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Casb Management Group Inc. operates both as a Canadian mortgage broker in London, Ontario with a primary focus on residential and investment properties in London and the area surrounding the Forest City, and as a common sense private mortgage lender in London, Ontario. Each application is considered based on a combination of income, credit and equity.
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Scraping together a competitive down payment in 2025 often feels like a marathon. But two revamped federal programs-the First Home Savings Account (FHSA) and the beefed-up Home Buyers' Plan (HBP)-let first-time buyers tag-team their tax shelters, potentially unlocking six figures of cash without triggering a tax bill. Below, we break down the rules, the math, and the smart ways to combine them so you can hit the starting line of your home search with real momentum.
Think of the FHSA as the love-child of an RRSP and a TFSA: contributions are tax-deductible now, and qualified withdrawals are tax-free later. You can deposit up to $8,000 per year until you hit the $40,000 lifetime ceiling, and any unused annual room rolls forward, so opening an account early maximizes flexibility (Source: CRA-First Home Savings Account, updated April 2025).
Contribution receipts lower your taxable income like an RRSP, and your growth compounds tax-free. You have a 15-year "participation period" to buy or build a qualifying first home. If you change your mind, you can roll the balance into an RRSP without affecting your RRSP contribution room, keeping the tax deferral intact.
The 2024 federal budget boosted the RRSP withdrawal limit under the Home Buyers' Plan to $60,000, reflecting bigger down-payments in today's market (Source: Budget 2024, Chapter 1: More Affordable Homes). This change applies to withdrawals made on or after April 16, 2024 and extends to buyers with disabilities purchasing an accessible home.
You still need to repay the borrowed amount to your RRSP over 15 years or include any missed instalments in your taxable income. But the higher ceiling means a couple can now pull up to $120,000-and combine that with two FHSAs for a potential $200k+ down payment.
Because Ottawa treats the FHSA and HBP as separate vehicles, you can tap both for the same purchase. A buyer who maxes their FHSA ($40k) and RRSP withdrawal ($60k) walks into their offer negotiations with $100,000-before even adding partner contributions or cash savings (Source: CRA-HBP Overview, updated January 2025).
That larger down payment can:
CMHC's 2025 Housing Market Outlook projects modest national price growth of 2–3 % through 2026, citing improved affordability as rates drift lower but inventory stays tight (Source: CMHC Housing Market Outlook, February 5 2025). Against that backdrop, first-timers with bigger liquid down payments will stand out to sellers and lenders alike.
No. You must not have lived in a home you or your spouse owned in the current or previous four calendar years to qualify (Source: CRA FHSA eligibility).
Good news-they don't. FHSA deposits sit on top of your RRSP and TFSA limits, giving you fresh tax-deductible space.
The schedule hasn't changed: the second calendar year after the year you withdraw. If you take funds in 2025, repayments begin in 2027.
Absolutely. Lenders will simply verify each source. A larger equity stake can even help you qualify under the mortgage stress test.
You must close the FHSA by the end of that year-rolling the balance into an RRSP or withdrawing it as taxable income. Rolling keeps the tax shelter intact.
Leveraging the FHSA and the enhanced HBP is one of the fastest ways to turn "someday" into "sold." If you're ready to map out a contribution strategy, or need help proving the down-payment source to a lender, our team is a click away.
On June 4 2025, the Bank of Canada (BoC) left its overnight rate unchanged at 2.75 % for the fourth meeting in a row (Source: Bank of Canada press release, June 4 2025). While the headline sounded uneventful, the ripple effects shape every mortgage conversation you'll have for the rest of the year, from first-time buyers wondering whether to go variable to renewal clients debating a three-year versus a five-year fix.
Because most Canadian variable-rate mortgages are priced "prime minus," a steady policy rate means prime (currently 4.95 %) stays put. Monthly payments on adjustable-payment variables remain the same, and static-payment variables avoid hitting a new trigger rate. Yet holding flat isn't the same as relief, amortizations are still stretched for thousands of borrowers who absorbed last year's hikes. If you're in that camp, use this pause to revisit a prepayment plan or consider converting to a shorter fixed term.
