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As many as one million Canadian homeowners who opted for a 3-year fixed mortgage in 2022, 2023, or 2024 are leaving BIG money on the table.
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As we all remember vividly, starting around mid 2022, Canadians were faced with an unprecedented interest rate surge due to soaring inflation. This left potential home buyers and existing homeowners with upcoming mortgage renewals, with very difficult choices - as both 5-year fixed and variable rates rose to highs that had not been seen in decades. The 1-year and 2-year rates were even more expensive. Many had no option but to choose the 3-year fixed mortgage, as it had the lowest interest rate and stress-test qualification.
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The good news? Interest rates have dropped significantly. Just over a year ago, (as recently as November 2023), major banks were offering fixed rates between 6.5% and up to nearly 8%. Today, 5-year fixed rates have fallen as low as 3.99% to 4.49%.
If you still have a year or more left on your 3-year fixed mortgage, now is the time to explore whether it makes sense to break your current term and lock into a lower 5-year rate.
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Firstly, if you can save money immediately, then why wait? Secondly, with current geopolitical uncertainties and inflation risks still lingering (the typical results of a trade war), waiting until your renewal date in 2026 or 2027 could mean facing unpredictable interest rate hikes. Securing a 5-year fixed rate now means having stability through to 2030, protecting you and your family from potential future rate increases.
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We’ve crunched the numbers, and the results speak for themselves. Even after factoring in the mortgage discharge penalty and the legal costs to changing your mortgage, there are massive savings to be had. Don’t believe us? Take a look at the data: | |
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✅ $8,220 in true savings over the next 18 months
✅ Lower mortgage payments by $822/month ✅ New mortgage will be paid off at the same time as previous mortgage
✅ A locked-in low interest rate until 2030
✅ No more worrying about renewals until the next decade | |
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If you’re wondering whether this strategy makes sense for you, we can run the numbers quickly - no application, no documents, and no obligation.
📩 Simply reply to this email or contact us, and we’ll be happy to determine if you’re in a position to benefit from today’s lower rates.
Don’t wait until rates shift again - let’s explore your options today! | |
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Just a friendly reminder to come visit us on our socials, where we put out a ton of videos with tips and information to help you navigate the wild world of mortgages! Check out the links below and give us a follow! | |
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As always, if you have any questions or want to do some mortgage planning, feel free to reach out to us at: | |
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