How many residential mortgages can I have?

The number of mortgages you can have is unlimited. Rather, people are constrained by their capacity to manage several mortgages or their financial status. First and second mortgages are two mortgages that are typically held concurrently on a same property.

What is a second mortgage Canada?

Second mortgage is a second loan or funding you take on your residential property. Interest rates on second mortgages are usually higher than first mortgages and you need to pay both your mortgages at the same time.

What is a conventional mortgage Canada?

A conventional mortgage in Canada is a loan where the down payment is at least 20% of the property's purchase price. This means that the loan amount is 80% or less of the property's value.

How long can you mortgage a home in Canada?

In Canada, you can mortgage a home for 25 years. If you are a first-time buyer or purchasing a new build you can mortgage it for 30 years. These rules took effect on December 15, 2024.

Can I buy a home with less than a 20% down payment?

The minimum amount you need for your down payment depends on the purchase price of the home. If your down payment is less than 20% of the price of your home, you'll typically need to buy mortgage loan insurance. If you're self-employed or have a poor credit history, your lender may require a larger down payment.

Should I choose a fixed rate or variable rate mortgage?

Interest rates either rise or fall. But a study suggests that homeowners with a variable mortgage fair better than a fixed rate one.

Mortgage Interest Rate

26 Sep Bank of Canada Cuts Rate to 2.5%: What It Means for Surrey & Abbotsford Homeowners and Buyers

Posted at 13:45h in Mortgage Interest Rate

On September 17, 2025, the Bank of Canada lowered its policy interest rate by 25 basis points, bringing it to 2.5%. This marks the latest adjustment in the Bank’s ongoing effort to balance inflation control with slowing economic growth. For homeowners...

02 Jul Should You Lock In Your Mortgage Rate Before the July 30 BoC Announcement? – A 2025 Buyer’s Guide in BC

Posted at 10:48h in Mortgage Interest Rate

With the next Bank of Canada interest rate decision scheduled for July 30, 2025, mortgage shoppers and homeowners in Surrey, Abbotsford, and surrounding areas are at a crossroads: Should you lock in your mortgage rate now or wait for further...

26 Jun Summer 2025 Mortgage Outlook: Will Falling Inflation Trigger Another Bank of Canada Rate Cut?

Posted at 17:52h in Mortgage Interest Rate

The summer of 2025 has arrived with a sense of cautious optimism for Canadian homebuyers and homeowners alike. With the Bank of Canada’s next policy announcement scheduled for July 30, speculation is mounting that a further rate cut may be...

18 Jun Mortgage Strategies for a 2.75% Rate Environment: How Buyers and Homeowners in BC Can Act Now

Posted at 14:56h in Mortgage Interest Rate

After months of rising borrowing costs, the Bank of Canada’s latest announcement has brought a welcome shift. On June 4, 2025, the central bank held its policy rate at 2.75%, maintaining the level set in April and signaling a cautious,...

12 Jun How Lower Inflation and Bond Yields Are Shaping Mortgage Rates in BC (2025 Outlook)

Posted at 10:15h in Mortgage Interest Rate

Mortgage Market Update: What's Changing in BC British Columbia’s housing market is entering a new phase in 2025, shaped by a notable decline in bond yields and easing inflation. For residents of Abbotsford, Surrey, and other nearby cities, this shift is...

04 Jun How Lower Bond Yields Are Reshaping Fixed Mortgage Rates in BC

Posted at 12:39h in Mortgage Interest Rate

As of mid-2025, a notable trend has emerged in Canada’s mortgage market — declining bond yields are nudging fixed mortgage rates lower, signaling potential savings for homebuyers and current mortgage holders alike. For residents in Surrey, Abbotsford, and surrounding Fraser...

26 Mar Mortgage Rate War 2025: Big Bank Strategies Explained

Posted at 15:30h in Mortgage Interest Rate

As we move through 2025, Canada’s mortgage market is undergoing a notable shift. Major banks are lowering mortgage rates in response to declining bond yields, triggering increased competition across the lending landscape. This “mortgage rate war” is giving homebuyers and...

19 Feb Effect of Quantitative Tightening on Mortgage Rates in Surrey

Posted at 13:30h in Mortgage Interest Rate

The Bank of Canada (BoC) has been actively adjusting its monetary policy in response to inflationary pressures and economic conditions. Since April 2022, the BoC has implemented quantitative tightening (QT) to reduce its balance sheet after aggressive bond purchases during...

14 Feb How U.S. Tariffs May Impact B.C. Mortgage Rates in 2025

Posted at 15:04h in Mortgage Interest Rate

British Columbia’s real estate market is one of the most dynamic in Canada, with cities like Surrey, Abbotsford, and Langley experiencing strong demand despite fluctuating interest rates. However, recent U.S. tariff threats on Canadian goods could add another layer of...

30 Oct Effect Of The Latest Rate Cut On Fixed & Variable Mortgages

Posted at 16:56h in Mortgage Interest Rate

Want to know how the latest 50 bps rate cut is going to impact your mortgage payments? In its latest announcement, the Bank of Canada (BOC) announced an interest rate drop of 50 bps, taking it to a two-year low...