Mortgage Stress Test Changes Likely Upcoming May 24th

General Angela Calla 9 Apr

Good Morning,

OSFI, our Federal regulator, has announced in efforts to “cool” the market they would like the 6 big banks to increase the qualifying rate from the current 4.79 to a minimum of 5.25 or 200 basis point above the “contract rate”.

Read the full release here from our economist Dr. Sherry Cooper.

This is an increase of 46 basis points and will DECREASE your purchasing power by approx. 5%, unless you complete funding before May 24th.

If you or a loved one have a pre-approval or purchase of a pre-sale in place, we recommend that you review your qualifications to ensure you can still purchase as intended.

Who this impacts:

  1. Yes it’s true, this impacts the middle class the most and those who put more money down. This does not feel like a solution to fix the intended problem of cooling the market, as it doesn’t address the supply of real estate in deficit, which requires regional solutions.
  2. All cash offers being submitted that are not really ALL cash and require financing or the sale of a property.

The fact that during a global pandemic, the default rates on mortgages went down, showing under pressure Canadians worked even harder and paid their mortgages!

There will be much more clarity in upcoming weeks, maybe even a shift or reduction in this consideration, however its crucial to be prepared so you or a loved one don’t get caught up in this timing. We are here to advocate for and assist you with the best mortgage to build and protect your wealth.

If you or a loved one has a question on reviewing their existing mortgage that is approaching renewal, accessing equity to pay off high interest debt, or planning a purchase, please reply to this email or call us at 604-802-3983. We are here to help guide you through every market transition.


Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on “The Mortgage Show”, and is the best selling author of The Mortgage Code where all proceeds are donated to the YWCA.

Angela is a magazine contributor, speaker, and recently collaborated to publish her third book, Pursuit:365. In August of 2020, Angela surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37 and was recently awarded the 2020 Business Leader of the Year Award. Angela leads by example with passion and conviction, known as an industry expert and go-to source for media and publishers across the Country.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or 604-802-3983.

Banking Regulator Aims To Make It Tougher To Get An Uninsured Mortgage

General Angela Calla 9 Apr

OSFI Considers Setting a Minimum Qualifying Rate of 5.25% For Uninsured Mortgages

With several Big-Five bank CEOs calling for regulatory action to slow the red-hot housing market, it didn’t take long for the Office of the Superintendent of Financial Institutions (OSFI), the governor of federally regulated financial institutions, to respond. In a news release issued today, OSFI proposed an increase in uninsured mortgages’ qualifying rate to the higher of the mortgage contract rate plus 200 basis points or 5.25% as a minimum floor.

Based on posted rates of the country’s six largest lenders, the current threshold is at 4.79%. Before the pandemic, the posted rate was widely considered too high relative to much lower contract rates. Remember, Canada’s six largest lenders under OSFI’s jurisdiction set the posted rate each week when they submit to the Bank of Canada the so-called ‘conventional 5-year mortgage rate’. It has increasingly born little relationship to actual contract rates.

OSFI, once again, shows itself to cozy up to the Canadian banking oligopoly. Keep in mind that delinquency rates on the Canadian banks’ mortgage books are very low–both in historical terms and compared with financial institutions in the rest of the world. OSFI couched this proposal in terms of “the importance of sound mortgage underwriting.”

In the release, OSFI said, “The minimum qualifying rate adds a margin of safety that ensures borrowers will have the ability to make mortgage payments in the event of a change in circumstances, such as the reduction of income or a rise in mortgage interest rates. As mortgages are one of the largest exposures that most banks carry, ensuring that borrowers can repay their loans strongly contributes to the continued safety and soundness of Canada’s financial system.”

The comment period ends on May 7. OSFI reported that they would communicate the revised B-20 Guideline by May 24, with an implementation date of June 1, 2021.

This all but ensures that the current boom in home buying will accelerate further in the spring market–providing an impetus for borrowers to get in under the June 1 deadline. OSFI’s move will trigger an even hotter spring housing market as demand is pulled forward just as it was before the January 1, 2018 implementation date of the current B-20 ruling.

This will not impact non-federally regulated FI’s such as credit unions, mono-lines and private lenders, nor does it immediately impact insured-mortgage borrowers.

