Fixed vs Variable Mortgage Calgary 2026 | Should You Lock In Now?
Fixed vs Variable Mortgage in Calgary (2026): Why Locking In May Be the Safer Move Right Now
Written by Mark Herman, MBA – Mortgage Broker with 22 Years of Experience
Mortgage rates in Canada—and specifically here in Calgary—are starting to trend upward again. After a period where variable rates often came out ahead, the risk equation has shifted.
If you’re trying to decide between a fixed or variable mortgage today, the key question is no longer just “which is cheaper right now?” — it’s how much risk are you willing to take on?
What’s Changed: Rates Are Gradually Rising Again
Over the past year, many buyers benefited from improving affordability after the housing correction. But now:
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Bond yields are creeping higher
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Lenders are adjusting fixed rates upward
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Variable rates remain exposed to future increases
This creates a very different environment than what borrowers faced even 6–12 months ago.
The Real Question: Certainty vs Flexibility
Your decision tree graphic captures this perfectly.
At its core, the choice comes down to one key question:
Is monthly payment certainty critical to you?
If the answer is yes, a fixed rate is usually the better fit.
If the answer is no, then you need to ask:
Can you comfortably absorb payment increases if rates rise further?
Right now, that second question matters more than ever.
Why Fixed Rates Are Becoming More Attractive in Calgary
Here’s what I’m seeing with clients in Calgary right now:
1. Cash Flow Is Getting Tighter
With higher home prices and cost of living, many borrowers don’t have as much room to absorb rising payments.
A fixed rate:
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Locks in your payment
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Protects your monthly budget
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Eliminates uncertainty
2. The Risk of Being Wrong Has Increased
Variable rates can still win—but only if rates stabilize or fall.
If rates continue rising:
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Payments can increase significantly
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Stress levels go up
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Flexibility becomes a liability instead of an advantage
Right now, the downside risk is larger than the potential upside reward.
3. Fixed Rates Lock In Today’s Affordability
Even though fixed rates are slightly higher than they were, they still:
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Lock in your current qualification
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Protect your purchasing power
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Remove future surprises
In a rising rate environment, that stability has real value.
When a Variable Rate Still Makes Sense
Variable isn’t “wrong”—it just requires a higher risk tolerance right now.
It may still be a fit if you:
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Have strong cash flow and savings
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Can handle payment increases without stress
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Believe rates will stabilize or decline in the near future
But this is no longer the “default smart choice” it once was.
Calgary-Specific Insight: Why This Matters More Locally
In Calgary, many buyers are:
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Stretching slightly more on affordability
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Entering the market after sitting out during higher rates
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Managing variable income (commission, bonuses, self-employed)
That makes payment stability more valuable here than in lower-cost markets.
Simple Rule of Thumb (2026)
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Want stability and peace of mind → Choose fixed
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Comfortable with risk and volatility → Consider variable
But today, more borrowers are landing on fixed—not because it’s exciting, but because it’s safer.
FAQ: Fixed vs Variable Mortgages in Calgary
Is it better to go fixed or variable in 2026?
Right now, fixed rates are generally the safer option due to rising interest rate risk.
Will variable rates come down?
They might—but timing is uncertain, and borrowers need to be able to handle increases in the meantime.
Can I switch later if I choose fixed?
Yes, but there may be penalties depending on your lender and timing.
Final Thoughts
This isn’t about predicting the market perfectly.
It’s about choosing a mortgage that lets you:
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Sleep at night
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Stay in control of your finances
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Avoid unnecessary risk
Right now, for many Calgary homeowners, that points clearly toward locking in a fixed rate.
Need Help Deciding?
If you’re unsure which direction makes sense for your situation, I can walk you through the numbers and stress-test both options.
Author Bio
Mark Herman is a Calgary-based mortgage broker with 22 years of experience and an MBA in Finance. He helps homebuyers and investors make smarter mortgage decisions by focusing on strategy, risk management, and long-term financial outcomes.