Five-year Government of Canada bond yields dipped below 3 % after the BoC announcement as traders priced in two potential cuts later this year. Lenders have already trimmed discounted five-year fixed rates by 10–15 bps since mid-May. The window could be brief: a stronger-than-expected GDP print or another bump in U.S. Treasury yields would push Canadian bonds higher, dragging fixed mortgage rates with them.
OSFI's mortgage stress test uses the greater of 5.25 % or the contract rate + 2 %. With deep-discounted five-year fixed deals now hovering around 4.54 %, many borrowers are still qualifying at 6.54 %, almost a full point lower than last autumn. That improved headroom can raise a household's maximum loan amount by roughly 7 %–8 %, making pre-approval timing a strategic lever for summer buyers.
For brokers and agents, the advisory edge lies in scenario modelling: show clients how a single 25-bp BoC cut could shave $13–$15 off every $100,000 of variable balance, and contrast that with the cost of waiting if fixed rates bounce first. Tools like mortgage rate "trigger-point" alerts and automated renewal reminders keep you front-of-mind when the next policy move lands.
A rate hold may sound like a non-event, but it's a strategic pause that savvy Canadians can leverage. Whether that means stress-test relief for new buyers or a stress-free renewal for existing homeowners, guidance from an informed mortgage professional makes all the difference.
Q1. Does the June rate hold change the qualifying rate right away?
A1. Only indirectly. If your contract rate plus 2 % falls below 5.25 %, the stress-test floor stays 5.25 %. When discounted fixed rates drop enough, you'll qualify slightly easier.
Q2. Should I lock a fixed rate now or wait for possible cuts?
A2. If your closing is within 90 days, today's fixed rates look attractive versus early-2024 highs. You can also choose a lender that lets you "float down" if rates improve before funding.
Q3. Are HELOC rates frozen too?
A3. Yes. Most HELOCs are priced at prime plus a spread. With prime steady, your HELOC rate remains unchanged until the BoC moves again.
Q4. Could the Bank of Canada still cut rates later in 2025?
A4. According to BoC Governor Tiff Macklem, the Governing Council is "prepared to act" if unemployment softens and inflation trends toward 2 % (Macklem press conference, June 4 2025). Markets currently price a 60 % chance of a 25-bp cut by December.
Q5. How can a mortgage broker help me navigate this?
A5. Brokers compare dozens of lender promos daily, model rate scenarios, and negotiate rate-hold extensions, giving you clarity and potentially saving thousands over the life of your mortgage.
If you've been waiting for interest rates to drop before locking in a mortgage, you're not alone. On June 5, 2025, the Bank of Canada (BoC) decided to hold its overnight lending rate at 4.75%, marking the first pause in rate hikes in over two years. While many Canadians hoped this would mean significantly lower mortgage rates, the reality is a bit more complex.
A "rate pause" means the Bank of Canada didn't increase or decrease its key interest rate this time around. It's a signal that inflation is starting to cool off just a bit, but not enough for them to start slashing rates just yet. That's important because this overnight rate influences how much lenders charge for variable-rate mortgages, lines of credit, and other loans.
Not necessarily. While a pause may lead to slightly lower fixed mortgage rates, especially if the bond market reacts positively, there's no guarantee we'll see a big drop right away. In fact, some lenders are still playing it cautiously because of ongoing concerns like:
If you're in the market for a mortgage, now might be the time to compare fixed and variable options more closely.
Fixed-rate mortgages are typically tied to bond yields, which have started to ease. This could mean better deals are on the horizon, especially for shorter terms like 1–3 years.
Variable-rate mortgages are directly linked to the BoC's rate. Since there's no cut yet, your payments won't drop-though some economists are predicting a cut later in 2025.
???? Tip: If you're renewing your mortgage or looking to buy soon, consider a shorter fixed term. This lets you ride out today's rates while staying flexible for future drops.
Although this pause is encouraging, the Bank has made it clear that it is still watching the economy closely. If inflation flares up again, they could hold or even hike rates again. On the flip side, if things cool down faster than expected, a rate cut could come later this year.
