Spring is typically one of the busiest times of year in real estate, but 2026 is shaping up a little differently.

While activity usually picks up through April, May, and June, many buyers this year are taking a more cautious, wait-and-see approach. Sales activity has been softer compared to last year, and while new listings have increased slightly, overall inventory is still below long-term averages. This creates a bit of a mixed market.

Buyers have more choice than they did during the peak pandemic years, but not enough to dramatically improve affordability. At the same time, sellers are navigating a more thoughtful and selective group of buyers.

To help make sense of what’s happening from a financing perspective, I'm sharing some insights from Paul Macara, a trusted mortgage partner I regularly refer clients to, as he had some thoughts on what this market really means for buyers and homeowners.

A Market That Feels Uncertain on Both Sides

Right now, many buyers are holding off in hopes that interest rates or home prices will come down further.

And while prices have softened in some areas — including parts of British Columbia — those declines haven’t fully offset the impact of higher borrowing costs.

In other words, even though the market may feel “slower,” affordability hasn’t necessarily improved as much as some buyers expected.

At the same time, conditions aren’t the same everywhere. Some areas are still experiencing competitive conditions, while others are seeing more balance.

More Activity Doesn’t Always Mean Better Affordability

One of the biggest misconceptions right now is that a more active spring market automatically means better opportunities for buyers.

But as Paul explains, that’s not always the case. Higher interest rates continue to impact purchasing power, and even with slightly lower home prices, monthly payments can still feel significantly higher than they did just a few years ago.

That’s why understanding the full picture, not just price, is so important.

Why Strategy Matters More Than Timing

In a market like this, trying to perfectly “time” the market can actually work against you. Instead, it’s more important to have a clear strategy. That means understanding:

• What you’re comfortable spending monthly (not just what you qualify for)
• How different interest rate scenarios could affect your payments
• How long you plan to stay in the home
• What flexibility you may need in your mortgage

Market conditions can shift quickly, especially with ongoing changes tied to inflation, interest rates, and broader global factors.

Waiting for the “perfect moment” can sometimes mean missing opportunities that already align with your goals.

The Value of the Right Mortgage Advice

This is where having the right guidance can make a real difference.

Working with an experienced mortgage professional allows you to explore different options, understand your numbers clearly, and build a plan that works for your current situation, while still giving you flexibility for the future.

I regularly connect my clients with Paul Macara of Macara Mortgages with The Mortgage Group, who takes a very thoughtful, educational approach to helping homeowners and buyers navigate decisions like these.

Thinking About Making a Move This Spring?

Whether you're buying your first home, relocating, or planning your next move, having a clear financial strategy is key in today’s market.

If you'd like an introduction to Paul for a personalized mortgage review, feel free to reach out as I’d be happy to connect you.

Jacqueline Ross, REALTOR®
Your Van Isle Home
250-415-5656
jac@yourvanislehome.com
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If your mortgage is coming up for renewal this year, you’re not alone. In fact, Canada is entering one of the largest mortgage renewal waves in decades.

According to the Canada Mortgage and Housing Corporation, approximately 1.15 million mortgages will renew in 2026, representing nearly 60% of all outstanding mortgages across the country.

Many of these mortgages were originally secured when interest rates were much lower. As a result, homeowners are now starting to ask an important question:

What will my new payment look like?

To help break this down, I spoke with Paul Macara, Mortgage Professional and a trusted partner I regularly refer clients to, who shared some helpful insights about what homeowners should be thinking about as renewal approaches.

Why Starting Early Matters

Mortgage renewal is one of the few times you can make changes to your mortgage without penalties.

Paul explains that most lenders now send renewal notices three to six months before the maturity date, which gives homeowners an important window to review their options.

Starting early allows you to:

• Compare lender offers
• Understand what your new payment might look like
• Explore options like refinancing or adjusting your mortgage structure
• Avoid being rushed into an automatic renewal

Even if you ultimately stay with your current lender, reviewing your options ahead of time provides clarity and removes uncertainty.

Understanding “Payment Shock”

One of the biggest concerns many homeowners are facing right now is payment shock — the jump in monthly payments when a mortgage renews at today’s higher interest rates.

