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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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Canada's Immigration Slowdown: Impacts on Housing, Economy, and Mortgages

Introduction : The Canadian government's recent decision to significantly reduce immigration targets for the next three years is poised to have a profound impact on the nation's economy, including the housing market and the mortgage industry. This policy shift, aimed at "pausing population growth," will undoubtedly have far-reaching consequences for Canadians across the country. This article will delve deeper into the potential impacts on these key sectors.  Impact on the Housing Market :  Reduced Demand : Lower immigration levels will likely lead to decreased demand for housing, particularly in major urban centers that have experienced rapid population growth in recent years. Cities like Toronto, Vancouver, and other major metropolitan areas, which have seen significant population increases fueled by immigration, may experience a slowdown in housing demand. This could potentially lead to a stabilization of housing prices in some markets.  Potential for Price Correct...
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