The federal government is in charge of mortgage qualification for insured mortgages. CMHC and the finance department could well follow OSFI’s lead in tightening qualifying rules for insured loans.

Bottom Line

It is noteworthy to remember that on January 24, 2020, OSFI indicated that it was reviewing the benchmark rate (or floor) used for qualifying uninsured mortgages. At that time, the thought was that the widening gap between the posted rate and the contract mortgage rate was too large and that OSFI and the Bank of Canada would publish a mortgage rate weekly that would better reflect the contract rates. The new qualifying rate would be that contract mortgage rate plus 200 basis points. This consultation was suspended on March 13, 2020, in response to challenges posed by the COVID-19 pandemic.

To find more information about this topic and other related events, find the article here on Dominion Lending Centres


Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on “The Mortgage Show”, and is the best selling author of The Mortgage Code where all proceeds are donated to the YWCA.

Angela is a magazine contributor, speaker, and recently collaborated to publish her third book, Pursuit:365. In August of 2020, Angela surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37 and was recently awarded the 2020 Business Leader of the Year Award. Angela leads by example with passion and conviction, known as an industry expert and go-to source for media and publishers across the Country.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or 604-802-3983.

 

Resilience is key: The Canadian housing market is stronger than expected and rates holding at 0.25%.

General Angela Calla 24 Mar

According to Bank of Canada,

“In Canada, the economy is proving to be more resilient than anticipated to the second wave of the virus and the associated containment measures.  Although activity in hard-to-distance sectors continues to be held back, recent data point to continued recovery in the rest of the economy. GDP grew 9.6% in the final quarter of 2020, led by strong inventory accumulation. GDP growth in the first quarter of 2021 is now expected to be positive, rather than the contraction forecast in January. Consumers and businesses are adapting to containment measures, and housing market activity has been much stronger than expected. Improving foreign demand and higher commodity prices have also brightened the prospects for exports and business investment”.

There is NO reason to panic! Rates are still around 2% and it does not change any of your qualifications as they are based on the 4.79% benchmark rate. Furthermore, there is no current changes in variable rates.

Again, even though there is no reason to panic, below are some key considerations we want you to think about!

If you are shopping for a home

Get a full pre-approval (verification of credit, income and down payment) and stay in communication with your provider on your progress. Rate holds range from 90-120 days and some specials are only available for LIVE purchases with an accepted offer in place within the time frame of your pre-app.

If you have a renewal upcoming in the next year

Time to secure an option, in the event rates continue to rise it may be better to renew early.

If you have debt outside your mortgage

Whether it’s debt from credit cards, lines of credit or loans or required funds for a renovation, it’s pressing that you review your status to ensure that you qualify to include these things into a new mortgage. By doing so, you will likely save more money every month and improve your cashflow to grow your wealth while rates are still exceptionally low.

If you or a loved one have mortgage questions, a mortgage renewal upcoming or need access to your equity, please reach out to us directly by responding to this email or calling (604)-802-3983 and we are happy to help.


Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on “The Mortgage Show”, and is the best selling author of The Mortgage Code where all proceeds are donated to the YWCA.

Angela is a magazine contributor, speaker, and recently collaborated to publish her third book, Pursuit:365. In August of 2020, Angela surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37 and was recently awarded the 2020 Business Leader of the Year Award. Angela leads by example with passion and conviction, known as an industry expert and go-to source for media and publishers across the Country.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or 604-802-3983.

 

Why do some purchases require a higher down payment than others?

General Angela Calla 23 Mar

Your purchasing journey is unique, and so are the mortgage options available along with it.

Here are some of the reasons it’s important to review your pre-approval specific to the property. Keep these reasons in mind when choosing the best product for YOU.

  1. Zoning – Is your property commercial, ALR, or leased land?
  2. Strata type and bylaws – Are there any age restrictions or work being done in the building? Such as rental pools, seasonal new construction. There are a variety of deposit structures that range from 5% – 20% that may or may not be required for your specific approval.
  3. Access – How accessible is your property? With consideration to services and seasonality/roads population in the city/town, regional district, even the construction materials can impact the approval.
  4. Purchase Price – If your purchase price is $1 million or over, this requires 20% or more for a down payment. Reviewing your options and keeping your Mortgage Professional updated, whether it’s your first purchase or you’re acquiring assets to build your portfolio, will help you anticipate potential conflicts and adapt your strategy to meet your unique needs.

