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How Surrey and Abbotsford Homeowners Are Navigating Mortgage Renewal Shock in 2025

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  Mortgage renewals in 2025 have become anything but routine for homeowners across British Columbia — particularly in regions like Surrey and Abbotsford , where affordability remains under pressure. With five-year terms originating in 2020 now expiring, many borrowers are facing payment increases ranging from 30% to 50%, depending on their original rate, amortization, and lender flexibility. Even though the Bank of Canada’s current policy rate sits at 2.75% as of July 2025, fixed mortgage rates have been slow to follow suit. Bond market uncertainty and lender risk premiums continue to affect pricing, making it crucial for borrowers to take a proactive approach — especially those nearing mortgage renewal in the next 6 to 12 months. One of the most effective strategies emerging in the Fraser Valley is early renewal planning with the help of independent mortgage professionals. In fact, many homeowners are exploring renewal advice from local Surrey brokers who can help navigate...

Smart Mortgage Strategies for BC Buyers & Homeowners in a Soft Landing Economy

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The Canadian housing market, especially in British Columbia, is undergoing a noticeable shift in 2025. As inflation slows and the Bank of Canada maintains its policy rate at 2.75%, we are entering what economists call a “soft landing” —a cooling without a crash. For prospective homeowners and those already holding mortgages in Surrey, Abbotsford, and surrounding areas, this presents a rare window to make smart, forward-thinking decisions. Why 2025 Is Different Unlike the volatile years of 2022–2023, today's market is marked by: Stable to declining fixed mortgage rates Increased inventory across Greater Vancouver suburbs Stronger buyer incentives, especially for new construction homes Whether you’re buying your first home or reviewing your mortgage strategy, the shift in economic conditions means opportunity—but only if you act with insight. Tip 1: Consider Pre-Approvals Early In a soft market, sellers are more open to negotiation—but pre-approved buyers stil...

What Today’s Mortgage Trends Mean for Buyers and Homeowners

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Canada’s mortgage market is experiencing a unique phase of adjustment. After years of rapid rate hikes to tame inflation, the Bank of Canada’s current policy rate sits at 2.75% , a level that offers a mix of stability and opportunity for homeowners, buyers, and investors across British Columbia — especially in high-demand areas like Surrey, Abbotsford, and the Fraser Valley. With many wondering whether now is the right time to enter the market, refinance, or lock in rates, this blog dives into how current trends are shaping decisions in 2025 and beyond. Lower Bond Yields Are Cooling Fixed Rates One of the most notable shifts in recent months is the modest decline in fixed mortgage rates , largely driven by falling Government of Canada bond yields. This downward movement is opening up new possibilities for those who were previously priced out of the market or hesitant to commit. In markets like Surrey and Abbotsford, where housing demand remains steady but competition is m...

Is It Time to Lock In Your Mortgage Rate Before the July 30 BoC Announcement?

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With the Bank of Canada’s next rate decision approaching on July 30, 2025 , homeowners and prospective buyers across British Columbia are asking a crucial question: Should I lock in my mortgage rate now, or wait for further cuts? While the BoC has already dropped its key rate to 2.75% , there’s growing market speculation of additional easing in the months ahead. But as interest rate dynamics shift rapidly, making the right call depends on your timeline, risk tolerance, and local market activity. Bond Yields Are Dropping — But So Are Opportunities Mortgage rates in Canada—especially fixed ones—are closely tied to government bond yields , not just the Bank of Canada’s overnight rate. Over the past several weeks, 5-year bond yields have steadily declined, prompting lenders to quietly lower some fixed rates by 10–25 basis points. But rate cuts can be short-lived. Lenders often adjust fixed-rate offerings in anticipation of policy moves. In today’s environment, locking in your mo...

How BC Homeowners and Buyers Can Maximize Savings in Today’s 2.75% Rate Environment

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With the Bank of Canada holding the policy rate steady at 2.75% , borrowers across British Columbia—especially in high-demand regions like Surrey , Abbotsford , and Langley —have a renewed opportunity to secure better mortgage deals. Whether you're purchasing your first home, approaching a mortgage renewal, or considering refinancing, understanding the current rate climate is essential to making informed financial choices. What the 2.75% Rate Means for Buyers First-time homebuyers are especially well-positioned to take advantage of today’s rates. In addition to improved affordability from falling fixed mortgage rates , the federal GST exemption on homes under $1 million is adding further incentive. If you’re considering entering the market, this could be an ideal time to get pre-approved for a mortgage and lock in a rate before demand intensifies. For guidance tailored to the region, check out this helpful resource on how to get the best home purchase mortgage rates in Sur...

How to Navigate First-Time Home Buyer Mortgages in BC (2025 Edition)

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Buying your first home is exciting — but it’s also one of the most complex financial steps you’ll take. In British Columbia, where property values are high and lending rules are strict, first-time buyers face unique challenges when trying to enter the market. Whether you’re hoping to buy in Surrey , Abbotsford , Langley , or nearby Fraser Valley areas, this guide will help you better understand how first-time home buyer mortgages work in 2025 — and what you can do to prepare for a smooth approval and successful purchase. What Defines a First-Time Home Buyer? In Canada, you’re considered a first-time buyer if: You’ve never owned a home , or You haven’t owned a home in the past 4 years , or You’ve gone through a marital or common-law breakdown and no longer live in a previously owned property Meeting this definition can open the door to several federal and provincial assistance programs. What’s Required to Qualify for a Mortgage in BC? To get appro...

Falling Fixed Mortgage Rates: What Canadian Buyers and Homeowners Should Know in 2025

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Contributed by Satbir Bhullar Mortgages After two years of rising costs and cautious borrowing, fixed mortgage rates in Canada are finally trending downward — and it’s shifting the conversation for both buyers and homeowners. As of April 2025, many lenders are offering 5-year fixed rates in the 4.50% to 4.79% range , with even lower options available through broker channels. For first-time buyers, renewers, or anyone considering a refinance, this decline could mean real savings and renewed affordability. But as with any mortgage trend, the key is knowing how to respond — and when. In this article, we’ll explore: Why fixed rates are falling What it means for your mortgage decisions How to make the most of this shift in 2025 Why Fixed Mortgage Rates Are Falling in 2025 Fixed mortgage rates in Canada follow the movement of 5-year Government of Canada bond yields , not the Bank of Canada’s policy rate. Over the past few months, bond yields have been falling due to a mix of: Slower inflat...