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The Bank of Canada Raised Its Rate to 2.50%: What It Means for Your Mortgage
Guides with current figures, checked against official sources in October 2026.
Frequently asked questions
17 short answers on pre-approval, down payments, renewals and more.
Quick answers · Read →Mortgage RatesThe Bank of Canada Raised Its Rate to 2.50%: What It Means for Your Mortgage
The Bank of Canada raised its policy rate by 25 basis points to 2.50% on October 28, 2026. Why it did, what it means for variable and fixed mortgages, and what could come next.
4 min read · Read →RenewalsRenewing Your Mortgage? 6 Questions to Ask Before You Sign
Your lender's renewal letter is one option. Here are six questions worth asking first.
4 min read · Read →First-Time Home BuyersFirst-Time Buyer Checklist: Before You Talk to a Mortgage Agent
A practical checklist for Ontario first-time buyers to get organized before the first conversation.
4 min read · Read →First-Time Home BuyersFirst-Time Home Buyer Programs in Ontario (2026 Guide)
FHSA, Home Buyers' Plan, Ontario land transfer tax refund, the new GST rebate on new homes and 30-year amortizations: what's available to first-time buyers in Ontario.
7 min read · Read →Home BuyingHow Much Down Payment Do You Need in Canada?
Minimum down payment rules in Canada: 5% up to $500,000, 10% on the rest to $1.5 million, 20% above. With worked examples and CMHC insurance costs.
6 min read · Read →Mortgage EducationThe Mortgage Stress Test Explained
What the Canadian mortgage stress test is, how the qualifying rate is calculated (the greater of your rate plus 2% or 5.25%), and when it applies.
5 min read · Read →Mortgage RatesFixed vs. Variable Mortgage: How to Choose
Fixed or variable? How each mortgage type works, how penalties differ, and the questions that help you choose. No predictions, just clarity.
5 min read · Read →Home BuyingPre-Approval vs. Pre-Qualification vs. Final Approval
What's the difference between mortgage pre-qualification, pre-approval and final approval in Canada, and why a pre-approval isn't a guarantee.
5 min read · Read →First-Time Home BuyersClosing Costs in Ontario: What to Budget Beyond Your Down Payment
Ontario closing costs explained: land transfer tax with worked examples, legal fees, title insurance, inspection and more, plus the first-time buyer refund.
6 min read · Read →Mortgage EducationMortgage Prepayment Penalties: How They Work and What They Cost
How mortgage prepayment penalties are calculated in Canada: three months' interest versus the interest rate differential (IRD), with examples and tips to avoid surprises.
5 min read · Read →RefinancingRefinancing or Debt Consolidation: When Does It Make Sense?
When refinancing your mortgage may make sense, how debt consolidation through your home works, what it costs, and the risks to weigh first.
6 min read · Read →Self-Employed MortgagesSelf-Employed Mortgage in Ontario: Documents and What Lenders Look At
Can you get a mortgage if you're self-employed in Ontario? Typical documents, how lenders assess income, and how to prepare before you apply.
6 min read · Read →CreditHow Your Credit Score Affects Your Mortgage
How credit scores work in Canada, what lenders look at when you apply for a mortgage, and practical steps to improve your credit before you apply.
5 min read · Read →Mortgage EducationMortgage Agent vs. Going Directly to a Bank: What's the Difference?
What does a mortgage agent do in Ontario? How an agent differs from a bank mortgage specialist, how licensing works, and how to check a licence.
5 min read · Read →NewcomersA Newcomer's Guide to Getting a Mortgage in Canada
Buying a home as a newcomer to Canada: what lenders look for, typical documents, how to build Canadian credit, and the questions to ask.
6 min read · Read →Investment PropertiesBuying an Investment Property in Ontario: Mortgage Basics
Mortgage basics for rental and investment properties in Ontario: down payments, how lenders count rental income, and questions to ask before you buy.
6 min read · Read →Mortgage EducationAmortization and Payment Frequency: How They Change What You Pay
How amortization length and payment frequency (monthly, bi-weekly, accelerated) affect your payment and the total interest you pay, with worked examples.
5 min read · Read →Quick answers
Frequently asked questions
17 short answers on pre-approval, down payments, renewals and more.
Read the FAQ →Mortgage glossary
Amortization: The total number of years it would take to pay off your mortgage, such as 25 or 30 years.
Term: The length of time your mortgage rate and conditions are in effect, such as 5 years, after which you renew.
Fixed rate: An interest rate that stays the same for the whole term.
Variable rate: An interest rate that can move with the lender's prime rate.
Pre-approval: A lender's preliminary assessment of what you may qualify for. It is not a guarantee of financing.
Mortgage default insurance: Insurance generally required when your down payment is under 20%. It protects the lender; the premium is typically added to your mortgage.
Closing costs: Costs beyond the down payment, like legal fees and land transfer tax.
Equity: The portion of your home's value you own: value minus what you owe.
Prepayment penalty: A fee that can apply if you pay off or break your mortgage before the term ends.