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Variable vs. Fixed: Navigating Today's Mortgage Landscape in Canada by Larry Heran

The Canadian mortgage market is currently experiencing a dynamic shift. After a period dominated by the three-year fixed rate, the variable rate mortgage is making a strong comeback. With the Bank of Canada prime rate currently at 5.45%, variable rate mortgages have become incredibly competitive, offering significant potential savings for borrowers. The Dilemma: Variable vs. Fixed Historically, variable rate mortgages have been the preferred choice for many Canadian borrowers. However, the recent period of rising interest rates saw the three-year fixed gain significant popularity. Now, with the potential for further rate cuts, the variable rate mortgage is regaining its appeal. The Numbers * Five-Year Fixed: As low as 4.34% for borrowers with 5% down. * Five-Year Variable: Prime minus 85 basis points, translating to 4.60% at the current prime rate. These are exclusive promotional rates available for a limited time. Don't miss out on this opportunity to potentially save significantl...
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Surrey Housing Market Update: What It Means for Your Home Purchase

Hello, I’m Larry Heran, and as the owner of City Centre Mortgages, based right here in the centre of the south in South Surrey, I always make it a priority to keep my clients informed about the local housing market in Surrey. The Surrey real estate market directly impacts your home buying decisions, and understanding the latest trends can give you a significant advantage in securing a more affordable home. With over a decade of experience helping Surrey residents secure the right mortgage financing solutions, I know just how important it is to stay on top of the market. So, let's dive into the latest Surrey housing stats and explore how they can affect your home purchasing decisions. Surrey's Housing Market Trends As we move through 2024, the Surrey housing market is showing some interesting trends. In November, Surrey’s median list price was around $1.1 million, with homes taking an average of 66 days to sell. This marks a slight increase compared to the previous month, signal...
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Top 10 BC Cities for Home Price Growth Since 2019

Top 10 BC Cities for Home Price Growth Since 2019 The BC housing market has been on a wild ride since 2019, and this time the pandemic was the unexpected driver behind skyrocketing property values. It feels a lot like the 2016 boom when Vancouver and surrounding areas saw record-breaking appreciation—but this time, the growth extended across the province. As someone who’s spent over a decade helping people navigate mortgages, I’ve had a front-row seat to the action. Whether it’s big cities or small towns, the appreciation in home prices has been phenomenal. 1. Vancouver Vancouver has always been at the centre of BC’s housing market, and this time is no different. I remember working with a client who snagged a modest home in East Vancouver just before the pandemic. They were hesitant about the price tag then, but today, that home is worth nearly 40% more. 2. Surrey Surrey’s growth is something I’ve been proud to witness personally, being born and raised here. South Surrey, in particular...
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