While there is only so much due diligence you can do prior to having an accepted offer, making sure you’re subject to financing if you require this is crucial.


Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on “The Mortgage Show”, and is the best selling author of The Mortgage Code where all proceeds are donated to the YWCA.

Angela is a magazine contributor, speaker, and recently collaborated to publish her third book, Pursuit:365. In August of 2020, Angela surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37 and was recently awarded the 2020 Business Leader of the Year Award. Angela leads by example with passion and conviction, known as an industry expert and go-to source for media and publishers across the Country.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or 604-802-3983.

Considering putting in a subject free offer? Watch this Global segment FIRST!

General Angela Calla 23 Mar

BEFORE you go into an offer on a home purchase with NO SUBJECTS… you need to ensure you’re aware of the risks you might be required to absorb in the process.

So much can happen on your home-ownership journey and obtaining your mortgage. Make sure you understand all the risks involved in a subject-free offer and that you’re prepared to assume the responsibility.

This market is crazy! Make sure you share with your friends and family who can benefit from watching this!

Watch the Global Segment here

Watch a Client Story on a No Subject Offer below!

Make sure you’re following us on FacebookInstagram and subscribe to our YouTube channel to stay up-to-date on all Mortgage Market news!


Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on “The Mortgage Show”, and is the best selling author of The Mortgage Code where all proceeds are donated to the YWCA.

Angela is a magazine contributor, speaker, and recently collaborated to publish her third book, Pursuit:365. In August of 2020, Angela surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37 and was recently awarded the 2020 Business Leader of the Year Award. Angela leads by example with passion and conviction, known as an industry expert and go-to source for media and publishers across the Country.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or 604-802-3983.

 

Angela at the International Women’s Day Webinar

General Angela Calla 19 Mar

International Women’s Day is an opportunity for women to come forward and show the world the impact we make in our community. It was an absolute pleasure to discuss my expertise with other prominent women. The webinar held by the Tri-Cities Chamber of Commerce was absolutely fantastic!

In many cases, women are faced with situations that are all but inspiring so they may question why us? Well I would likely return and ask, why not us?

See the video below as I answer this question through my story, my inspiration, and my motivations, in real estate, mortgages, and finance.


Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on “The Mortgage Show”, and is the best selling author of The Mortgage Code where all proceeds are donated to the YWCA.

Angela is a magazine contributor, speaker, and recently collaborated to publish her third book, Pursuit:365. In August of 2020, Angela surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37 and was recently awarded the 2020 Business Leader of the Year Award. Angela leads by example with passion and conviction, known as an industry expert and go-to source for media and publishers across the Country.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or 604-802-3983.

 

Housing Continued to Surge in February

General Angela Calla 16 Mar

Today the Canadian Real Estate Association (CREA) released statistics showing national home sales hit another all-time high in February 2021. Canadian home sales increased a whopping 6.6% month-on-month (m-o-m), building on the largest winter housing boom in history. On a year-over-year (y-o-y) basis, existing home sales surged an amazing 39.2%. As the chart below shows, February’s activity blew out all previous records for the month. 

The seasonally adjusted activity was running at an annualized pace of 783,636 units in February. CREA’s revised forecast for 2021 is in the neighborhood of 700,000 home sales. Strong demand notwithstanding, sales may be hard-pressed to maintain current activity levels in the traditionally busier spring months absent a surge of much-needed new supply. However, that could materialize as current COVID restrictions are increasingly eased and the weather starts to improve.

The month-over-month increase in national sales activity from January to February was led by the Greater Toronto Area (GTA) and several other Ontario markets, along with Calgary and some markets in B.C. These offset a considerable decline in Montreal’s sales, where new listings have started 2021 at lower levels compared to those recorded in the second half of last year.

In line with heightened activity since last summer, it was a new record for February by a considerable margin (over 13,000 transactions). For the eighth straight month, sales activity was up in the vast majority of Canadian housing markets compared to the same month the previous year. Among the eight markets that posted year-over-year sales declines in February, minimal supply at the moment is the most likely explanation.

