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Welcome to City Centre Mortgages Blog – your hub for valuable insights on Canadian finance, real estate, and the economy. This space is all about breaking down the latest market trends, zoning in on what matters, and keeping you informed with practical, easy-to-digest content. Whether it's rising interest rates, home price shifts, or economic policies, I’m here to help you stay ahead and make sense of it all. Think of this blog as your resource for real, actionable information that adds value to your financial journey. Thanks for being here – let’s keep learning, stay informed, and grow together.

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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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Congratulations, Canadians: You’ve Likely Gained Significant Equity in Your Home Since 2019!

Over the past few years, Canada has experienced another major real estate boom—much like the record-breaking growth seen in 2016. This time, the surge in home values was driven by the pandemic, with low interest rates and increased demand pushing property prices higher across the country. As someone who’s been in the mortgage industry since 2010, I’ve seen market shifts, but the growth since 2019 has been one of the most significant yet. I’ve always found it fascinating how real estate can quietly build wealth in the background. When I bought my first home, I didn’t think much about equity—it just felt like paying rent but to myself. But fast forward a few years, and it was incredible to see how much value had built up. The Canadian Housing Market’s Growth Since 2019, homeowners across the country have gained an average of $147,000 in equity. That’s roughly $29,400 per year. I know a few friends who were shocked when they checked their home value—one even joked that their house was ear...
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