A significant percentage of Canadian mortgages are coming up for renewal in 2024.

Tracy Head • November 17, 2023

A significant percentage of Canadian mortgages are coming up for renewal in 2024. Considering the low rates we’ve enjoyed for the last few years clients are in for a bit of shock with where mortgage rates are now.

Although the Bank of Canada held prime steady with the last rate announcement, we are starting to see fixed rates trend down which is a relief. A significant change has been rolled out with how lenders are qualifying clients who are doing switches

at renewal (no new funds added). With the implementation of the stress test in 2016 we had to start qualifying clients at their contract rate (the interest rate the lender was offering) plus two per cent, or the Bank of Canada Benchmark rate, whichever was higher. When mortgages that were in place prior to the new rules came up for renewal we could qualify them at the contract rate or the Benchmark rate, whichever was higher.

Mortgages put in place after 2016 have all been coming up for renewal for two years now and these clients have been disadvantaged by the stress test calculation for switches at renewal. Many lenders have now adopted the recent change to the policy and we are now able to qualify clients at their contract rate or the Benchmark rate, whichever is higher, without adding the two per cent buffer to the contract rate.

Several clients I chatted with prior to this change were essentially stuck with what their current lender offered them for their renewal because they did not qualify anywhere else when we used current rates plus the two percent calculation.

And another positive note is what we are seeing with the fixed rate mortgage products.

Traditionally I see lenders offering rate specials through November and December during the slightly slower winter months, then popping rates up a bit as we start the new year. This year seems no different. Over the last two weeks I have seen rate reductions almost every day.

As a broker, one of the things I do for my clients is watch what interest rates are doing. When I am working with clients who are purchasing a home or refinancing, I choose lenders that are willing to continue to reduce my clients’ interest rates up until (shortly before) their closing date if the lenders drop their posted rates.

What can this mean in dollars and sense?

Two years ago some of my favorite clients were upsizing and buy a new home in Kelowna. Their mortgage new mortgage was going to be $700,000. Three weeks before their closing date rates started to drop. Three times the lender reduced their rate so that at closing time they were .25 per cent lower than the contract they originally signed.

The lower rate meant a savings to them of $7900 over their five year term.

If you have a renewal coming up over the next four months, I’d suggest looking into your options before we move into the new year. You should be able to have an interest rate held for 120 days which will provide some stability should rates trend up again once we are into the new year.

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Tracy Head

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Reverse Mortgages

By Tracy Head • February 6, 2026

Reverse Mortgages: A Tool More Canadians Should Understand After years in the mortgage business, I’ve learned that few financial tools are as misunderstood as the reverse mortgage. I’ll admit it upfront: for a long time, even mentioning the words made people tense up. I’d see shoulders tighten, brows furrow, and someone would inevitably say, “Isn’t that how you lose your house?” Let’s clear the air. A reverse mortgage is simply a way for Canadian homeowners aged 55 and over to access some of the equity they’ve built up in their home—without having to sell it or make monthly mortgage payments. For many retirees, that alone is a game changer. Many Canadians I work with are “house rich and cash poor.” They may own a home worth a significant amount, but their retirement income hasn’t kept pace with the rising cost of groceries, utilities, property taxes, or helping adult kids and grandkids. A reverse mortgage can help bridge that gap by turning part of that home equity into tax-free cash. That money can be taken as a lump sum, regular payments, or a combination of both. Some homeowners use it to top up their retirement income. Others use it to pay off an existing mortgage or line of credit, eliminate monthly debt payments, or fund renovations that let them age comfortably in place. I’ve even seen clients use it to cover medical expenses or make their home safer with mobility upgrades. One of the biggest benefits—and one that surprises people—is that you don’t have to make monthly payments. Interest is added to the balance, and the loan is typically repaid when the home is sold or the owner moves out permanently. As long as you keep the home maintained, insured, and pay your property taxes, you remain the owner of your home. Another common concern is inheritance. It’s a fair question. What happens to the house? The reality is this: when the home is eventually sold, the reverse mortgage is paid off, and any remaining equity goes to the homeowner or their estate. These products in Canada are regulated and include safeguards so you’ll never owe more than the fair market value of your home. Are reverse mortgages right for everyone? Absolutely not. They tend to work best for homeowners who plan to stay in their home long term and need access to equity but don’t want the pressure of monthly payments. They’re also something that should be discussed openly with family and reviewed with a qualified professional who understands the fine print. What I always encourage is education—not fear. Too many homeowners dismiss reverse mortgages based on outdated information or horror stories that don’t reflect today’s Canadian market. Like any financial tool, they have pros and cons, but when used appropriately, they can provide flexibility, dignity, and peace of mind in retirement. At the end of the day, retirement isn’t just about numbers on a page. It’s about choices. Staying in the home you love. Reducing financial stress. Enjoying the life you worked so hard to build. For many Canadian homeowners, a reverse mortgage can be one of the tools that helps make that possible. And that’s worth a second look.