“We are right at the start of the first undisturbed (by policy or lockdown) spring housing market in years, and we also have the most extreme demand-supply imbalance ever by a large margin. So, the question is, what is going on? I think part of it is the demand that built up due to regulatory changes in the years leading up to COVID that is playing out now. Part of it is the demand that is being pulled forward from the future either in search of a home base to ride out the pandemic or to lock down a purchase amid rapidly rising prices while securing a record low mortgage rate,” said Shaun Cathcart, CREA’s Senior Economist. “But maybe the biggest factor here is the emergence of existing owners with major equity, prompted by the great shake-up that is COVID-19 to pull up stakes and move. First-time buyers, which we have a lot of, are now having to compete with that as well.”

 

 

New Listings

The number of newly listed homes rebounded by 15.7% in February, recovering all the ground lost to the drop recorded in January. With sales-to-new listings ratios historically elevated at the moment, indicating almost everything that becomes available is selling, it was not surprising that many of the markets where new supply bounced back in February were the same markets where sales increased that month.

With the rebound in new supply outpacing the gain in sales in February, the national sales-to-new listings ratio came off the boil slightly to reach 84% compared to the record 91.2% posted in January. That said, the February reading came in as the second-highest on record. The long-term average for the national sales-to-new listings ratio is 54.4%.

Based on a comparison of sales-to-new listings ratio with long-term averages, only about 15% of all local markets were in balanced market territory in February, measured as being within one standard deviation of their long-term average. The other 85% of markets were above long-term norms, in many cases well above. The first two months of 2021 and the second half of 2020 have seen record numbers of markets in seller’s market territory. For reference, the pre-COVID record of only around 55% of all markets in seller’s territory was set back at the beginning of 2002.

There were only 1.8 months of inventory on a national basis at the end of February 2021 – the lowest reading on record for this measure. The long-term average for this measure is a little over five months. At the local market level, some 40 Ontario markets were under one month of inventory at the end of February.

Home Prices

The Aggregate Composite MLS® Home Price Index (MLS® HPI) jumped by 3.3% m-o-m in February 2021 – a record-setting increase. Of the 40 markets now tracked by the index, all but one were up on a m-o-m basis.

The non-seasonally adjusted Aggregate Composite MLS® HPI was up 17.3% on a y-o-y basis in February – the biggest gain since April 2017 and close to the highest on record.

The largest y-o-y gains – above 35% range – were recorded in the Lakelands region of Ontario cottage country, Tillsonburg District and Woodstock-Ingersoll.

Y-o-y price increases in the 30-35% were seen in Barrie, Niagara, Bancroft and Area, Grey-Bruce Owen Sound, Kawartha Lakes, London & St. Thomas, North Bay, Northumberland Hills, Quinte & District, Simcoe & District and Southern Georgian Bay.

This was followed by y-o-y price gains in the range of 25-30% in Hamilton, Guelph, Cambridge, Brantford, Huron Perth, Kitchener-Waterloo, Peterborough and the Kawarthas and Greater Moncton.

Prices were up in the range from 20-25% compared to last February in Oakville-Milton and Ottawa, 18.8% in Montreal, 16.1% in Chilliwack, in the 10-15% range on Vancouver Island, the Fraser Valley and Okanagan Valley, Winnipeg, the GTA, Mississauga and Quebec, the 5-10% range in Greater Vancouver, Victoria, Regina and Saskatoon, in the 3.5% range in Calgary and Edmonton, and 2.6% in St. John’s.

Bottom Line

We all know why the housing boom is happening:

  • Employment in higher-paying industries has actually risen despite the pandemic, supporting incomes among potential homebuyers.
  • Mortgage rates plumbed record lows and, while they’re backing up now, they’re still below pre-COVID levels, while many buyers are likely still on pre-approvals with rates locked in.
  • There’s been a dramatic shift in preferences toward more space, further outside major urban centres (commuting requirements are down and probably assumed to remain down).
  • Limited travel has created historic demand for second (recreational) properties, and households have equity in existing properties to tap.
  • Younger households are likely pulling forward moves that would have otherwise happened in the years ahead.
  • There has to be some FOMO and speculative activity in the market at this point. In January, 6% of all houses listed for sale in Toronto’s suburbs had been bought in the previous 12 months, up from 4% a year earlier, according to brokerage Realosophy.

