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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Victoria’s real estate market held a steady course this May, continuing the balanced trend we’ve been seeing throughout 2025. A total of 758 properties sold in the Victoria Real Estate Board region, just slightly below May 2024, and a significant 18.1% increase over April 2025.

What’s fueling this consistency? A healthy mix of rising inventory and stable interest rates has created a more comfortable experience for both buyers and sellers. While this market may not make dramatic headlines, it’s offering something even better: predictability.

🏡 Quick Stats for May 2025:

• Total Sales: 758 (up 18.1% from April 2025; down 0.7% from May 2024)

• Single-Family Home Sales: 401 (up 0.5% from last year)

• Condo Sales: 221 (down 6% from last year)

• Active Listings: 3,716 (up 11.3% year-over-year; highest since 2008)

• Benchmark Home Price (Victoria Core):

  • Single Family: $1,326,600 (+1.3% from May 2024)

  • Condo: $564,100 (–0.9% from May 2024)

👀 If You’re a Buyer Right Now…

This may be one of the most comfortable buyer markets Victoria has seen in years. With inventory at its highest since 2008, you’ve got more options, less pressure, and better odds of negotiating terms that work for you. Prices are relatively stable, and interest rates haven’t seen major movement recently, making it easier to plan your finances long-term.

➡️ Tip: If you’ve been waiting for the right moment to re-enter the market or move up/downsize, this kind of stable, balanced market can give you an edge, especially with more listings to compare.

🏠 If You’re a Seller Right Now…

The good news? Homes are still selling, and we're seeing the highest number of monthly sales since May 2024. But with more listings hitting the market, it’s crucial to make your home stand out, both online and in person. The days of skipping prep work and getting multiple offers instantly are less common.

➡️ Tip: Pricing strategically, staging thoughtfully, and working with an agent who understands your hyper-local market will help you attract the right buyer in this more balanced environment.

Final Thoughts

As Board Chair Dirk VanderWal said, "It might be boring to report on—but this kind of market is much more comfortable for buyers and sellers to navigate than what we’ve seen in recent years."

Whether you're curious about your home's value or thinking about a summer purchase, I'm happy to walk you through what’s happening in your specific area or price point.

📩 Reach out anytime for a custom market snapshot or to talk about your next steps.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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