Rates
3.69%, 3-year fixed, insured (less than 20% down)
3.99%, 3-year fixed, > 20% down payment (conventional)

• These are both close to 0.75% below market rates right now.

Details
Application intake ends Sept 30, 2025
Must close/ possession in less than 30 days of application submission.
Purchase, refi or switch lenders on renewal for better deal.

This is a STEP – Scotia Total Equity Program – the one they advertise on TV

• Buyers need to qualify at a slightly higher “stress test rate” so this may not be for all buyers, but we will do the math to see!
• Mortgage payments must out of Scotia bank account
  • And customers must have 1 additional product
  • Our trick: could be as easy as adding an overdraft, fee is $5/ month
• And if the buyer has rentals, they use a smaller rental offset at 50%, not 80%, or 100% that a few other lenders use.

Background
The program was intended for brokers who are being undercut by a Big-6 bank as the Big-6’s rates are very sharp right now due to the 1,300,000 mortgage renewals this year.

• Brokers are expected to have the docs needed in hand and be in the middle of a live deal … which is why there are lots of “details” that are added to this special.

Our Take
Fantastic rate at o.75% BELOW MARKET if it is possible to get possession in 30 days or less.
We are doing a few right now. Everyone is happy and husslin.

NEXT STEPS
As always… for you and your customers I answer from 9-9 x 365, am in the office from 10 – 7 weekdays, best time to call is between 11 am to 3 pm.
Especially for these deals, as we need to get on them quickly.

MORE RATE DATA

Rate Summary & Strategy Breakdown:
→ Buying Soon? Fixed rates are creeping up. If your budget is tight or you want payment stability, consider locking in a five-year term. There’s solid value there today.

→ Coming Up for Renewal? Now’s the time to run the numbers. Even if your lender offers you what seems like a “competitive” rate, we’re seeing big differences between institutions. It could cost you thousands not to shop around.

→ Holding a Variable Rate? If you’re still comfortable with some short-term rate fluctuations, staying put might remain the cheapest long-term option—but the payoff likely won’t be immediate. Make sure your budget has some buffer.

→ Thinking Big Picture? There are strategies that can turn your mortgage interest into a tax-deductible expense—though they’re not for the faint of heart. If you’re serious about building wealth through real estate or investments, let’s chat about how advanced structures like “The Smith Manoeuvre” might fit into your broader plan.

Tip of the Week:
Don’t fixate only on the rate. As mortgage rates fluctuate, now more than ever it’s crucial to understand the terms behind the number. Prepayment penalties, portability options, refinance flexibility—these can have a significantly bigger financial impact than a minor rate difference.

More Rate Details: What Is going on with Canadian mortgages

Because Canadian fixed mortgage rates are largely priced off Government of Canada (GoC) bond yields, the uptick in U.S. bond yields flowed straight into ours, pushing fixed rates higher across the board here at home.

At this point, the lowest available three- and five-year fixed rates are sitting at roughly the same level. That makes five-year terms especially attractive right now—you get more rate stability with no premium. And while variable rates haven’t moved, they remain a long-game strategy that requires some comfort with uncertainty.

Variable mortgage rates are still likely to beat fixed over a full term—but only for borrowers who can stomach a bit more movement along the way. The Bank of Canada is now pegged by markets to cut rates later than originally expected, with just a 35% chance of a cut at the next meeting. Yikes.  Before Trump was elected we expected 4x o.25% cuts, and there has been none due to the tariff threat.