Everywhere you look, mortgage rates are front and centre—but the fine print behind those low numbers can cost you more than you think. This month, our trusted mortgage broker, Paul Macara, with Macara Mortgages, has some thoughts on why it’s not always about the rate.

We get it, mortgage rates are everywhere. You see them on ads, in your inbox, and all over comparison websites. And it’s tempting to chase the lowest number on the board.

But here’s the thing: the mortgage with the lowest rate isn’t always the cheapest in the long run.

Whether you’re renewing, refinancing, or switching lenders, it’s important to look beyond the headline rate and ask a few smart questions before signing on the dotted line.

Not all mortgages are created equal

Some lenders offer teaser rates that jump sharply after the intro period. Others offer “no frills” mortgages that take away basic features like prepayments or portability just to offer a slightly lower rate.

And here’s something many borrowers don’t realize: the lowest mortgage rates are often reserved for insured mortgages—typically those with down payments under 20%. These loans carry less risk for the lender, which is why they get better pricing. So, even if a rock-bottom rate catches your eye, it may not be available to you unless your mortgage qualifies.

Before you choose, here are 10 questions you should be asking:

1. Is this rate only available on insured mortgages?
   If you have more than 20% equity, you may not qualify for the rate you saw advertised.
   

2. Can I make lump-sum payments or increase my monthly payment?
   Flexibility matters if you want to pay down your mortgage faster.
   

3. What’s the penalty if I break this mortgage?
   Life happens. Make sure you understand the cost of ending the term early. And be aware that prepayment penalties can vary widely between lenders.
   

4. Is this a short-term teaser rate?
   If the rate only lasts 6 months and then resets much higher, your long-term cost could be greater.
   

5. Is this a no-frills mortgage?
   Lower-rate products often remove useful features, which could limit your ability to refinance with other lenders, make prepayments, or move the mortgage with you if you buy a new home.
   

6. Can I transfer this mortgage to a new property?
   If you move, a non-portable mortgage could mean thousands or even tens of thousands in prepayment penalties.
   

7. Is this a fixed or variable rate?
   Fixed gives payment stability, while variable rates move with the market. What fits your risk tolerance?
   

8. How is the fixed-rate penalty calculated?
   Not all lenders’ penalty calculations are created equal Some use harsher comparison rates in their IRD (interest rate differential) formula, which can make breaking your mortgage more costly.
   

9. What’s the lender’s reputation?
   A low rate won’t mean much if service is poor or approvals are rigid.
   

10. What’s the total cost over the term?
    Ensure you know the total cost, not just the rate.

A better mortgage is about the full picture
Choosing the right mortgage is about more than rate. It’s about flexibility, protection, and making sure your mortgage fits your life…not just your budget.

Have questions or want a personal mortgage referral? I’m always happy to connect you with trusted pros like Paul—just reach out anytime.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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Hello Victoria! I’m bringing you the latest insights into how the Bank of Canada's recent announcement might affect your real estate journey.

After an unprecedented series of seven consecutive interest rate cuts, the Bank of Canada has today decided to hold its key policy rate at 2.75%. This marks a pause in the rate-cutting cycle we've experienced since last summer, and it naturally brings questions for both current homeowners and those looking to buy or sell in our vibrant Victoria market.

So, what does this hold mean for you?

• For Variable-Rate Mortgage Holders: The good news is that your interest rate and mortgage payments will remain unchanged for now. If your mortgage fluctuates with the prime rate, you can expect continued stability until the Bank of Canada's next announcement.

• For Fixed-Rate Mortgage Holders: While there's no immediate impact on your current payments, this pause suggests that future rate decreases, should they occur, could translate to lower rates when it's time for your mortgage renewal.

• For Those with Lines of Credit or Other Prime-Linked Loans: You'll see your interest charges remain steady, as the prime rate is expected to hold at 4.95% at most lenders, with TD Bank's mortgage prime rate staying at 5.10%.

Looking Ahead:

All eyes are now on June 4, 2025, the date of the next Bank of Canada rate decision. Economists will be closely analyzing upcoming economic data and inflation trends to gauge whether this pause is temporary or signals a longer-term shift in monetary policy.

Navigating Your Real Estate Future:

Understanding the nuances of interest rate decisions and their potential impact on your real estate plans is crucial. Whether you're considering buying your first home, looking to sell your current property, or simply want to explore your options in light of this announcement, I'm here to provide clarity and expert guidance.

And speaking of expert guidance, navigating the mortgage landscape can feel overwhelming. If you're looking for assistance with a mortgage renewal or are considering a purchase and need trusted advice, ask me to introduce you to the fantastic Paul Macara. He's a seasoned professional who can help you understand your best options in this evolving economic environment.

Don't hesitate to reach out with any questions you may have. I'm always happy to help you make informed decisions and achieve your real estate goals right here in beautiful Victoria!

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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Big news just dropped! The Bank of Canada has announced a decrease in the overnight rate, now set at 2.75% as of March 12th. If you're considering buying or selling in our beautiful city of Victoria, you're probably wondering how this impacts you. Let's break it down:  

For Victoria Home Buyers:

This rate cut is potentially fantastic news! Lower interest rates translate to lower mortgage costs, which can significantly increase your buying power. You might find yourself able to afford a larger property or simply enjoy more financial flexibility in your monthly budget. Now is an ideal time to revisit your pre-approval and see how this change affects your affordability.  

