Date: July 5, 2024

Are variable rate mortgages attractive again? πŸ€”πŸ’‘Β 

Over the last few weeks, we’ve seen many borrowers starting to lean toward variable-rate mortgages again in anticipation of lower rates in the future. πŸ“‰πŸ‘

So what’s the strategy with this and does it work for you? πŸ€·β€β™‚οΈπŸ€·β€β™€οΈ

As of today, the five-year fixed rate is hovering around the 4.99% range, the three-year term is hovering around the 5.14% range, and the variable rates are hovering around prime – .90%. πŸ“ŠπŸ”

Throughout 2024 and into 2025, as mortgages come due, we as Canadians will be trying everything to mastermind our way to the best options at renewal time. πŸ§ πŸ‡¨πŸ‡¦ This leads us to explore some of the options we’ve seen in the last few months. πŸ”„πŸ—“οΈ

What are other Canadians doing at renewal? πŸ‡¨πŸ‡¦
Why are they choosing these options? ❓

1. Auto-renewing with the current lender 🀝🏦
2. Refinancing to add debt, or extend amortization and reduce monthly payment πŸ’ΈπŸ”„
3. Taking an out-of-the-box approach that will allow them to pay off the current mortgage faster πŸš€πŸ’‘
4. Switching lenders to find a lower rate (not necessarily a lower payment) πŸ”„πŸ¦

This month, we explore each of the above options weekly with more details. πŸ“…πŸ”

Today we talk about auto-renewing with the current lender 🀝🏦

Why would someone auto-renew their mortgage? πŸ€”πŸ‘
– If there has been a job loss in your household, this can significantly impact qualifying for a new mortgage and in this case, auto-renewing may be the best option which eliminates requalifying. πŸ πŸ”‘
– This is not always your best rate option; however, it’s important to note that you do have options. πŸ“‰πŸ’¬

Please connect with us before your renewal and we will coach you through the auto-renewal process. πŸ“žπŸ“‹

Stay tuned weekly as we discuss the other options. πŸ—“οΈπŸ”œ

Click here to book a time to connect and review your questions.

Talk soon,


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