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

How to Finance a Spousal Buyout After Separation or Divorce

By Jamie Ushko • October 14, 2026
Mortgage Options During Divorce or Separation: What You Should Know If you’re going through—or considering—a divorce or separation, you may not realize that there are mortgage solutions specifically designed to help one party keep the home . For many people, the family home is their largest asset and where most of their equity is tied up. In situations like this, a spousal buyout program can allow one person to refinance the property and buy out the other party’s share—often up to 95% of the home’s value . This option can work whether you want to keep the home or your former partner does. What Is the Spousal Buyout Program? The spousal buyout program is a refinancing option that allows one owner to purchase the other owner’s share of the property as part of a separation or divorce settlement. In some cases, it can also be used to pay off jointly held debts, as outlined in a legal agreement. Below are some of the most common questions about how the program works. Is a finalized separation agreement required? Yes. Lenders require a signed and finalized separation agreement that clearly outlines how assets and debts are to be divided. This document is essential for approval. Can the funds be used for renovations or personal debts? No. Funds from a spousal buyout can only be used to: Buy out the other owner’s share of equity Pay off joint debts specifically listed in the separation agreement They cannot be used for renovations, personal loans, or unrelated expenses. How much equity can be accessed? The maximum amount available is the amount required to: Buy out the other party’s agreed-upon share of equity Pay off any joint debts listed in the agreement This amount cannot exceed 95% loan-to-value . What is the maximum loan-to-value allowed? The maximum loan-to-value is the lesser of : 95%, or The remaining mortgage balance plus the required buyout and joint debt payout The property must be the primary owner-occupied residence . Do all parties need to be on title? Yes. All individuals involved in the buyout must currently be registered on title. Your solicitor will confirm this through a title search. Does this only apply to married or common-law couples? No. While commonly used for married or common-law couples, the program may also apply to siblings or friends who jointly own a property and need one party to exit the mortgage. These cases are typically reviewed on an exception basis and require insurer approval. If no separation agreement exists, the purchase contract must clearly outline the buyout terms. Is a full appraisal required? Yes. A physical, on-site appraisal is required to confirm the property’s value before the mortgage can be finalized. Final Thoughts This overview covers some of the most common questions about mortgage options during separation or divorce, but every situation is different. Working with an independent mortgage professional gives you access to multiple lenders, specialized programs, and unbiased advice—so you can clearly understand your options and choose what’s best for your future. If you’re navigating a separation and need guidance around keeping or selling the home, feel free to connect anytime. All conversations are handled with discretion and confidentiality, and I’d be happy to walk you through your options.

How to Legally Assign a Construction Mortgage

By Jamie Ushko • October 7, 2026
Why More Mortgage Options Matter—Especially for Assignment Purchases One of the biggest advantages of working with an independent mortgage professional is access to choice. Instead of being limited to one lender and one set of products, mortgage brokers work with multiple lenders—each with different guidelines, risk tolerances, and mortgage solutions. That flexibility becomes especially valuable when your situation doesn’t fit neatly into a “standard” box. A great example of this is purchasing new construction through an assignment contract . Why Assignment Purchases Can Be Challenging Assignment purchases are often viewed as higher risk by traditional lenders. Rather than declining these deals outright, many lenders quietly make them difficult by adding layers of conditions, restrictions, or uncertainty. This can lead to delays, frustration, or financing falling apart late in the process. The Good News There are lenders—available exclusively through the broker channel —that have clear, favourable policies for assignment purchases. With the right lender and proper planning, these transactions are absolutely doable. Typical Financing Requirements for Assignment Purchases While every situation is unique, many lenders that allow assignment financing look for the following: Standard purchase qualification, including income verification, credit, and down payment Assignments accepted at either the original purchase price or current market value Minimum 620 credit score , with no prior bankruptcies or consumer proposals The full down payment must come from the purchaser —seller incentives cannot be used Required Documentation To secure financing, lenders typically require: The original purchase agreement signed by all parties The MLS listing (if applicable) The assignment agreement signed by the builder, original purchaser, and new buyer Any side agreements outlining changes to the purchase price A full appraisal to confirm value This list isn’t exhaustive, but it highlights that while assignment purchases require more coordination, they are very achievable with the right lender and guidance. Final Thoughts Assignment contracts can open doors to great opportunities—but only if your financing supports the transaction. This is where access to multiple lenders and specialized policies makes a real difference. If you’re considering purchasing new construction through an assignment, or if you’d like to explore more traditional purchase options, feel free to connect anytime. I’d be happy to walk you through the mortgage products available and help you choose an option that doesn’t limit your financing possibilities.