Trying to Buy a Home in a Competitive Market

By Tracy Head • January 23, 2026

Trying to Buy a Home in a Competitive Market? You’re Not Imagining Things After years as a mortgage broker, I can tell you this with confidence: buying a home in a competitive market isn’t just hard. It’s emotionally exhausting. I talk to buyers every day who feel like they’re doing everything right. They’ve saved a down payment, checked their credit, talked to a lender, and started house hunting with realistic expectations. And yet, they’re still losing out. Multiple offers. Bidding wars. Homes selling in days — or hours. It can make even the most level-headed buyer question whether homeownership is still within reach. One of the biggest challenges I see is speed . In competitive markets, hesitation can cost you the house. Buyers are often expected to make quick decisions on the largest purchase of their lives, sometimes with limited conditions and tight timelines. That’s a lot of pressure, especially for first-time buyers who are still learning the process as they go. Then there’s the financing side. In a hot market, a strong offer isn’t just about price. It’s about certainty . Sellers want to know the deal will close. That’s why buyers with solid pre-approvals, flexible closing dates, and fewer conditions tend to stand out. Unfortunately, many buyers don’t realize how important this is until they’ve already lost a few bidding wars. Another challenge is expectations versus reality . Online listings and headline prices don’t always tell the full story. I often see buyers fall in love with homes that are priced low to attract attention, only to sell well above asking. That can be discouraging, especially when it happens repeatedly. It’s not that you’re doing something wrong. It’s that the market is playing a different game. Appraisals can also throw a wrench into things. Even if you’re willing to pay more, the lender still needs the property to appraise at or near the purchase price. When prices are rising quickly, appraisals sometimes lag behind the market. That can mean buyers need to come up with extra cash or renegotiate. That’s not a conversation anyone wants after winning a bidding war. And let’s not forget the emotional toll. I’ve seen buyers go from excited to deflated more times than I can count. Losing out on a home — especially one you pictured yourself living in — hurts. Do it three or four times, and it’s easy to feel burnt out or start second-guessing your plans entirely. So what helps? Preparation. Flexibility. And a good team. Getting your financing sorted early — ideally before you start house hunting — gives you clarity and confidence. Understanding your true budget (not just the maximum you qualify for) helps you move decisively when the right home appears. Being open on location, property type, or timing can also make a big difference. Most importantly, remind yourself of this: This market is not a reflection of your worth or your effort. It’s competitive because demand is high and supply is tight. Not because you’re failing. I’ve seen many buyers feel like they’d never catch a break, only to end up in a home they love — sometimes one they hadn’t even considered at first. The path may be longer and bumpier than expected, but with the right guidance and a bit of resilience, it’s still very possible. If there’s one thing I want buyers to know, it’s this: You’re not alone. And you’re not crazy. This market is tough — but tough doesn’t mean impossible.