CityCan Financial Blog
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Read the best Mortgage and financial news and reviews. News on Canadian mortgages, mortgage brokers, and mortgage rates. CityCan Financial is a leading mortgage brokerage firm, offering seamless solutions for all of your mortgage needs. Whether you want to buy a new home, set up a business, or even refinance an existing loan or mortgage, we offer you the perfect solution to cater to your..
CityCan Financial Blog
1d ago
It seems like just about everyone was following the US election last night. As I mentioned in last week’s blog, a Trump victory would likely trigger an increase in bond yields—and that’s precisely what happened. Bond yields spiked immediately following the election results, setting the stage for higher fixed mortgage rates. We have already seen ..read more
CityCan Financial Blog
1w ago
Since October 2023, fixed mortgage rates have dropped by about 2.00%, creating a buzz among homeowners and buyers. Now, with predictions that the Bank of Canada may lower its rate by up to 1.75% by Q3 of next year… including another potential oversized cut on December 11th, excitement is high. However, it’s possible if not ..read more
CityCan Financial Blog
2w ago
The Bank of Canada has cut rates by 0.50%, a move that was widely anticipated. While there were some signals that they might take a more conservative approach, the drop in CPI inflation to 1.6% in September pushed the Bank to make this significant cut. The goal was to bring inflation down to 2%, which ..read more
CityCan Financial Blog
3w ago
Everyone loves to speculate about mortgage rates, but predictions aren't facts. Lately, there has been a lot of talk about the Bank of Canada (BoC) cutting rate by 0.50% on October 23rd, as if it’s a done deal. But let’s be clear—while many are betting on this, it's still just a prediction. There's some evidence ..read more
CityCan Financial Blog
1M ago
Just last week, I wrote about mortgage rates falling faster than expected, but today we’re facing a sudden spike in fixed mortgage rates. So, what’s behind this shift? Last week, the lowest 3-year fixed rate for an insured mortgage dropped to 4.09%. Rates this low weren’t anticipated until 2025. This came on the heels of ..read more
CityCan Financial Blog
1M ago
As we enter the fourth quarter of 2024, mortgage rates continue to fall. Fixed mortgage rates have already fallen by greater than 1.75% since they hit their peak in October 2023. At that time, most mortgage rates were in the high 5% to mid-6% range. Today, fixed mortgage rates range from 4.04% to 4.44% depending ..read more
CityCan Financial Blog
1M ago
Let’s say you’ve got six months until your mortgage renewal, and suddenly your bank calls with what they’re calling a ‘special rate’ if you renew early. It sounds like an exclusive deal—maybe even a money-saving opportunity. But there’s a catch. They usually give you a tight deadline, often just a few days, to sign the ..read more
CityCan Financial Blog
1M ago
The long-awaited announcement is finally here! As of December 15th, 2024, the Department of Finance will raise the maximum price limit on CMHC-insured mortgages from $999,999 to $1.5 million. This is a game-changer, especially for homebuyers in Canada’s hottest real estate markets like the GTA and GVA, where skyrocketing prices have made it tough for ..read more
CityCan Financial Blog
2M ago
It’s the talk of the town, mortgage rates are falling… and falling fast. In fact, fixed mortgage rates have plummeted by as much as 1.50% since they reached their recent peak in October 2023. Meanwhile, the Bank of Canada has cut its overnight rate by 0.75% since their rate cutting cycle began on June 5th ..read more
CityCan Financial Blog
2M ago
The Bank of Canada has just made another move, dropping the overnight rate by 0.25%—the third cut in a row. While it might not have been a nail-biting wait, it was exactly what most experts predicted. Any other outcome would have been a surprise. This is fantastic news for those with variable rate mortgages, as ..read more