I can connect you with trusted mortgage professionals who can help you navigate this new landscape. They'll review your financial situation and ensure you're well-prepared for your home-buying journey.

For Victoria Home Sellers:

The rate cut will likely stimulate buyer activity, potentially bringing more people into the market. However, it's crucial to remember that Victoria still maintains a balanced market. This means strategic pricing is paramount.

Homes priced competitively are selling, while those priced above market value tend to linger, often leading to price reductions later. Accurate market analysis is more important than ever.

What This Means for You:

This rate cut is a significant shift that could directly influence your real estate plans. If you're considering a move, it's essential to understand how these changes impact your specific situation.

Ready for a Personalized Strategy?

Want to know exactly how the Bank of Canada rate cut affects your next real estate move? Let's schedule a consultation to discuss a personalized strategy tailored to your Victoria real estate goals.

Jacqueline Ross 
REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
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Spring is in the air, and so is the excitement of finding your dream home! 🌷 This is a prime time for the real estate market, but it can also be competitive. To help you navigate the spring home search with confidence, I've put together some essential tips and tricks.

1. Get Your Finances in Order 

• Pre-Approval is Key: Before you start your search, get pre-approved for a mortgage. This will give you a clear understanding of your budget and show sellers you're a serious buyer. I can point you to several professional mortgage brokers to find your best rate options.

• Down Payment & Closing Costs: Ensure you have your down payment and closing costs readily available.

2. Define Your Needs & Wants 

• Make a List: Create a list of your must-haves and nice-to-haves. This will help you narrow down your search and stay focused.

• Consider Your Lifestyle: Think about your lifestyle and what kind of home and neighbourhood will best suit your needs.

3. Find the Right Realtor (That's Me!)

• Local Expertise: A knowledgeable realtor with local expertise can make all the difference. I can provide valuable insights into the Victoria market and help you find the perfect home.

• Communication is Key: Choose a realtor who communicates effectively and is responsive to your needs.

4. Be Prepared to Act Quickly 

• Hot Market: In a competitive spring market, desirable properties can sell quickly.

• Stay Informed: Set up alerts for new listings and be prepared to view properties as soon as they become available.

5. Don't Skip the Inspection 

• Protect Your Investment: A thorough home inspection can uncover potential issues and save you from costly repairs down the road.

6. Embrace Flexibility 

• Be Open-Minded: Be open to considering different neighbourhoods or property types. You might be surprised at what you find.

7. Negotiate Strategically 

• Work with Your Realtor: I can help you craft a competitive offer and negotiate the best possible terms. I also have your back on a million other things during the buying phase.

Ready to Find Your Dream Home?

Spring is the perfect time to make your real estate dreams a reality. As your local Victoria Realtor®, I'm here to guide you every step of the way. Let's connect and find your perfect place!

Jacqueline Ross 
REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
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Spring is just around the corner, and so is the HOT real estate market on Vancouver Island! Are you ready to make your dream of homeownership a reality? This guide will walk you through the essential steps to prepare for a successful spring home search.

The spring market often sees increased competition, so being prepared is key. Let's dive into what you need to do:

1. Get Pre-Approved for a Mortgage:

Knowing how much you can afford is KEY to a successful home search. Getting pre-approved for a mortgage is the crucial first step. It shows sellers you're a serious buyer and gives you a clear budget to work with. Don't skip this! I can recommend professional mortgage brokers to work with.

2. Gather Your Funds:

Start saving for your down payment and deposit NOW! Having your finances in order will make the process smoother and more competitive. Every little bit counts! 

3. Connect with a Realtor (That's Me!):

A good realtor is your best ally in this market. I can help you navigate the often complex process, find the right properties that match your needs and budget, and negotiate the best deal. Let's chat! I'm here to guide you every step of the way.

4. Educate Yourself About the Market:

Understanding the home-buying process is crucial. From current market trends to legal considerations, being informed empowers you to make confident decisions. I'm here to answer all your questions! Knowledge is power in the real estate market.

Ready to Make Your Spring Real Estate Dreams a Reality?

I can connect you with trusted mortgage brokers, lawyers, home inspectors, and other professionals you'll need for a smooth transaction. Let's work together to find your perfect place on Vancouver Island! Contact me today to get started! ➡️ 250.415.5656 | jac@yourvanislehome.com | www.yourvanislehome.com

To learn more before we chat, download your FREE home-buying guide right here.

Keeping you informed on the latest mortgage rate trends and policy changes.

Bank of Canada Rate Announcement: The Bank of Canada lowered its key interest rate by half a percentage point today but signalled a slower pace of rate cuts moving forward.

The decision marked the fifth consecutive reduction since June and brought the central bank's key rate down to 3.25%. Read more about this here.

If you’re buying, lower interest rates can lead to more affordable mortgage payments, making it easier to qualify for a mortgage and purchase a home.

Our trusted mortgage partners are ready to help you understand the changes affecting your purchase or renewal. Send me a message if you'd like a referral to a mortgage broker.

Jacqueline Ross, REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
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