Vertuity Mortgage

12/02/2025

11/05/2025

What are your thoughts on Carney's first Budget as PM?

09/25/2025

People like to complain about living in Winnipeg, but one major positive is the cost of living. Other markets in Canada complain about being priced out but in Manitoba you can afford a nice home on a normal salary and still have money left to travel and do other things for your family. Enjoy TO and Van to visit but think twice if you want to plant roots there. Maybe we are a bit boring here in MB, but boring and a homeowner sounds better than big city and broke!

09/17/2025

The Bank of Canada and US Federal Reserve both held interest rate policy announcements today. Here is what happened.

04/09/2025

Who says housing in Canada is not affordable? Annual income of 126k gets a pretty nice home in a great area!

02/23/2025

The media in Canada would tell you there are no starter housing options available. Winnipeg has many affordable options from single family to condos to start your home ownership journey. If you are a First Time home buyer there are incentives to help you get into home ownership. With proper Mortgage Planning you can make your dreams a reality!

02/13/2025

02/04/2025

Facing a unique financial situation?
We've helped all kinds of clients, from salaried employees to self-employed business owners, first-time home buyers to families purchasing their dream cottage, investment properties, debt consolidation and even bankruptcies. Let us anonymously analyze your situation. Reach out with some details, and our mortgage experts will give you a personalized mortgage plan.

01/29/2025

The BoC change to 3% refers to the rate your Bank can borrow money at. Your Variable/Adjustable rate mortgage is based on your Banks Prime lending rate which will now be 5.2%(except TD).
If your discount is currently Prime - 1% your new payment will be based on a rate of 4.2% at your next payment cycle. If your Mortgage rate/payment is not adjusting you should contact your lender or us for further clarification.

01/11/2024

2023 YEAR END REVIEW / 2024 MORTGAGE OUTLOOK

As we bid farewell to 2023, it's time to reflect on the mortgage market and what lies ahead. The past year presented formidable challenges for borrowers, marked by the unprecedented surge in interest rates and inflation—the highest in over two decades. Fortunately, signs indicate that both rates and inflation have peaked in 2023 and are poised to recede in 2024.

For borrowers navigating renewals in 2023, the scarcity of short-term options posed a considerable challenge. The prevailing trend favoured longer-term solutions, making a decision to go Variable similar to betting on the Jets to win the Stanley Cup(which may not have been a bad idea now).

We emphasized to our clients the importance of initiating renewal, purchase, or refinance processes early, allowing them to lock in rates up to 120 days in advance. This strategic approach resulted in significant savings of up to 1% compared to what their existing lenders were offering, as rates continued to climb.

We advised against early renewal options, a decision that paid off handsomely for many clients. The Purchase/Sale and Refinance market experienced a notable slowdown, contributing to a decline in house prices across most Canadian regions. Remarkably, our brokerage witnessed the lowest level of mortgage business with the Big Banks in its 15+ year history. This national trend, illustrated in the graph below, indicates that the Big Banks accounted for only 60% of all mortgage business, a notable drop from the previous years' 75%.

This shift is attributed to the Big 6's deliberate reduction of exposure to Canadian mortgages, achieved by refraining from offering competitive rates. Consequently, many consumers opted for new mortgages outside the big institutions due to the favourable financial sense it made.

While 3-5 year fixed rates have seen recent declines, Variable rates are yet to follow suit. If you've held onto a Variable rate this far, it might not be the opportune time to lock in, as relief could be on the horizon.

As we venture into 2024, there's a prevailing sense that the era of inflation and rate hikes is behind us, paving the way for decreases. The exact timing and magnitude remain uncertain, with the Bank of Canada providing no clear indicators. However, the US Fed's recent suggestion of potential 0.25% drops in 2024 could translate to a significant relief for Variable rate holders, potentially reducing payments by up to 10%. It's worth noting that predicting market fluctuations is an intricate task, and certainty is elusive.