Before making any decisions, it helps to understand the numbers clearly.

Paul often recommends looking at scenarios such as:

• What your new payment could be at current rates
• Whether extending your amortization could reduce monthly payments
• Whether refinancing could improve cash flow or consolidate higher-interest debt

While extending amortization can lower monthly payments, it may increase the total interest paid over time. That’s why reviewing the full picture is important.

For homeowners with strong equity positions, refinancing may also offer opportunities to restructure debt or improve financial flexibility.

Renewal Is About More Than Just the Rate

It’s natural to focus on the interest rate at renewal, but the features of a mortgage can be just as important.

Prepayment privileges, penalties, portability, and flexibility can all impact how well your mortgage works for your lifestyle and financial goals.

Sometimes a slightly higher rate with better flexibility can actually provide more peace of mind over the life of the mortgage.

Mortgage renewal is also a chance to step back and ask an important question:

Does this mortgage still fit where I’m headed next?

Thinking About Your Next Move?

If your mortgage is coming up for renewal this year, it’s worth reviewing your options well before the deadline.

I often connect my clients with Paul Macara, a mortgage professional I trust who takes the time to walk homeowners through their numbers and help them understand their choices clearly.

If you'd like an introduction to Paul for a renewal review, feel free to reach out to me and I’d be happy to connect you.

Planning ahead can make the entire process smoother — and potentially save you money.

Jacqueline Ross, REALTOR®
Your Van Isle Home
(250) 415-5656
jac@yourvanislehome.com
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Helping you find home — and community — here in Victoria, BC.

Following the most recent interest rate announcement from the Bank of Canada where it was announced that the overnight rate would remain at 2.25%, many buyers and sellers are wondering the same thing: What does this actually mean for me?

Rather than reacting to headlines, the real opportunity right now lies in understanding how today’s interest rate environment affects your timing, your options, and your overall strategy — especially if you’re buying, selling, or considering downsizing.

If You’re Buying a Home

A more stable interest rate environment can make it easier to plan ahead. When rates aren’t moving rapidly, buyers often feel more confident about budgeting and long-term affordability.

That said, buying power still varies from person to person. Income, down payment, mortgage type, and future plans all play a role. My job is to help you understand what today’s rates mean for you specifically — and how to move forward in a way that feels comfortable and well thought out.

If You’re Selling a Home

For sellers, rate stability can help support buyer confidence. When buyers aren’t worried about sudden increases in borrowing costs, they’re often more willing to move ahead — provided the home is priced and positioned correctly.

This is where strategy matters most. I help sellers understand how today’s market conditions influence pricing, timing, and buyer behaviour, so you’re not leaving decisions to guesswork.

If You’re Thinking About Downsizing

Downsizing is rarely about urgency. More often, it’s about lifestyle, simplicity, and peace of mind.

The current interest rate environment can be especially helpful for downsizers because it allows time to plan thoughtfully. Many downsizers are selling and buying at the same time, which means interest rates affect both sides of the move.

I help downsizers:

• Plan the sale of their current home without pressure

• Understand what monthly costs may look like in their next home

• Explore options such as buying with cash, porting a mortgage, or using light financing

• Coordinate timing so the transition feels smooth, not rushed

Having a clear plan can make downsizing feel empowering rather than overwhelming.

Mortgage Advice Is a Key Part of the Conversation

Interest rates don’t exist in isolation — how they affect you depends on the mortgage options available to you.

I work closely with trusted mortgage broker partners who can explain financing options clearly, compare fixed and variable scenarios, and help plan renewals, refinances, or next steps. If you’d like, I’m always happy to make a warm introduction — no pressure, just good information.

Let’s Talk About What This Means for You

Whether you’re buying, selling, downsizing, or simply planning ahead, you don’t need to navigate interest rate changes on your own.

If you’d like help understanding how the latest interest rate announcement affects your situation — or if you’d like an introduction to a great mortgage broker — reach out anytime. I’m here to help you move forward with clarity, confidence, and a plan that fits your life.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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The Bank of Canada just lowered its key interest rate to 2.25%, marking the second cut in a row — and for anyone thinking about buying or refinancing, this could be a golden window of opportunity. Let’s break it down.