Mortgage Penalty Calculator Canada: How Fixed-Rate Penalties Are Calculated (2026 Guide)
Written by Mark Herman; MBA in Finance – Mortgage Broker with 22 Years of Experience
Quick Answer: Mortgage Penalty in Canada
If you break a fixed-rate mortgage in Canada, your penalty is usually:
- 3 months’ interest, or
- Interest Rate Differential (IRD)
You pay whichever is higher.
Most fixed-rate penalties in 2026 fall between:
- $5,000 to $30,000+
The exact amount depends heavily on how your lender calculates IRD.
Mortgage Penalty Calculator (Quick Estimate)
Use this simple method to estimate your penalty:
Step 1: 3 Months’ Interest
Formula:
Mortgage balance × interest rate × 3 ÷ 12
Example:
- $400,000 mortgage
- 5.00% rate
Penalty ≈ $5,000
Step 2: Estimate IRD – Interest Rate Differential
Formula:
(Your rate − current comparable rate) × balance × remaining months ÷ 12
Example:
- Balance: $400,000
- Your rate: 5.00%
- Current rate: 3.50%
- 24 months remaining
IRD ≈ $12,000
Your real penalty = the higher of the two
What Is a Mortgage Penalty?
A mortgage penalty is a fee you pay if you break your mortgage early by:
- selling your home
- refinancing
- switching lenders
- paying off your mortgage before the term ends
Fixed-rate mortgages almost always have higher penalties than variable-rate mortgages.
Why Fixed Mortgage Penalties Are So High
1. IRD replaces simple interest
Variable mortgages:
- 3 months’ interest is the max payout penalty
Fixed mortgages:
- The GREATER of 3-months interest or the IRD calculation (which ever is higher)
2. Rate changes increase penalties
If rates drop after you lock in:
- Your rate = higher
- Current rate = lower
Bigger gap = bigger penalty.
The bank says they were making all that interest before and now that you pay them back they will lend the money out at a lower rate so they need to “re-capture the interest that they expected to get before.”
During Covid when Calgary home owners mortgage rates were about 4% and the rates dropped to 2%, the IRD payout penalties were in the range of $20,000 to $45,000 on 5-year fixed mortgages!! What?
3. Each bank uses a different formula
This is the most important point.
Two identical mortgages can have very different penalties depending on the lender.
How Banks Calculate Mortgage Penalties (Canada)
RBC
- Uses IRD based on:
- posted rate for similar term
- minus your original discount
More complex than a simple “current rate” comparison
TD
- Uses posted rate for similar term
- subtracts your original discount
Often results in higher penalties than expected
BMO
- Similar to TD and RBC
- Uses posted rates and discount adjustments
Scotiabank
- Uses posted rate for closest remaining term
- adjusted for your original discount
- includes present-value calculation
CIBC
- Uses a comparison mortgage method
- compares:
- your rate (plus discount)
- vs current posted rate
Can produce significantly higher penalties
National Bank
- Uses a standard rate / posted rate approach
- adds capped 1 month interest component
Different structure than other banks
Why This Matters (Real Calgary Examples)
Example 1: Move-Up Buyer in Calgary
- Bought in 2023
- Needs bigger home in 2026
- Mortgage: $520,000
- Fixed rate: 4.79%
- 3 years remaining
Penalty could be $15,000–$25,000
Example 2: Refinancing to Pay Off Debt
- Calgary condo owner
- Wants to consolidate debt
- Mortgage: $300,000
- Fixed rate: 5.19%
Penalty: $8,000–$12,000
Still worth it in some cases—but must be calculated properly
Example 3: Rental Property Sale
- Investor selling in Calgary
Difference between lenders:
- Bank A: $9,000 penalty
- Bank B: $14,000 penalty
Same borrower, different lender = big difference
Fixed vs Variable Mortgage Penalties
| Mortgage Type | Typical Penalty |
|---|---|
| Variable | 3 months interest |
| Fixed | IRD or 3 months (whichever is higher) |
Fixed penalties are often 2–5x higher
How to Reduce or Avoid a Mortgage Penalty
1. Use prepayment privileges
Most lenders allow:
- 15% lump sum annually
- 15% payment increases, and doubling the payment
2. Consider portability
You may be able to transfer your mortgage to a new property and not pay the penalty as you are not closing down your mortgage. You are porting it to another address.
