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CURRENT RATES

2 YEAR 3.19%

3 YEAR 2.89%*

4 YEAR 3.29%

5 YEAR 2.79%*

5 YEAR Variable 2.90%*

Updated June 18th, 2019
*Special conditions apply. Interest rates are provided for information purposes only and are subject to change without notice.

When it comes to mortgage renewals, Canadians are leaving money on the table

 

Globe and Mail ~ August 20th, 2018

Mortgage renewals can be a nerve-wracking experience, especially for first-time homeowners — and this year, there will be a lot of Canadians getting ready to go through that process.

Almost half of existing mortgages are up for renewal this year, according to a CIBC report from earlier this year. But despite homeowners having the opportunity to look for a better deal than their existing rate, or for a more appropriate product to fit their current stage in life or future goals, Canadians are unlikely to go rate shopping.

A HSBC survey of 10,000 people across ten countries showed that Canadians are the least likely to look for a better mortgage rate, with only 50 per cent saying they’ve done so, in comparison to the global average of 61 per cent.

It’s a stat that baffles mortgage brokers and financial planners.

Kelly Wilson, an Ottawa mortgage broker, says she believes every homeowner should consider rate-shopping at renewal time. Because the banks’ offer is based on posted interest rates, “the best mortgage rate isn’t being offered up front,” she says.

Click here to read the full article.