Good News for Homeowners: Bank of Canada Cuts Interest Rates Again

Jamie Ushko • September 4, 2024

If you've been keeping an eye on your mortgage payments or considering buying a home, we've got some exciting news for you. The Bank of Canada has just announced another interest rate cut, and it could mean more money in your pocket.


What's Happening?

On September 4, 2024, the Bank of Canada reduced its key overnight rate from 4.5% to 4.25%. This is the third rate cut in recent months, following similar reductions in June and July. Even better, the central bank has hinted at more cuts to come in the near future.

What Does This Mean for You?

  1. If you have a variable-rate mortgage: You're in luck! Your interest rate will decrease, potentially lowering your monthly payments.
  2. If you have a home equity line of credit (HELOC): You'll likely see a reduction in your interest rate as well.
  3. If you're renewing your mortgage soon: This rate cut could mean better terms when you renew.
  4. If you're a first-time homebuyer: Lower interest rates could make homeownership more affordable and increase your purchasing power.
  5. If you have a fixed-rate mortgage: While your current rate won't change, you might benefit from lower rates when it's time to renew.


The Bigger Picture

These rate cuts are part of a broader effort to provide relief to homeowners and stimulate the economy. Here in British Columbia, where housing costs have been a significant concern, this news is particularly welcome.


Recent data shows that inflation is cooling down, with the Consumer Price Index increasing by 2.5% in July, down from 2.7% in June. The Canadian economy is also showing signs of growth, which is encouraging for long-term financial stability.


What's Next?

If you're considering buying a home, refinancing your mortgage, or simply want to understand how these changes affect your financial situation, now is a great time to talk to a mortgage professional. We can help you navigate these changes and find the best solution for your unique circumstances.

Remember, every financial decision is personal, and what works for one person might not be the best for another. That's why it's crucial to get expert advice tailored to your situation.



Want to learn more about how the recent rate cut could benefit you? Give us a call or schedule an appointment. We're here to help you make the most of this opportunity and achieve your homeownership goals.


Stay tuned for more updates as we continue to monitor these exciting developments in the Canadian mortgage landscape!

Jamie Ushko

Mortgage Broker

Mortgages Aren’t One-Size-Fits-All

By Jamie Ushko • October 15, 2025
Why the Cheapest Mortgage Isn’t Always the Smartest Move Some things are fine to buy on the cheap. Generic cereal? Sure. Basic airline seat? No problem. A car with roll-down windows? If it gets you where you're going, great. But when it comes to choosing a mortgage? That’s not the time to cut corners. A “no-frills” mortgage might sound appealing with its rock-bottom interest rate, but what’s stripped away to get you that rate can end up costing you far more in the long run. These mortgages often come with severe limitations—restrictions that could hit your wallet hard if life throws you a curveball. Let’s break it down. A typical no-frills mortgage might offer a slightly lower interest rate—maybe 0.10% to 0.20% less. That could save you a few hundred dollars over a few years. But that small upfront saving comes at the cost of flexibility: Breaking your mortgage early? Expect a massive penalty. Want to make extra payments? Often not allowed—or severely restricted. Need to move and take your mortgage with you? Not likely. Thinking about refinancing? Good luck doing that without a financial hit. Most people don’t plan on breaking their mortgage early—but roughly two-thirds of Canadians do, often due to job changes, separations, relocations, or expanding families. That’s why flexibility matters. So why do lenders even offer no-frills mortgages? Because they know the stats. And they know many borrowers chase the lowest rate without asking what’s behind it. Some banks count on that. Their job is to maximize profits. Ours? To help you make an informed, strategic choice. As independent mortgage professionals, we work for you—not a single lender. That means we can compare multiple products from various financial institutions to find the one that actually suits your goals and protects your long-term financial health. Bottom line: Don’t let a shiny low rate distract you from what really matters. A mortgage should fit your life—not the other way around. Have questions? Want to look at your options? I’d be happy to help. Let’s chat.

Start Smart: Get Pre-Approved for Your Mortgage

By Jamie Ushko • October 8, 2025
Thinking of Buying a Home? Here’s Why Getting Pre-Approved Is Key If you’re ready to buy a home but aren’t sure where to begin, the answer is simple: start with a pre-approval. It’s one of the most important first steps in your home-buying journey—and here's why. Why a Pre-Approval is Crucial Imagine walking into a restaurant, hungry and excited to order, but unsure if your credit card will cover the bill. It’s the same situation with buying a home. You can browse listings online all day, but until you know how much you can afford, you’re just window shopping. Getting pre-approved for a mortgage is like finding out the price range you can comfortably shop within before you start looking at homes with a real estate agent. It sets you up for success and saves you from wasting time on properties that might be out of reach. What Exactly is a Pre-Approval? A pre-approval isn’t a guarantee. It’s not a promise that a lender will give you a mortgage no matter what happens with your finances. It’s more like a preview of your financial health, giving you a clear idea of how much you can borrow, based on the information you provide at the time. Think of it as a roadmap. After going through the pre-approval process, you’ll have a much clearer picture of what you can afford and what you need to do to make the final approval process smoother. What Happens During the Pre-Approval Process? When you apply for a pre-approval, lenders will look at a few key areas: Your income Your credit history Your assets and liabilities The property you’re interested in This comprehensive review will uncover any potential hurdles that could prevent you from securing financing later on. The earlier you identify these challenges, the better. Potential Issues a Pre-Approval Can Reveal Even if you feel confident that your finances are in good shape, a pre-approval might uncover issues you didn’t expect: Recent job changes or probation periods An income that’s heavily commission-based or reliant on extra shifts Errors or collections on your credit report Lack of a well-established credit history Insufficient funds saved for a down payment Existing debt reducing your qualification amount Any other financial blind spots you might not be aware of By addressing these issues early, you give yourself the best chance of securing the mortgage you need. A pre-approval makes sure there are no surprises along the way. Pre-Approval vs. Pre-Qualification: What’s the Difference? It’s important to understand that a pre-approval is more than just a quick online estimate. Unlike pre-qualification—which can sometimes be based on limited information and calculations—a pre-approval involves a thorough review of your finances. This includes looking at your credit report, providing detailed documents, and having a conversation with a mortgage professional about your options. Why Get Pre-Approved Now? The best time to secure a pre-approval is as soon as possible. The process is free and carries no risk—it just gives you a clear path forward. It’s never too early to start, and by doing so, you’ll be in a much stronger position when you're ready to make an offer on your dream home. Let’s Make Your Home Buying Journey Smooth A well-planned mortgage process can make all the difference in securing your home. If you’re ready to get pre-approved or just want to chat about your options, I’d love to help. Let’s make your home-buying experience a smooth and successful one!