3. Time your refinance
Waiting until renewal = no penalty
4. Choose the right lender upfront
This is the biggest factor.
Rate matters—but penalty structure matters more long-term
Internal Resources (Recommended Reading)
- Minimum Down Payment Canada: Rules, Examples & Options
- How Much Income Do You Need to Buy a House in Calgary
- Fixed vs Variable Mortgage Rates in Canada
- OnlyFans Mortgage in Canada
- Mortgage Renewals Guide
FAQ: Mortgage Penalties in Canada
How is a mortgage penalty calculated?
It is the greater of:
- 3 months’ interest
- IRD (interest rate differential)
Why are fixed mortgage penalties so high?
Because IRD estimates the lender’s lost interest over time—not just a simple fee.
Can two banks charge different penalties?
Yes—and the difference can be thousands of dollars.
Can I avoid a mortgage penalty?
Sometimes, by:
- porting your mortgage
- waiting until renewal
- restructuring your mortgage
Is there a standard penalty formula in Canada?
No. Each lender uses its own variation of IRD.
Bottom Line
Most borrowers focus on:
getting the lowest rate
But ignore:
how expensive it is to break the mortgage
In many cases:
The penalty matters more than the rate. Depending on your situation – like moving out of the country in 1 or 2 years.
If you’re planning to:
- refinance
- sell early
- restructure your mortgage
I can help you:
- estimate your real penalty
- compare lender formulas
- avoid costly mistakes
Reach out for a personalized strategy.
Can I Use a Mortgage to Pay CRA Tax Debt in Canada? (A Real Example of a Private Refinance)
Written by Mark Herman, MBA – Mortgage Broker with 22 Years of Experience specializing in new home buyers and tough deals.
Many Calgary and Canadian homeowners are surprised to learn that the CRA can place a lien on their home for unpaid taxes. Once that happens, refinancing becomes much harder.
The good news is that homeowners with equity often still have options. In many cases, a private mortgage refinance can be used to pay CRA tax debt, remove the lien risk, and give you time to get your finances back on track.
Below is a real example of how this works.
Real Example: Refinancing to Pay $29,000 in CRA Tax Debt
A self-employed homeowner recently contacted me about refinancing their mortgage to deal with back taxes owed to the Canada Revenue Agency (CRA).
Here was the situation:
Business tax situation
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Business filings completed up to Oct 2022 – Sept 2023
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Currently working with an accountant to file Oct 2023 – Sept 2024
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Next filing period 2024–2025 still pending
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GST paid up to end of 2024
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GST may still be owing but amount unknown until filings are complete
Income structure
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Owner pays themselves from the business when income comes in
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No dividends issued
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Most tax liability flows to personal taxes
Personal tax situation
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Approximately $29,000 in personal tax debt to CRA
CRA had indicated they may place a lien on the property, which would make financing much more difficult.
The homeowner didn’t currently have the cash to pay the taxes, and they were also trying to pay their accountant to complete outstanding business filings.
Why CRA Debt Is a Problem for Mortgage Lenders
Most traditional lenders (banks and credit unions) require that CRA debt be fully paid before they approve a mortgage refinance.
They want to ensure:
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There is no CRA lien registered
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All tax filings are up to date
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There are no outstanding collection issues
If these conditions are not met, the bank will usually decline the mortgage.
How a Private Mortgage Can Solve the Problem
In situations like this, a private lender refinance can be used to:
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Pay off the CRA tax debt
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Prevent or remove a CRA lien
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Provide time to complete tax filings
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Stabilize finances before returning to a traditional lender
Private lenders focus primarily on:
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Equity in the property
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Property value
-
Exit strategy (how the loan will be repaid or refinanced later)
They are often much more flexible when dealing with self-employed borrowers or tax arrears.
