Date: October 29, 2023

Category: Newsletter

Great News: the latest Bank of Canada (BoC) announcement held the current overnight rate, meaning no change to variable/adjustable rate mortgages and lines of credit. 

Current overnight rate is 5.0% as of Oct. 25, 2023. Current inflation is at 3.8% as of September 2023.

There are many opinions about what the BoC will and won’t do, and the reality is no one knows, including the BoC. However, many economists think rates should decrease by late summer/early fall 2024. The jury is still out on this; it’s too early to make predictions; however, like the economist I follow, I believe we are nearing the end of the rate increase and quantitative tightening with financial stability on the horizon.

So what does all this mean, and what should you do? 

With everyone focusing on the BoC’s announcement and fears of another rate increase, few are paying attention to the rise in the fixed rates, mainly based on the Canadian Bond market and the bond yields. 

Currently, my daily conversations with clients are largely focused on two things.

  1. Looking for ways to lower the monthly cost of their mortgage
  2. Planning for the upcoming renewals in the next six months to twelve months.  

And here is the outcome of those conversations 

  • Many clients have reworked their personal budgets. Often times using a budget for the first time. 
  • Some opt to move to an interest-only open product that allows them to focus on the interest for the time being until they can make principal payments. An excellent solution to selling. Remember, this is a moment in time, and selling means you no longer have an appreciating asset. 
  • Some have taken a one or two-year term. Remember, qualifying for these products is a little tighter since the rates on shorter terms are higher, but this is a conversation to have
  • In some cases, clients that have come up for renewal have opted for an adjustable mortgage, banking on the fact that we are near the end of the BoC increases, and they want to ride the wave down on the adjustable rate products.
  • I recently wrote a blog post on mortgage renewals and what you should be doing now – click here to read. PLEASE READ THIS IF YOU HAVE AN UPCOMING RENEWAL


I realize we are constantly talking about rising interest rates, looming recession, immigration numbers, and reductions in housing prices. Still, the most significant underlying topic here is affordability, and so many Canadians are looking at co-ownership. This is not to be confused with having roommates. Co-ownership is when two or more people pool their resources together to purchase a property and divide the space into separate units or have some common shared amenities within the property. This allows for entry into home ownership earlier than possible solo. 

With this type of home ownership strategy, the co-owners typically stay in a home for three to five years while the property increases in value, then sell and move up to their next home. Times are changing; this is one way we adapt to change and growth. 

Food4Kids, thanks you

Lastly, I want to thank all who supported our Food4Kids campaign this fall. With your help, we were able to feed one child for an entire school year. It may not seem like much in the grand scheme of things, but I can guarantee that we made a difference to this one child. Thank you for your generosity and kindness. Food4Kids is always looking for donations or financial support, so if you want to learn more, please visit

If you want to review any of the above further, please connect with me by clicking this link.

Let’s review your situation and prepare today for tomorrow. 

Mortgages can be complicated; we are here to help you make “cents” of it.

We focus on Mortgage Solutions, Period!

To learn more connect with Ana Cruz 905.870.0513 or email at