If you're unsure about what to do with your mortgage in this environment, here are a few simple steps:
The Bank of Canada may have paused its interest rate hikes, but that doesn't mean we should celebrate just yet. Mortgage rates are not falling significantly, and the economic outlook remains mixed. However, this is a great time to start planning and positioning yourself for what comes next.
If you're interested in exploring your mortgage options or need assistance understanding how this situation affects your budget, let's discuss it. We are here to help you make confident and informed decisions about your home financing.
The Bank of Canada today maintained its target for the overnight rate at 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%.
Since the April Monetary Policy Report, the US administration has continued to increase and decrease various tariffs. China and the United States have stepped back from extremely high tariffs and bilateral trade negotiations have begun with a number of countries. However, the outcomes of these negotiations are highly uncertain, tariff rates are well above their levels at the beginning of 2025, and new trade actions are still being threatened. Uncertainty remains high.
While the global economy has shown resilience in recent months, this partly reflects a temporary surge in activity to get ahead of tariffs. In the United States, domestic demand remained relatively strong but higher imports pulled down first-quarter GDP. US inflation has ticked down but remains above 2%, with the price effects of tariffs still to come. In Europe, economic growth has been supported by exports, while defence spending is set to increase. China's economy has slowed as the effects of past fiscal support fade. More recently, high tariffs have begun to curtail Chinese exports to the US. Since the financial market turmoil in April, risk assets have largely recovered and volatility has diminished, although markets remain sensitive to US policy announcements. Oil prices have fluctuated but remain close to their levels at the time of the April MPR.
In Canada, economic growth in the first quarter came in at 2.2%, slightly stronger than the Bank had forecast, while the composition of GDP growth was largely as expected. The pull-forward of exports to the United States and inventory accumulation boosted activity, with final domestic demand roughly flat. Strong spending on machinery and equipment held up growth in business investment by more than expected. Consumption slowed from its very strong fourth-quarter pace, but continued to grow despite a large drop in consumer confidence. Housing activity was down, driven by a sharp contraction in resales. Government spending also declined. The labour market has weakened, particularly in trade-intensive sectors, and unemployment has risen to 6.9%. The economy is expected to be considerably weaker in the second quarter, with the strength in exports and inventories reversing and final domestic demand remaining subdued.
CPI inflation eased to 1.7% in April, as the elimination of the federal consumer carbon tax reduced inflation by 0.6 percentage points. Excluding taxes, inflation rose 2.3% in April, slightly stronger than the Bank had expected. The Bank's preferred measures of core inflation, as well as other measures of underlying inflation, moved up. Recent surveys indicate that households continue to expect that tariffs will raise prices and many businesses say they intend to pass on the costs of higher tariffs. The Bank will be watching all these indicators closely to gauge how inflationary pressures are evolving.
With uncertainty about US tariffs still high, the Canadian economy softer but not sharply weaker, and some unexpected firmness in recent inflation data, Governing Council decided to hold the policy rate as we gain more information on US trade policy and its impacts. We will continue to assess the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs.
Governing Council is proceeding carefully, with particular attention to the risks and uncertainties facing the Canadian economy. These include: the extent to which higher US tariffs reduce demand for Canadian exports; how much this spills over into business investment, employment and household spending; how much and how quickly cost increases are passed on to consumer prices; and how inflation expectations evolve.
We are focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval. We will support economic growth while ensuring inflation remains well controlled.
The next scheduled date for announcing the overnight rate target is July 30, 2025. The Bank will publish its next MPR at the same time.
Source: Bank of Canada Website
If you're among the thousands of Canadian homeowners with a mortgage renewal coming up in 2025, you might already be concerned about what rising interest rates could mean for your monthly payments. During the pandemic, many Canadians took advantage of historically low rates. Now, as these mortgages approach renewal, many borrowers will face increased payments. But don't panic-we're here to guide you through this transition.
During the pandemic's peak, interest rates in Canada dropped to unprecedented lows, allowing homeowners to secure mortgages with exceptionally favourable terms. Many Canadians chose variable-rate or fixed-rate mortgages at these low rates. As these terms now expire, renewals are happening in a different environment-interest rates are considerably higher than when many secured their initial mortgages.