💡 What This Means for You

The central bank’s move makes borrowing slightly cheaper, especially for variable-rate mortgages and anyone renewing soon. It’s not a massive overnight drop in payments, but it does signal a more supportive lending environment.

If you’re buying:

• Lower rates can stretch your affordability just a bit further.

• A pre-approval now locks in a lower rate if things rise again.

• Victoria’s market is still steady, so being prepared helps you act fast when the right home appears.

If you’re refinancing:

• Your variable-rate mortgage may see a small payment dip.

• Fixed-rate borrowers can explore new terms when their mortgage renews.

• It’s worth reviewing break-even numbers with a trusted broker to see if a refinance saves you money.

🌊 Why It Matters in Victoria

Our market moves differently from the rest of the country — limited supply, coastal charm, and lifestyle demand keep things balanced. A rate cut doesn’t mean “cheap housing,” but it does mean a little more breathing room and opportunity for smart, strategic buyers and sellers.

Now is a great time to:

• Review your budget and ideal monthly payment

• Get pre-approved to stay ready

• Talk strategy with your REALTOR® and mortgage advisor team

💬 Let’s Chat

Whether you’re planning to buy, sell, or refinance, I’m here to guide you with the local insight, strategy, and heart it takes to make your next move confidently. And if you need a recommendation for trusted mortgage brokers who can help make sense of your financial options, I’m happy to connect you with them. 

📞 Let’s connect today — YourVanIsleHome.com
Because finding your home (and your people) in Victoria starts with a conversation.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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The Bank of Canada may have held its key interest rate steady at 2.75% for the third consecutive time, but don’t let that lull you into a false sense of financial security—especially if you're carrying high-interest debt.

Many Canadians are feeling the pressure of high borrowing costs, and one trend that continues to grow? More people are carrying credit card balances longer, often maxing them out. This can silently sabotage your chances of getting approved for your next mortgage—even if you’re making all your payments on time.

Why Your Credit Card Balance Matters to Lenders

Mortgage lenders aren’t just checking whether you pay your bills—they’re looking at how much credit you're using. Known as “credit utilization,” this is a major factor in your credit score.

If your credit card balance is regularly over 50% of your limit, your score could take a serious hit—even if you’ve never missed a payment. Why? Because credit bureaus take a snapshot of your balance at a moment in time. If it’s high on that day, it might look like you’re stretched thin financially, which can trigger red flags for lenders.

According to credit expert Richard Moxley, one maxed-out credit card can drop your score by 30 points or more, enough to affect your mortgage rate or even result in a decline.

What You Can Do if You’re a Homeowner

If you’re already a homeowner in Victoria and you’ve built up some equity, there may be a smart path forward: refinancing your mortgage to consolidate high-interest debt.

This could:

• Lower your monthly payments

• Improve your cash flow

• Help boost your credit score within a few months

Debt consolidation through refinancing isn’t for everyone, but in the right situation, it can be a game-changer—especially in a market where borrowing conditions are tightening.

Want to explore your options or get a credit check-up? Connect with our trusted mortgage broker at The Mortgage Group:

📞 Contact: Paul Macara – Mortgage Professional
📧 paul@macaramortgages.com | 📱 (250) 857-4741

What the Bank of Canada Rate Hold Means for Buyers & Sellers in Victoria, BC

In its July 30 announcement, the Bank of Canada once again held rates at 2.75%, citing ongoing trade tensions with the U.S., weaker GDP, and inflation driven by high shelter costs (especially rent).

Here’s what this means for you:

For Buyers:

• Good news: The pause in rate hikes gives buyers a window of opportunity to lock in better rates than earlier this year.

• But caution: High credit card balances could still block approvals or result in higher mortgage rates—even if the Bank hasn’t raised theirs.

If you’re thinking about buying, now’s the time to get your finances in check, review your credit utilization, and consider getting pre-approved.

For Sellers:

• Buyer confidence may return, especially among those who’ve been waiting for rates to settle.

• If you’re planning to list soon, this could be the start of more activity—but buyers will remain cautious, especially in the face of inflation and uncertain economic forecasts.