With the anticipation of a robust Renewal market in 2024, here's a guide for those with mortgages approaching renewal:

DO NOT EARLY RENEW: Exercise patience and enjoy the low rate you have.
Delay Finalization: Wait until the last possible moment to capitalize on future rate drops
Explore Options: Let us shop around for you.
Consider Amortization Extension: To mitigate potential rate and payment increases.
Refinance for Debt Consolidation: Explore this option to lower overall monthly payments in the face of financial hardship. Alternative options may be available if conventional financing doesn't work for you.
With rates expected to drop, Refinancing could become a viable option for some borrowers:

Tap into Home Equity: Utilize up to 80% for debt consolidation, home renovations, etc.
Explore Lending Options: Regardless of credit status, reasonable borrowing rates may be within reach.
Prospective Homebuyers in 2024 should consider these tips:

Port Your Mortgage: Avoid penalties and retain a portion of your new mortgage at your old(lower) rate.
Secure an Approval/Rate Hold Early: Also know that most lenders allow for adjustments with market drops—just ask.
First-Time Home Buyers: Contribute to an FHSA account before the end of 2023 and in 2024 for optimal benefits.
For any mortgage-related queries, reach out to us via phone or email. Here's to leaving behind the challenges of inflation and rate hikes in 2023, and to a year of improved borrowing options in 2024.

Wishing you a happy and prosperous 2024. May interest rates be low, and your savings be high!

05/11/2023

Is your Mortgage up for Renewal this year? We seem to be having this conversation with clients on a daily basis.
Here are some tips to ensure the process goes smoothly and you get the best rate available(that suits your own financial situation).

Start Early:
At Vertuity we have a system that reminds clients 6 months, 3 months and 1 month in advance via email about an upcoming renewal. We also try to followup with a phone call in case the email is lost. Even with that in place we are see people wait until the last minute. By starting to talk about things 6+ months out we can ensure you will get the lowest rate available as many lenders will allow us to 'lock-in' a rate 120 days at a time. Since COVID, most lenders are understaffed so a renewal can normally take 4 weeks from start to finish, sometimes longer! There are ways we can help clients at the last minute but it may mean taking an OPEN term with your current lender at a higher rate which can be unnecessary. Start Early and Save More!

Fixed vs Variable:
In our history in the mortgage business we have never seen the BoC increase rates the way they have over the last year. This means Variable and Short term rates are actually HIGHER than Long Term rates. The thinking is rates will come down in the near future, but keep in mind by taking a Variable right now you are paying a premium to 'bet' that rates will come down vs locking into a longer term(3/4/5yr) rate that is some times up to 1% lower. While rates may come down and this theory could work out, Variable rates may not be the best option right now. For some clients the standard 5yr fixed still provides security and comfort in knowing what payment you will have for the future, while also being the LOWEST rate currently available. However, for clients looking at shorter terms we are seeing some good options on 3yrs which will give some security but also not lock a borrower in for too long. A 5 minute conversation can give you a snapshot on what the market is doing and the best options available.

Is it worth it to change lenders?:
We start the renewal process with an update of your financial scenario and then can provide mortgage rate options via a quick phone call or email. We then compare what your current lender can/has offered with what is available elsewhere to decide if it's worth taking the next step. While every scenario is unique, we usually like to see a 25bps/.25% savings to ensure your time spent transferring to a new lender results in $$$ back into your pocket. Should your current lender match/come close to the rates offered in the market, simply renew with them knowing you have the best rate available and are keeping money in your families pocket. A few minutes is all it takes to ensure your new mortgage is fair and competitive.

Banks are sneaky:
We are always being asked by clients if they should renew early? Lenders like to call clients 6-12 months in advance right now and claim they will do you a 'favor' and renew you early before rates increase. Don't fall for this trick! Most people will be in a much lower rate currently than what you can obtain today, so by locking in early you lose the old lower rate and start sooner with a new higher rate. If it's happened to you, learn from it for the next time your mortgage renews. Make sure you contact Vertuity and use our simplified process to ensure you get the best rate available for your upcoming renewal while keeping your low current rate as long as possible. AND, if you know of anyone who hasn't used us before, feel free to pass on our contact info. We would be happy to help any of our clients friends and relatives with their mortgage needs!

Feel free to reach out with more questions about your mortgage!
[email protected]