Typical Structure of a CRA Tax Debt Refinance
A refinance for tax debt usually works like this:
Step 1 – Property appraisal
The lender confirms the home’s value and available equity.
Step 2 – Mortgage approval
A private lender approves a mortgage based on the equity position.
Step 3 – CRA payout
Funds from the refinance are used to pay CRA directly.
Step 4 – Short-term mortgage
The homeowner keeps the private mortgage for 12–24 months while fixing their tax situation.
Why Acting Before a CRA Lien Matters
Timing is critical.
If CRA registers a tax lien on your property, refinancing becomes significantly more complicated because:
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The lien must be paid during the refinance
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Some lenders refuse to fund if the lien is already registered
-
Legal costs can increase
Getting financing before the lien is registered gives homeowners far more options.
Who This Strategy Works Best For
Using a private mortgage to pay CRA debt can work well if you:
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Own a home with significant equity
-
Are self-employed
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Have unfiled taxes that are being completed
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Need time to catch up financially
This strategy is common for:
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Business owners
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Contractors
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Real estate investors
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Commission-based professionals
The Exit Plan: Moving Back to a Traditional Mortgage
Private mortgages are usually short-term solutions.
During the term, the goal is to:
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Complete all tax filings
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Pay CRA balances
-
Improve income documentation
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Refinance into a lower-rate bank mortgage
Featured Snippet – Q&A Section
Frequently Asked Questions About CRA Tax Debt and Mortgages
Can you refinance your home to pay CRA tax debt in Canada?
Yes. Homeowners with sufficient equity can often refinance their mortgage to pay CRA tax debt. If traditional lenders will not approve the refinance, a private mortgage lender may still provide financing based on the home’s equity.
Can CRA put a lien on your house for unpaid taxes?
Yes. The Canada Revenue Agency can register a tax lien against your property if taxes remain unpaid. Once registered, the lien attaches to your home and must usually be paid before selling or refinancing.
How much equity do I need to refinance to pay tax debt?
Most private lenders will allow refinancing up to approximately 75–80% of the home’s value, depending on the situation and property location.
Will banks refinance if I owe CRA money?
Most banks require that CRA debts be paid first and tax filings be up to date. If taxes are still outstanding, homeowners often need to use a short-term private mortgage to pay CRA and then refinance with a bank later.
Mortgage Example Calculator Section
Example: Using a Mortgage Refinance to Pay CRA Tax Debt
Let’s look at a simplified example.
Home Value: $700,000
Current Mortgage: $420,000
Maximum Refinance at 80%: $560,000
Potential equity available:
$560,000 – $420,000 = $140,000 available
If the homeowner owes $29,000 in CRA taxes, they could refinance and:
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Pay the CRA debt in full
-
Cover legal and appraisal costs
-
Possibly consolidate other high-interest debts
This type of refinance is commonly used as a temporary strategy, allowing the homeowner to clean up their tax situation before moving back to a traditional lender.
Frequently Asked Questions
Can CRA force the sale of my home?
Yes, in extreme cases CRA can pursue legal action that could eventually lead to the forced sale of property.
However, most homeowners resolve the issue by paying the tax debt through refinancing.
Can I get a mortgage if my taxes aren’t filed?
Traditional lenders usually require all tax filings to be current.
Private lenders may still consider the mortgage if:
-
You are actively working with an accountant
-
The property has enough equity.
How much equity do I need to refinance CRA debt?
Most private lenders require the mortgage to stay below about 75–80% of the home’s value, although this varies.
Final Thoughts
Tax debt with CRA is stressful, especially for self-employed homeowners. But if you own property with equity, a private mortgage refinance can provide a solution to clear the debt and buy time to get your finances organized.
The key is acting early — before CRA registers a lien on your home.
Author Bio
Mark Herman, MBA is a mortgage broker with 22 years of experience helping homeowners across Canada solve complex financing situations, including tax debt, private mortgages, and self-employed income challenges.