According to the Bank of Canada's recent reports, about 60% of mortgages will renew in 2025 and 2026. For some homeowners, this might mean facing monthly payment increases of several hundred dollars or more.
Higher mortgage payments can significantly impact your monthly budget. However, this does not mean you're without options. Preparation, strategy, and professional advice can help ease the financial pressure.
Before your renewal date arrives, take a close look at your finances. Calculate your monthly income and expenses, and identify areas where you can cut costs. This proactive approach will help you evaluate your ability to manage higher payments.
One effective way to manage increased payments is by refinancing your mortgage or extending the amortization period. Although extending your mortgage means you will pay interest over a longer time, it can significantly lower your monthly payments, giving you immediate financial relief. However, it's important to consider the short-term benefit of reduced payments against the long-term cost of paying additional interest.
If your renewal date is approaching and you are worried about possible rate increases, consider talking to your lender or mortgage broker about locking in your rate early. Securing your rate in advance can help protect you from potential future hikes.
Mortgage renewals can be complex. Working with a mortgage professional can provide valuable insights into your options. Our brokerage specializes in helping homeowners find solutions tailored specifically to their financial situations. We can assist you in exploring alternatives such as refinancing, debt consolidation, and adjusting your mortgage terms to ensure your payments are manageable.
The exact amount your payments will increase depends on several factors, including your current interest rate, your new rate upon renewal, and your remaining mortgage balance. Generally, borrowers renewing mortgages obtained during the pandemic at rates around 2-3% might see their rates increase to 4-6%, potentially raising monthly payments by hundreds of dollars.
Choosing between a variable-rate and a fixed-rate mortgage depends on your risk tolerance and financial stability. Fixed rates offer certainty, especially valuable during times of economic unpredictability, while variable rates historically save money over the long term but come with uncertainty in monthly payment fluctuations. We recommend discussing your specific situation with a mortgage advisor to choose the best option for you.
Refinancing can be beneficial if it helps reduce your monthly payment or consolidate higher-interest debts. However, it's crucial to evaluate your unique financial circumstances carefully. While refinancing may lower your payments now, extending your mortgage duration will mean paying more interest overall. A detailed conversation with one of our mortgage specialists can help determine if refinancing makes sense for your specific situation.
We understand that navigating mortgage renewals in a changing interest rate environment can be stressful. Our team is committed to helping you clearly understand your options and guide you through the process with ease. We offer personalized consultations to discuss your financial goals and create tailored strategies to manage your renewal smoothly and confidently.
Don't let rising rates overwhelm you. Contact us today to discuss your upcoming mortgage renewal, and let's explore the best solutions for your financial peace of mind.
A friendly guide for Canadian homeowners who are about to renegotiate one of the biggest contracts of their lives.
If your mortgage is coming up for renewal between January and March 2025, you are not alone. Roughly one in three fixed rate mortgages in Canada will turn five years old during that window, thanks to the frantic home buying and refinancing wave of 2020 and 2021. Back then, rock bottom rates in the 1 percent range felt like a gift. Today, the rate landscape looks very different, but it is also improving more quickly than many expected even a year ago.
Early 2025 could be the sweet spot where policy maker caution, receding inflation, and hefty competition among lenders converge to give borrowers new negotiating power. Let's unpack the numbers, the forecasts, and-most importantly-what you can do right now to walk into your renewal meeting with confidence.
Consensus takeaway: Additional downside for mortgage rates is modest but real-think another 0.25 to 0.50 percentage points by early 2025 unless inflation flares up again.
Inflation is almost back in its cage, the Bank of Canada still has room to lower rates, and lenders are hungry for stable, low risk refinance business. That combination could bring five year fixed mortgages back into the low 3 percent range for well qualified borrowers in early 2025.
But markets can and do swerve. Hedge your bets by starting early, gathering competing offers, and leaning on an experienced mortgage broker who keeps one eye on bond screens and the other on your household balance sheet.
When you are ready to explore the options, reach out. I will comb the market for the sharpest renewal rate and translate every line of the fine print so you can focus on enjoying your home, not fretting about your mortgage.
Happy house holding, and here's to a smoother and cheaper 2025!
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