Mortgage Brokers in Abbotsford

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...