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If You’re Considering Locking in Your Variable Mortgage

General Angela Calla 26 Jan

The Bank of Canada has made their announcement to keep interest rates the same today, but we fully expect them to increase later this year. For some, this may be an opportunity for locking in your mortgage.

With the current inflationary pressures, it’s very common to consider if you should lock in your variable rate mortgage. If rates go up and you presently have a variable rate mortgage, this means that the next month your payment will go up with most lenders.

With every 0.25 basis point increase, it’s $13/month per 100k in a mortgage. As an example, if you have a 300k mortgage, expect your payment to go up approx. $40/month

Please keep in mind if you do decide to lock into a fixed rate, we are presently seeing lock-in rates at approximately 3%. This means if you have a mortgage below 2% right now and you decide to lock in now, you are guaranteeing, approximately, an additional 1% in interest to the lender for the “security” of a fixed rate (which would take four increases from the Bank of Canada).

Over time, locking-in has proven not to be the most cost-effective, if, and only IF you have the peace of mind to continue on the path.

At least knowing how the numbers impact you will help you determine what is best for your family, as it is a personal decision.

Knowing what a balancing act the Bank of Canada has ahead, I am not rushing to lock in my variable rate mortgage, as every time I have has been met with regret. This is what experience has taught me in my 18 years of mortgage holding.

There is a saying “life is variable, so your mortgage should be too”, however, peaceful sleep at night can also be worth its weight in gold, knowing that fixed rates are below inflation.

Your first step should be to confirm with your lender directly what your lock-in rate would be, and then feel free to reach out to us! We can then determine if we should update our records or look at making a change to a new mortgage lender if there is a better option out there for you.

Here is a link to the Bank of Canada announcement as well as a link to download our DLC mortgage app to see how your payments could/would change.

Some common lenders contact information to see what lock-in options are:

First National
Email address:, or
Phone number: 604-681-5300

Email address:
Phone number: 1-877-637-4914

Phone number: 1-866-928-6810


Phone number: 1-866-809-5800

Phone number: 1-800-265-2624

Phone number: 1-877-303-8879

Phone number: 1-877-230-6275

Phone number: 1-888-310-4722

If you are in a fixed-rate mortgage, creating a budget that counts for where rates are each year will help you avoid future payment/interest rate shock to position you best for your renewal. If you or a loved one needs some help, we are just a phone call or email away!

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code, Angela educates prospective home buyers by providing vital information on mortgages. 

In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at or at 604-802-3983.

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