On the flip side, there is precious little supply to meet that demand, at least in segments that the market wants.

In a separate release, Canadian housing starts pulled back to 245,900 annualized units in February, a still-high level following a near-record print in the prior month. This is not a winter wonder. Starts on a twelve-month average basis are running at 227k annualized, the strongest such pace since 2008, and over the past six months, starts are averaging 242k, the highest since at least 1990. Both single- and multi-unit starts declined in the month, as did all provinces but British Columbia.

For more on this article, including a detailed table with home prices by region, please view the article here.


Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on “The Mortgage Show”, and is the best selling author of The Mortgage Code where all proceeds are donated to the YWCA.

Angela is a magazine contributor, speaker, and recently collaborated to publish her third book, Pursuit:365. In August of 2020, Angela surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37 and was recently awarded the 2020 Business Leader of the Year Award. Angela leads by example with passion and conviction, known as an industry expert and go-to source for media and publishers across the Country.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or 604-802-3983.

What the Increase in Fixed Interest Rates Mean for You

General Angela Calla 3 Mar

Fixed Rates and Variable Rates follow different economic indicators. Fixed Rates are based on the bond market where we are presently seeing notable increases (approx. 12 dollars per 100k of mortgage amount with recent changes). The Bank of Canada is watching the housing market closely, and while they don’t intend to raise the rates, it is important to make your decisions with caution, as the circumstances change.

For those in the purchase market, pre-approvals are prudent. Rising rates will likely trigger more housing activity in the near-term as those thinking of buying might move off the sidelines, pushing prices higher over the first half of this year.

There is NO reason to panic! Rates are still around 2% and it does not change any of your qualifications as they are based on the 4.79% benchmark rate. Furthermore, there is no current changes in variable rates.

Again, even though there is no reason to panic, below are some key considerations we want you to think about!

If you are shopping for a home

Get a full pre-approval (verification of credit, income and down payment) and stay in communication with your provider on your progress. Rate holds range from 90-120 days and some specials are only available for LIVE purchases with an accepted offer in place within the time frame of your pre-app.

If you have a renewal upcoming in the next year

Time to secure an option, in the event rates continue to rise it may be better to renew early.

If you have debt outside your mortgage

Whether it’s debt from credit cards, lines of credit or loans or required funds for a renovation, it’s pressing that you review your status to ensure that you qualify to include these things into a new mortgage. By doing so, you will likely save more money every month and improve your cashflow to grow your wealth while rates are still exceptionally low.

If you or a loved one have mortgage questions, a mortgage renewal upcoming or need access to your equity, please reach out to us directly by responding to this email or calling (604)-802-3983 and we are happy to help.


Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on “The Mortgage Show”, and is the best selling author of The Mortgage Code where all proceeds are donated to the YWCA.

Angela is a magazine contributor, speaker, and recently collaborated to publish her third book, Pursuit:365. In August of 2020, Angela surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37 and was recently awarded the 2020 Business Leader of the Year Award. Angela leads by example with passion and conviction, known as an industry expert and go-to source for media and publishers across the Country.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or 604-802-3983.

 

Interest Rates & Commodity Prices Surge on Economic Rebound Optism

General Angela Calla 26 Feb

Canadian 5-year Bond Yield Surges 

In an unprecedented move, bond yields are spiking around the world. Yields globally are now at levels last seen before the coronavirus spread worldwide. At the same time, commodity prices are surging, including energy, metals and minerals, agricultural products and lumber. The Biden administration’s $1.9 trillion stimulus package is has triggered fears that if the US economy returns to full employment too quickly, inflation might be the result.

Central banks have attempted to soothe markets, with European Central Bank chief economist Philip Lane saying the institution can buy bonds flexibly. Fed Chair Jerome Powell called the recent run-up in yields “a statement of confidence” in the economic outlook. Bank of Canada Governor Tiff Macklem told us earlier this week that it’s a long road to recovery for the Canadian economy. The Bank of Canada will continue to provide support every step of the way. Many Bay Street economists took this to mean that he reinforced the BoC’s commitment to keeping the policy rate at its effective lower bound of 25 bps until sometime in 2023.

These global developments have sideswiped Canada. On Tuesday, I warned that the 5-year government bond yield had risen 27 bps to 0.69% since the beginning of this month, shown in the first chart below. This morning, the rise has become exponential, hitting 1.00%, shown in the second chart and blown up to full size in the single chart below.

