Selecting the best mortgage for you

Tracy Head • August 30, 2022

I had a call with one of my favorite clients recently. We are working on a refinance and lining it up for when her current mortgage term is set to renew.


We worked through everything and got to the age-old question of whether she wanted to go with a fixed rate or a variable rate.

We chatted about the refinance about two months ago, and at the time I suggested a variable rate mortgage. Her home is on a huge lot in an area of Rutland where developers are buying homes in order to tear them down and build new multi-family complexes.


She has already been approached by a realtor who is representing a developer. The realtor dangled a potential figure in front of her that has her thinking about selling and relocating. To this point, the realtor has not brought her a written offer so she is not sure whether this will actually come to pass.


So, during our call we went over the final details for her approval and circled back to the rate decision. We talked about variable because if the right offer comes along she will sign before the ink is dry. Choosing a variable means she will have a three-month interest penalty to get out of the mortgage, even if the offer comes in the month after we process her refinance.


She did mention that several people she knows went into variable mortgages earlier this spring and are not very happy with their decisions.


We circled back to her situation, and I calculated what a potential penalty might be if she opted for a fixed rate term then decided to sell right away.


Based on today’s rates and her new mortgage balance, the fixed rate mortgage would cost (approximately) an additional $13,000 should she choose to pay the mortgage out in the next few months.That being said, for the amount she stands to gain by selling to a developer, the $13,000 is a drop in the bucket. However, I’d far rather see that money in her pocket if we can make that happen.


Over the last few weeks, I have had calls with many clients asking about what interest rates are doing and in particular how the rate changes are affecting their bottom lines. During all of these calls, we talked about why they chose variable in the first place, and what their future plans are.


Sitting with a variable mortgage can feel a little stressful right now. The key is to remember why you made the decision in the first place. I have seen lenders start to drop their fixed rates over the last few weeks. However, we are still in the position of having reduced borrowing power if you choose a fixed rate term over a variable.


As an example, I’m seeing 4.59% (and lower) for five-year fixed rates on insured mortgages. Using the stress test, that means we need to calculate the payment based on a rate of 6.59%, which means one would qualify for less mortgage than if he or she opted for a variable rate.


The key is to think carefully about your options and your budget. Consider what your longer-term plans are before you sign into a longer fixed-rate term.


Life happens, plans change. Know what your options are and make sure you talk to your mortgage person about what really is the best rate decision for you.

Tracy Head

Mortgage Broker

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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.