Advice on Mortgage Renewals Before April 2026 from an MBA
Questions on what product to pick for your upcoming mortgage renewal.
Here are the reasons that we like the 5 year fixed for Canadian mortgage renewals over the next few months.
(renewals from now, February 2nd until April 1st.)
This data is recent and should be good for the next few months.
Below are the graphs that show that rates are trending up and are on the increase.
Q: Why are rates trending up?
A: Because Trump policy is generally inflationary, and add in the “cost of uncertainty” due to changing tariffs and other world political issues we have an increasing rate environment.
Big Picture Perspective
I also look at from this perspective, rates were close to 4% BEFORE Covid in 2020, and we are now back to about the same; 3.99% for a 3-year fixed and 4.25% to 4.54% for a 5 year fixed rate term.
- Comparing these rates, there is not much room for rates to go down; maybe .5%, half a percent.
- But there is lots of room for them to go up.
What if things get out of hand and rates are at 6% or 7%?
When I started out in 2004, my first customer’s rate was 8.99% and they were happy it did not start with a 9. (You always remember your first deal.)
Summary
The rates for the 3 year fixed and the 5 year fixed are similar so take the 5 year and know you are getting a good rate at the bottom of the rate cycle.
If you take the 3 year and rates DO go up, and you then renew 2 years sooner into what could be 6% or 7% rate environment (when you could have had 2 more years at 4.zz%.) You will be pretty upset as your new monthly payment would now be higher even though your balance is lower.
If you take the 3 year fixed and the rates stay low then you gain a slightly lower payment ($25/ month) over the first 3 years.
Most of our customers agree the safer bet is less expensive when you factor in how sound you will sleep at night.
Mortgage Mark Herman, best Calgary broker for mortgage renewals and advice.
Variable Rate or Fixed Rate for Renewals in 2026?
Here is what a math-based, mortgage broker with 21 years of experience and an MBA in finance looks at when deciding what to do for my own mortgage renewal.
This is a super common question as there are still 1,800,000 Canadian mortgage renewals to come before summer 2027, with the same 1.8M renewals completed since 2025.
Numbers at the top, words at the bottom.
Numbers
Variable Rate in 2024 = 6.20%
(Prime – .90% = 7.2% – .9% = 6.2% rate.)
-2.75% rate drops = 3.45% today, Jan 2026.
Variable Rate in 2026 = 3.75% today
(Prime – .70% = 4.45% – .7% = 3.75% rate.)
No rate drops expected, 2x .25% increases expected = 3.75% + .5 = 4.25% by the end of 2026.
Continued instability will lead to more rate increases later.
5-year Fixed Rates
5.09% in 2024
4.24% today – 2026
Analysis
Variable wins by .5% today, but fully expect 2 x o.25% increase in 2026 to make the rate the same as fixed rates are today, Jan 2026.
Fixed rates are now, and will continue to slowly rise, as Trump policy is highly inflationary.
If you take a variable now, and then go to lock it in later, when variable rates / prime rates start to increase, the rate you lock in at will be higher than today.
Summary
Rates look to have bottomed out right now, from looking many data points.
Fixed rates are ½% higher than the variable rates today – Jan 2026.
Then what? In 2024 I was able to precisely layout the next 18 months and predicted every rate increase exactly as it played out. Right now it is not possible to guess what will happen next month so Variable has higher risk and will probably pay more later as the rates increase as expected.
200 Word Summary
Canada’s variable-rate mortgage borrowers have enjoyed significant relief since the Bank of Canada (BoC) began cutting interest rates in 2024, but that momentum is expected to slow—and probably reverse – in 2026.
The BoC delivered 2.75% of rate cuts through 2024–2025, bringing the policy rate down to 2.25%. This helped push insured variable mortgage rates below 4%, down from around 7% in mid-2024.
However, the BoC now views inflation risks as too elevated to justify further cuts, and rate relief for variable-rate borrowers is “mostly behind us.”