Final Thoughts: Stability Doesn’t Mean Simplicity

While a steady interest rate can be reassuring, your personal finances—including how you manage credit—can have a much bigger impact on your mortgage options.

Whether you're looking to buy, sell, refinance, or consolidate, having a plan and understanding the broader economic context can help you make your next move with confidence.

Need help navigating your next steps? Reach out to discuss a plan tailored to you.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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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 just around the corner—even if there’s still snow on the ground! As the weather warms up, many homeowners start thinking about renovations to refresh their space, improve energy efficiency, or add value to their property.

Whether you're upgrading your kitchen, adding a rental suite, or making energy-efficient improvements, there are several financing options to help make your project a reality.

According to Paul Macara, our trusted mortgage professional with Macara Mortgages at The Mortgage Group, one of the most cost-effective ways to fund a renovation is by leveraging your mortgage:

• Refinancing: If your home’s value has increased, you may be able to refinance your mortgage and access additional funds at a lower interest rate compared to personal loans or credit cards.

• Home Equity Line of Credit (HELOC): A HELOC allows you to borrow against your home equity, giving you flexibility to withdraw funds as needed during your renovation.

• Purchase Plus Improvements Mortgage: If you’re buying a home that needs work, this option lets you roll renovation costs into your mortgage right from the start.

• Renovation-specific loans: Some lenders offer loans specifically designed for home renovations, providing structured repayment terms and competitive rates.

Government Programs to Consider:

There are also government-backed programs designed to support home renovations:

• Greener Homes Loan: If you’re planning energy-efficient upgrades like new insulation, windows, or a heat pump, you could qualify for an interest-free loan of up to $40,000 through this federal program.

• Secondary Suites Loan: Homeowners looking to create a legal secondary suite may be eligible for financing assistance to help offset construction costs. This is particularly beneficial if you plan to rent out the space for additional income.

• Provincial rebates and incentives: Many provinces offer additional rebates and incentives for energy-efficient home upgrades, such as grants for solar panels, insulation, and high-efficiency heating systems. These programs vary by province and can help offset renovation costs significantly, making eco-friendly upgrades more affordable.

• Municipal incentives: Some cities and municipalities also provide rebates or financing for home improvements, particularly those focused on sustainability and accessibility. Paul Macara can share if there are any additional programs in your area.

Finding the Right Option for You:

• Each financing option has its benefits and requirements, so it’s crucial to find what fits your needs.

• Consider factors like interest rates, repayment flexibility, and eligibility criteria before making a decision.

• No matter the size of your project, the right financing can bring your vision to life without added financial stress.

Thinking about a spring reno? For more detailed information about mortgage financing for your spring renovations, connect with Paul Macara: (250) 857-4741, paul@macaramortgages.com or visit Macara Mortgages with The Mortgage Group to learn more.

Stay tuned for next month’s mortgage minute! If you need help with buying a home or getting your property ready for the market, reach out to me:

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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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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First Time Home Buyers:

The federal government is making it easier for Canadians to enter the housing market. Starting December 15th, 2024, the maximum purchase price for insured mortgages will increase to $1.5 million, and first-time homebuyers can now finance their homes over 30 years. This change could make it easier for Canadians to afford their dream homes.

Insured Mortgages Stress Test News:

Mortgage brokers were previously required to stress test or, in other words, re-qualify clients for their mortgage when switching them to a different lender at renewal. As of November 21, 2024, the stress test requirement on straight switches for insured mortgages has officially been lifted.

This means it’s easier to switch lenders without the usual stress tests. It could open doors to better mortgage options, especially if your renewal is coming up in the next two years.

To take advantage of this, consider working with a mortgage broker. They can help you explore a wide range of lenders and products, securing the best rates and terms to fit your specific needs. By planning early, you can make informed decisions and potentially save significant money on your mortgage.

Getting the Help You Need:

With interest rates fluctuating, navigating the mortgage landscape can be tricky. Whether you're a first-time buyer or a seasoned investor, I'm happy to connect you with a trusted mortgage professional who can answer your questions and guide you toward the best financing options.

Ready to explore your mortgage options? Contact me today to discuss your specific needs and learn how I can help you achieve your homeownership goals.

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