:
• 💰 No monthly mortgage payments — ever (as long as you live in the home)
• 🏡 Stay in the home you love for as long as you want
• 📈 Tax-free cash you can use for anything: travel, home repairs, healthcare, or just peace of mind
• 🔒 Protects your other savings & investments — you don’t have to touch them
• 🛡️ Non-recourse loan — you or your heirs will never owe more than the home is worth
• Flexible options — lump sum, monthly income, line of credit, or a combination
Perfect for retirees who want to age in place comfortably without downsizing or stressing about money.
👉 Ready to see how much you could qualify for?
Message me for further information

07/08/2026

“🏡 Thinking about buying, switching or refinancing on Vancouver Island?
Current rates are moving — let’s lock in something that works for your family or investment goals.
As a local mortgage specialist in Victoria, I help with all areas of mortgage lending from pre-approvals, refinance, private mortgages and even reverse mortgage lending. best rates, and stress-free closings. No pressure, just honest advice.
DM me or book a quick 15-min call today!

10/29/2025

The Bank of Canada met this morning and as suspected they lowered their overnight lending rate by another .25% now down to 2.25%

Prime will follow suit a go from 4.70% down to 4.45%

Feel free to mesaage me for more information.

09/17/2025

Bank of Canada met this morning and lowered their overnight lending rate by .25%
Prime will follow suit a go from 4.95% down to 4.70%
The is the first cut we have seen since March.

Feel free to mesaage me for more information.

01/29/2025

The Bank of Canada announces its first rate drop of 2025, from 3.25% down to 3.00%

Prime rate at most lenders is expected to drop to 5.20% (except at TD, which maintains a mortgage prime rate priced 15 bps higher).



Feel free to message for further details on how this affects your variable rate mortgage and how it will potentially increase your borrowing power.

The Bank of Canada today reduced its target for the overnight rate to 3%, with the Bank Rate at 3.25% and the deposit rate at 2.95%.

10/23/2024

Further Rate Drop!

The Bank of Canada (BOC) lowered its benchmark interest rate for a fourth consecutive time. The latest reduction of 0.50%, was in response to continued softening of inflation rates. Economists are mixed on whether more drops will be warranted in the coming months.

In terms of mortgage financing, major banks are expected to drop their prime rate shortly to 5.95% which will lower variable rate mortgages and lines of credit. Fixed mortgage rate reductions generally precede BOC reductions and reprice before the announcement.

As always, please get in touch if I can assist with your mortgage questions.

09/26/2024

Homeowners will no longer need to do stress test when switching mortgage providers

The Office of the Superintendent of Financial Institutions says it will end the policy for lenders to apply the minimum qualifying rate to straight switches when uninsured mortgages are renewed at a different institution under the borrower's current amortization schedule and loan amount.

If your mortgage is coming up for renewal, please contact me to discuss how these changes can benefit you.

09/04/2024

The Bank of Canada delivered its third consecutive interest rate cut, bringing its key lending rate to 4.25 per cent.
If you have a questions regarding your current variable mortgage or upcoming renewal, feel free to reach out anytime.

07/13/2022

https://www.bankofcanada.ca/2022/07/fad-press-release-2022-07-13/?utm_source=alert&utm_medium=email&utm_campaign=FADMPR220713&fbclid=IwAR3bPxlACHy2rnZMjd8-wItWGhPkeobgj7dYjMrgeqQp56M4fXGyNAu51qA&fs=e&s=cl

The Bank of Canada today increased its target for the overnight rate to 2½%, with the Bank Rate at 2¾% and the deposit rate at 2½%.

04/22/2021

Earlier today the Bank of Canada made its third interest rate decision for 2021 and all those buyers looking for a new home right now will be happy to hear the overnight rate will not be changing and interest rates should remain relativly low for the next while.
Please message me for further details.