The bank’s baseline forecast suggests the BoC’s policy rate could rise back toward its long-term neutral level of 2.75%, which would push variable mortgage rates up by roughly 0.5% in 2026, with additional increases probable in 2027.
Meanwhile, fixed mortgage rates have fallen less dramatically because they are tied to longer-term bond yields, which rebounded in late 2025. Borrowers have increasingly favored 3-year fixed and 5-year fixed terms, anticipating improved renewal conditions ahead when they renew later.
Bottom line: 2026 could prove challenging for variable-rate borrowers. The era of large variable-rate relief seems to be ending, and 2026 may test borrowers who relied on those lower rates — especially if the BoC keeps rates steady or reverses course
Looking at all of this, in March, I will be renewing into the 5-year fixed so I can sleep at night.
Mortgage Mark Herman, MBA, Top Calgary mortgage broker for 21 years.
Croatia Bare Boat trip for Defected
This is what I was able to come up with from AI assistance. I know what today might be the cheapest day to buy tickets so I wanted to get this out.
—
Awesome — this is exactly the kind of pre-festival sailing that makes Defected Croatia legendary. I put together:
- a practical 5–7 day bareboat (with skipper) itinerary that finishes at/near Tisno for the festival (Defected Croatia runs 29 July–3 Aug 2026, The Garden Resort, Tisno).
- which airport(s) to use from North America (pros & cons), and
- a realistic cost breakdown (boat, skipper, APA/provisions, fuel, marina fees, transfers, and flights) with conservative ranges and example per-person math for a group.
I assumed you want to sail into the Tisno / Murter / Kornati area (best for reaching the festival and boat parties). If your group size or preferences differ, you can still use these numbers as a template.
Best airport(s) to fly into
Preferred — Split (SPU). Split has the biggest number of charter bases and marinas nearby (easy transfers to the central Dalmatian marinas and a short drive to Sibenik/Murter area). Split also has steadily improved long-haul/seasonal connections from North America/Europe for summer 2026 (more flight options = usually cheaper tickets and easier luggage handling for a sailing group).
Close alternative — Zadar (ZAD). Zadar is usually a slightly shorter drive to Tisno / Murter than Split (est. ~50–75 km; ~50–75 min drive depending on route), so it’s a sensible choice if you find a better flight into ZAD. Good option if price/connection is better.
Why not Dubrovnik or Zagreb for this festival? Both are further from Tisno (Dubrovnik is much farther south; Zagreb is inland and requires a long drive), so only use them if you want to see those cities first or have a cheap/one-stop fare.
Recommendation summary: Fly into Split if you prioritize charter options and flight availability. Fly into Zadar if you want the shortest transfer to Tisno or find significantly cheaper flights.
—
Where to pick up the boat (bases / marinas)
For the Tisno / Defected area the most common charter bases are on Murter island (Marina Betina, Jezera, Hramina) and nearby marinas at Pirovac / Vodice / Šibenik. These are the most convenient for reaching Tisno and the Kornati / Murter anchorages. If you fly Split, many charters will also let you pick up boats from Marina Kaštela (Split) but that’s a longer reposition to Tisno.
—
6-day (5–7 day flexible) sample itinerary — built for chill sailing, anchor bays and boat parties
This is a 6-day example that’s easy on sleepers/crew and keeps hops to ~1–4 hours sailing per day. Distances/times are approximate — keep it flexible for weather.
Day 0 (arrival day) — Fly into Split or Zadar, transfer to your base (Murter / Betina / Jezera). Provision, meet the boat and skipper, safety briefing, overnight in the marina. (If you arrive early you can overnight in Split/Zadar then transfer next morning.)
Day 1 — Murter (Betina/Jezera) → Levrnaka / southern Kornati (anchor)
Short hop into the Kornati archipelago; swim, snorkel, small beach party vibe. (1–3 hours sailing depending on exact start.)
Day 2 — Levrnaka → Kornat / Telašćica (Dugi Otok)
Explore the rugged Kornati islands, anchor in a protected cove. Consider a dinghy swim or small shore walk. (2–4 hours).