 

 

 

Keep in mind that Canada’s economy has considerable slack with unemployment rising in recent months and the lockdown continuing for at least a couple more weeks in the GTA. Moreover, Canada has fallen far behind other countries in the vaccine rollout. But there is no denying that pent-up demand in Canada is high. Not only have home sales been breaking records, but auto sales and anything housing-related–such as Home Depot earning growth–have skyrocketed.

Savings rates are high, and the big banks have reported a surge in deposit growth as consumers squirrel away those savings. Remember, the Roaring Twenties was a response to the 1918 Pandemic, more than anything else.

The CRB commodity price index, shown below, is on a tear, and the gains are in every sector except gold and orange juice. That means that new home construction costs are also rising, as home sales remain well above listings.

Bottom Line

It’s time to lock-in mortgage rates. For those in the market, preapprovals are prudent. Rising rates will likely trigger more housing activity in the near-term as those thinking of buying might move off the sidelines, pushing prices higher over the first half of this year.

The surge in interest rates would undoubtedly stall or reverse if we see a third wave of new variant Covid cases in advance of a full rollout of the vaccines in Canada. However, there is enough monetary and fiscal stimulus in global markets, and oil prices are expected to continue to rally sufficiently that an ultimate rise in interest rates cannot be far off. This is indicated by the loonie moving to a near a 3-year high.

Read the full article here by Dr. Sherry Cooper


Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on “The Mortgage Show”, and is the best selling author of The Mortgage Code where all proceeds are donated to the YWCA.

Angela is a magazine contributor, speaker, and recently collaborated to publish her third book, Pursuit:365. In August of 2020, Angela surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37 and was recently awarded the 2020 Business Leader of the Year Award. Angela leads by example with passion and conviction, known as an industry expert and go-to source for media and publishers across the Country.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or 604-802-3983.

Fixed Interest Rates on the Rise | Cause for Concern?

General Angela Calla 26 Feb

Fixed rates and variable rates follow different economic indicators, fixed rates are based on the bond market and this is were we are presently seeing notable increases. The Bank of Canada is watching the housing market closely and while they don’t intend to raise rates, it is important to make your decisions with caution, as the circumstances change.

Bottom Line.

It’s time to lock-in mortgage rates. For those in the market, pre-approvals are prudent. Rising rates will likely trigger more housing activity in the near-term as those thinking of buying might move off the sidelines, pushing prices higher over the first half of this year. 

If you are shopping for a home?

Get a full pre-approval  (verification of credit, income and down payment) and stay in communication with your provider on your progress. Rates holds ranges from 90-120 days and some specials are only available for LIVE purchases with an accepted offer in place within the time frame of your pre-app.

If you have a renewal upcoming in the next year?

Time to secure an option, in the event rates continue to rise it may be better to renew early.

If you have debt outside your mortgage?

Such as credit cards, lines of credit or loans or require funds for a renovation, its prudent to review if you qualify to include that into a new mortgage to save money monthly and improve your cashflow to grow your wealth while rates are still very low.

The surge in interest rates would undoubtedly stall or reverse if we see a third wave of new variant COVID-19 cases in advance of a full rollout of the vaccines in Canada. However, there is enough monetary and fiscal stimulus in global markets, and oil prices are expected to continue to rally sufficiently that an ultimate rise in interest rates cannot be far off. This is indicated by the dollar moving to a near a 3-year high. For the full report click here:

If you or a loved one have mortgage questions, a  mortgage renewal upcoming or need access to your equity, please reach out to us directly by reaching out by calling 604-802-3983 or via e-mail at hello@countoncalla.ca and we are happy to help.

For more information on this, please follow this link to Dr. Sherry Cooper’s site.


Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on “The Mortgage Show”, and is the best selling author of The Mortgage Code where all proceeds are donated to the YWCA.

Angela is a magazine contributor, speaker, and recently collaborated to publish her third book, Pursuit:365. In August of 2020, Angela surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37 and was recently awarded the 2020 Business Leader of the Year Award. Angela leads by example with passion and conviction, known as an industry expert and go-to source for media and publishers across the Country.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or 604-802-3983.