Mortgage Brokers in Abbotsford

With the Bank of Canada hitting pause on its interest rate hikes in mid-2025, homeowners across British Columbia and Alberta find themselves at a crossroads. This monetary standstill marks a period of recalibration—not just for economists and financial institutions, but for individual borrowers. The good news? You’re not powerless during a rate pause. In fact, it may be the best time to take control of your mortgage strategy. Why the Rate Pause Matters Following aggressive hikes between 2022 and early 2024, the Bank of Canada’s current stance suggests inflation is stabilizing and that future rate cuts may be on the horizon. While rates remain high by historical standards, lenders have already begun to adjust fixed-rate products in anticipation of economic cooling. This creates a strategic window for: Mortgage renewals Refinancing at lower fixed rates Debt consolidation using home equity Reviewing amortization terms to optimize cash flow For homeowners navigating mo...

In 2025, Canada’s mortgage landscape underwent a meaningful shift to address affordability: first-time buyers purchasing newly built homes can now access 30-year amortization terms on insured mortgages. This policy change is designed to ease the entry barrier for homeownership — particularly in British Columbia and Alberta , where rapidly rising home prices have put additional pressure on younger buyers. But like any financial tool, it brings both opportunities and trade-offs. What Changed? Previously, insured mortgages in Canada were capped at a 25-year amortization. Longer terms were available only to borrowers putting down at least 20% — resulting in uninsured mortgages. Now, first-time buyers who put down less than 20% and purchase a newly built home may choose a 30-year amortization, provided the mortgage is insured by CMHC, Sagen, or Canada Guaranty. The longer term allows for lower monthly payments and greater purchasing power, but it’s still subject to Canad...

Affording a home in 2025 means balancing your financial reality with rising housing prices and evolving mortgage rules. Across British Columbia and Alberta, especially in fast-moving markets like Abbotsford, Surrey, and Edmonton, understanding how much mortgage you can truly afford is more critical than ever. While online calculators offer a quick estimate, accurate affordability depends on a range of variables: your income, debts, down payment, credit profile, and the type of mortgage you choose. And with the Bank of Canada adjusting its rate strategy in 2025, interest rates have stabilized—giving some buyers a timely opportunity. Affordability Rule of Thumb: It’s Not Just About Pre-Approval Mortgage affordability begins with ratios that lenders use to assess risk: GDS (Gross Debt Service) should not exceed 39% of gross income TDS (Total Debt Service) should stay below 44% But just because a lender says “yes” doesn’t mean the monthly payment will suit ...

As we move through 2025, one of the most pressing financial concerns facing Canadian households is mortgage renewal . With an estimated $315 billion in mortgages due for renewal this year, many homeowners are coming to terms with the fact that their new rate will likely be much higher than what they locked in during the ultra-low interest period of 2020–2021. For many, it’s their first encounter with what experts call “payment shock” —the sharp increase in monthly mortgage payments that results from renewed terms at higher interest rates. If you're one of the millions facing this challenge, here’s what you need to know—and how to handle it. Why Are Mortgage Payments Increasing So Much? Many homeowners who secured rates between 1.5% and 2.5% just a few years ago are now receiving renewal offers closer to 4% to 4.5% . While this might not sound alarming on paper, the impact on monthly budgets is significant. For instance, on a $600,000 mortgage: At 2.0%, monthl...

As Canada enters a new phase of economic adjustment in 2025, homeowners and buyers alike are faced with an important question: Should I choose a fixed or variable mortgage rate right now? With the Bank of Canada lowering its key interest rate in March—after a series of hikes through 2023 and 2024—many are wondering if this signals the beginning of a sustained rate decline or a temporary adjustment to support a weakening economy. Choosing between a fixed-rate mortgage and a variable-rate mortgage has always depended on personal risk tolerance, financial goals, and market timing. But in today’s environment, that decision is becoming even more nuanced. Understanding the Basics A fixed-rate mortgage offers stability: your interest rate and payments remain the same over your term, typically 1 to 5 years. This predictability appeals to those who value budgeting consistency. A variable-rate mortgage , on the other hand, is tied to your lender’s prime rate and can fluctuate....

Canada’s mortgage market is under renewed pressure. As of spring 2025, delinquency rates are climbing at a pace not seen since the early pandemic era. A recent report by MPA Canada revealed that mortgage arrears—payments overdue by 90 days or more—are steadily rising, particularly among homeowners renewing mortgages at higher interest rates.  The Bank of Canada’s recent interest rate cuts have offered some relief, but for many, it’s come too late. Homeowners across the country are grappling with a complex mix of financial stressors: elevated household debt, inflationary residue, and wage growth that still lags behind real costs. These challenges are most acute in regions with high housing costs, such as the Lower Mainland of British Columbia, where cities like Abbotsford and Surrey have seen significant mortgage growth over the last five years. What’s Behind the Spike in Mortgage Arrears? There is no single cause behind the rise in mortgage delinquencies. Rather, it’s the...