Day 3 — Telašćica Bay (Dugi Otok) → Sali / Žut / Kornati villages
Visit salt lake & cliffs in Telašćica; overnight near Žut or Sali (great small restaurants). (Short hops + plenty of time ashore.)
Day 4 — Sali area → Šibenik channel / Kaprije / Zlarin
Work your way back toward the mainland, pick a quieter island for an evening barbecue ashore. (2–3 hours.)
Day 5 — Head toward Murter/Tisno area — anchor near Tisno or return to marina
Relax, pack, enjoy a last swim. If the festival boat parties are running, you can position near Tisno / The Garden Resort. (Short sail.)
Day 6 — Return boat to base (morning), handover and transfer to The Garden Resort (Tisno) for Defected
Drop the boat on time, transfer (short taxi/shuttle) to The Garden Resort. Enjoy the festival.
If you want 5 or 7 days: compress or add an extra island day (e.g., add Žut, Kornati more exploration, or Krka waterfalls day trip by car from Šibenik).
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Typical charter + trip costs — realistic, cited estimates & example per-person math
I show a conservative example for a 7-day bareboat + skipper (skippered) arrangement and for group splitting. Actual prices depend on boat size, season (late July = high season), and how many people share costs.
Key price inputs (sources):
Base weekly bareboat charter average (Croatia, mid/high season): ~€3,000–€5,000 / week for typical 40–50ft yachts (price varies by boat class).
Skipper: €150–€250 per day (peak summer can be toward top end). So for 7 days that’s about €1,050–€1,750.
APA (Advance Provisioning Allowance) to cover fuel, food, park fees, marina dues, etc.: ~20–30% of the base charter (typical guidance). (Example: 25% of €4,000 = €1,000).
Fuel, marina & extras: often covered from the APA, but expect fuel & marinas to be a few hundred euros total depending on itinerary.
Security deposit: refundable, commonly €1,000–€3,500 held at base.
Flights (North America → Split / Zadar)
Ballpark round-trip economy fares in summer: US$700–1,500+ per person depending on city, routing and timing. (Transatlantic availability is increasing in 2026 — check direct seasonal routes; new services were announced for 2026). Use the low end if you book early / use connections; high end if last-minute or peak dates.
Sample budgeting scenarios (I’ll give an example for clarity; keep in mind these are estimates to help planning):
—
Example A — mid-range charter plan (group of 12 people) — 7 days (one yacht, skipper)
Base charter (week): €4,000.
Skipper: €1,050 (7 days × €150/day).
APA (25%): €1,000 (used for fuel, provisions, marina fees — any unused is usually returned).
Final cleaning / tourist tax / minor extras: €200.
TOTAL CHARTER COST (all) = €4,000 + €1,050 + €1,000 + €200 = €6,250.
Per person (12 people) = €6,250 / 12 = €521 (~US$560) each for the boat week (including skipper/APA estimate).
Add flights (example): US$1,000 avg → US$1,000 (~€930 depending on FX) per person.
Add transfers (shared minivan from Split to Murter/Tisno): €20–€40 per person (shared).
Grand approximate cost per person = Boat €521 (~US$560) + Flights US$1,000 + Transfers €30 (~US$33) + Festival ticket €294 (~US$320) = ~US$1,913 (rough order). (The festival ticket price for 2026 is listed around €293.99 / ~US$340 at time of posting).
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Example B — larger group (say 16 people) — same charter numbers
If the same yacht can actually accommodate (often you’d need larger vessel or two boats for 16 people), but suppose you split across two boats or a catamaran that fits more:
Total charter/fixed costs rise (larger boat or two boats), but per person often drops slightly. For two similar boats totaling €8,000 + skipper(s)/APA, divide by 16 → could be ~€450–550 per person for boats. Exact numbers depend on vessel(s) chosen.
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Other cost considerations
If you need two boats for 10+ people (many monohulls sleep 6–8), budgets need to be doubled accordingly — catamarans and bigger yachts cost more. Check sleeping capacity before booking.
