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Increased fixed mortgage rates, STAY CALM!!

In recent days I have been fielding a lot of calls and emails from clients about the sudden increase in fixed mortgage rates by some lenders. You can see the article here: (already posted to Haus FB page)


TD Bank increases fixed mortgage rates, follows RBC hike.


Before the panic sets in here are some facts I wanted to share with you.

  • Interest rates are still at historical lows.  A client renewing or applying for a new mortgage today is still likely going to get a lower rate than the mortgage they currently have
  • If rates rise by .25% that equates to an increase of $13/month in a payment for every $100,000 mortgage.  E.g. so if your client has a $400,000 mortgage that is $52/month
  • 75% of Canadians are in fixed mortgage rates and 60% of them are in 5 year fixed terms so their rates remain the same until maturity
  • Of the 70% of Canadian households who own their homes, 40% are mortgage free
  • Only 13% of Canadians are carrying debt over $200,000 and 33% are debt free
  • Mortgage delinquency rate in Canada is .027%, the lowest in the world.
The mortgage rate hikes come amid a sell-off in the bond market and recent federal mortgage rule changes that have made it more expensive for banks to get access to cash.

If you have any questions or want to disciuss this in more detail, feel free to give me a call.
I am here to help.