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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...
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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...
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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...
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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...
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Mortgage Rate War 2025: How Lenders Are Cutting Rates

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Canada’s mortgage market is heating up in 2025 as a result of falling bond yields and seven consecutive Bank of Canada rate cuts. These changes have led to lower borrowing costs — and a new level of competition among major lenders. For borrowers, the rate war brings both opportunity and complexity. Understanding how lenders are responding and how to navigate this environment is essential, especially for buyers and homeowners in regions like Abbotsford, Surrey , and the surrounding areas. Mortgage Rate Trends: What’s Behind the Decline? The recent drop in Government of Canada bond yields , particularly the 5-year yield, has been the key driver of lower fixed mortgage rates . These yields are influenced by: Economic uncertainty tied to global trade tensions. A surge in investor demand for safe-haven assets like Canadian bonds. Slower growth projections prompting the Bank of Canada to ease monetary policy. At the same time, the central bank has reduced its overnight lending rate to 2.75% ...
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