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Mortgage Rates to Hold After Bank of Canada’s Announcement

Mortgage Rates to Hold After Bank of Canada’s Announcement

But low rates aren’t an excuse not to do your homework. It’s important for all Toronto loft owners or those thinking about purchasing Toronto lofts for sale this year to stay on top of what’s happening with Canadian mortgages. James Harrison of mortgages.ca to tells us what this steadying of the interest rates means for mortgage holders and what you need to keep in mind in the coming months.

Don’t Expect Transparency with the Big Banks. Work with a Mortgage Broker to Get the Best Rates

James tells us that because rates are already so low, we shouldn’t be deflated by the Bank of Canada’s announcement (or rather, “non” announcement). The reality is that banks may not have responded with further cuts of their own anyway–particularly, the big banks who were reluctant to respond to the last cut. They stepped up, eventually, but only after their hands were forced as they started to lag behind smaller lenders. The choice was clear–cut rates or lose customers.

But we’ve likely seen the most dramatic cuts already. If rates drop again, the differentials between big banks and smaller lenders is likely be less dramatic than in the initial round of cuts because there’s only so low lenders can go. That doesn’t mean there’s no marked differences between lenders however.

The trick in securing the best possible deal is not to accept posted rates on bank websites as the best rates. They are never best rates. Brokers’ sites like James’ at

James Harrison, President of mortgages.ca, is an award-winning mortgage professional and one of the top mortgage brokers in Canada. His VIP status with all major Canadian lenders means that he’s able to leverage the best terms and rates for his customers. You can learn more at www.mortgages.ca and download the Mortgages.ca App for daily rate specials.