Start homebuying by securing an affordable mortgage and maintaining a healthy bank account to show financial stability. Have legal help ready for contracts and negotiations. Avoid viewing homes before financial readiness to prevent unrealistic expectations. Understand the importance of inspections and appraisals, prioritize key home features, and hire an experienced real estate agent for guidance. Preparation and patience are crucial for successful homeownership.
Most major banks expect rates to stay near 2.25% all year.
Some banks forecast Canada’s policy rate could rise to 2.75% by late 2026.
If rates unexpectedly climb, mortgage renewals could sharply increase monthly payments.
By end of 2026, ~60% of mortgages will be up for renewal.
Stronger inflation or global pressures could drive unexpected rate hikes.
To pay off a mortgage faster, consider accelerated payment schedules like accelerated biweekly to make extra payments without feeling the impact. Make lump sum payments with bonuses or tax refunds to reduce principal and interest. Shorten the amortization period to 15 or 20 years if affordable. Increase regular payments annually by 10-20%. Avoid costly penalties by choosing mortgages with lower break fees. Shop for lower interest rates to save money. Use Home Equity Lines of Credit cautiously to avoid delaying mortgage freedom.
Breaking a mortgage means paying it off early, changing terms, or ending the contract, often incurring penalties. Open mortgages have no fees, but closed fixed-rate mortgages require paying three months' interest or the interest rate differential, whichever is higher. Variable-rate mortgages usually incur a three-month interest penalty. Additional fees may apply. Strategies to reduce penalties include making maximum prepayments, porting the mortgage, blending and extending rates, or having the buyer assume the mortgage. Careful calculation is essential before deciding.
Mortgage rates ended 2025 near annual lows, with strategies available to secure rates below the national average in 2026. Key tips include improving credit scores, lowering debt-to-income ratios, making larger down payments, buying discount points, negotiating seller or builder rate buydowns, considering temporary buydowns, shopping for adjustable-rate mortgages, and opting for shorter loan terms or assumable mortgages. Refinancing depends on future rate drops and personal goals.
Mortgage rates in 2026 are lower than early 2025, with strategies to secure rates below the national average. Key tips include improving credit scores, maintaining a debt-to-income ratio below 25%, making larger down payments, and considering buying discount points to lower rates. Interest rate buydowns and adjustable-rate mortgages (ARMs) can offer short-term savings. Shorter-term loans typically have lower rates but higher payments. Assumable loans are rare but possible with certain government-backed mortgages. Refinancing depends on rate drops and long-term goals.
Several homes in White Rock and South Surrey are on BC Assessment’s Top 500 Valued Residential Properties list for 2026. The Lower Mainland's total property assessments dropped from about $2.01 trillion in 2025 to $1.92 trillion in 2026, reflecting a softening housing market with most values decreasing 0-10%. Notable homes include one in Ocean Park valued at $18.38 million and beachfront properties in White Rock valued around $12-16 million.
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Canada's commercial real estate is giving us 2026 comeback vibes.
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Prime "trophy" office towers are thriving with crazy low 3-4% vacancy.
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But older B/C-class buildings? Still struggling… demand is super picky now.
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Industrial oversupply easing — tariffs and trade uncertainty still dictate demand.
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2026 could hinge on trade talks—CUSMA renewal may shape entire market.
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💳 “Check credit, debt, and savings first—financial health drives mortgage eligibility.”
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🏠 “Fixed or variable rates? Know pros, cons, and hidden costs before committing.”
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📝 “Get pre-approved to know your budget and strengthen offers instantly.”
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🤝 “Mortgage experts unlock exclusive rates, negotiate terms, and simplify complex paperwork.”
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📈 “Use equity, HELOCs, and strategic refinancing to build wealth over time.”
Mortgage penalties for breaking fixed-rate deals have nearly doubled in 2025, averaging $6,732. Reasons to rework mortgages include chasing lower rates, moving, renovating, or consolidating debt. Penalties vary by lender; some offer fairer terms or options like variable rates, combined loan plans, or prepayment privileges to reduce costs. Timing and lender choice are key to minimizing penalties. Consulting a mortgage broker can help navigate options.