Provisioning per person (food/drinks): if not entirely via APA, budget €30–€60 per person per day for meals/drinks if you eat ashore and drink a fair amount.
Marina fees / national park fees: included in APA generally but expect modest fees at some harbors or National Park day permits.
Cancellation insurance / travel insurance (strongly recommended) — variable cost but plan ~US$50–150 pp.
Damage waiver or deposit insurance can reduce the need to block a large security deposit. Ask charter company
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Quick booking advice / logistics (practical)
- Book boats early (high season July end = peak for charters and festival). Many bases sell out or require larger deposits months ahead.
- Check yacht capacity vs sleeping berths — if your group is large (10–20 people per your earlier planning), you will likely need either a big catamaran or two yachts. Pricing rises accordingly.
- Get a skipper unless your crew is fully experienced and certificated — local waters, narrow channels and crowded marinas in high season make the skipper a very good call.
- Plan pickup/dropoff times so you can hand back the boat the morning you need to get to the festival — or drop the boat a day earlier and stay ashore near Tisno. Transfers from Murter/Tisno to The Garden Resort are short.
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Short checklist / next actions I can do for you right now
(1) I can build a tailored cost estimate for your exact group size (say 10, 12, 16 or 20) and preferred number of sailing days (5 vs 7).
(2) I can search for specific available yachts (by base: Murter or Split) for your week (for example 22–28 July 2026 arriving in time for Defected) and show sample quotes.
(3) or I can map an exact 6-day sail route with suggested anchorages and estimated sail times (NM / hours) between each stop.
Tell me which of those you want me to do next and I’ll pull specific quotes and options (I can look at actual available yachts and shuttle prices for your dates). (No need to confirm the festival dates — I used the announced Defected Croatia 29 July–3 Aug 2026 dates for planning.)
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If you tell me the exact number of people (e.g., 12 or 16) and whether you prefer one big catamaran vs two monohulls, I’ll run the specific yacht price search & give a tight per-person quote and a day-by-day GPS-friendly route.
Mortgage Renewals – 2.75 million Canadian Mortgage Renewals Before 2028!!
Mortgage Stress Test: Why It’s Protecting Homeowners Ahead of the 2026 Renewal Wave
If you locked in your mortgage around 2% five years ago, you probably remember grumbling about the federal “stress test.” At the time, qualifying at 5.25% felt unnecessary — almost punitive. Fast forward to today, and that very safeguard is proving to be one of the smartest policies in Canadian housing finance.
The Renewal Wave Is Coming
According to the latest CMHC report, Canada is heading into a busy period of mortgage renewals:
- 750,000 mortgages will renew in the second half of 2025
- Over 1 million more in 2026
- 940,000 in 2027
Even though the Bank of Canada has cut rates nine times since its peak tightening cycle, borrowing costs remain much higher than they were during the pandemic lows. In fact, the average five-year fixed uninsured mortgage rate in July 2025 was still 67% higher than five years earlier.
“Banks are ready for the almost 3 million mortgage renewals before 2028. Lets get you a strategy on how to get the best rates on your renewal. Its a quick 10 minute phone call and we usually send you back to your own bank with the data you need to get a better rate from them OR we can move you to a bank that does get you better rates.”
Mortgage Mark Herman, Top Calgary Mortgage Broker for renewal advice
Stress Test Success
Here’s the good news: borrowers who qualified at 5.25% back in 2020 are now proving resilient. The stress test ensured they could handle payments at rates much higher than what they actually received. That foresight is paying off:
- National mortgage delinquency rates fell in Q2 2025 — the first decline since 2022.
- While Ontario and BC saw arrears climb (reflecting higher property values and loan sizes), the overall system is holding steady.
- Fears of a “renewal cliff” have eased, thanks to both the stress test and recent rate cuts.
What This Means for You
If your mortgage is coming up for renewal in 2026, now is the time to plan. Options like refinancing, adjusting amortization, or exploring different products can help smooth the transition. The stress test gave you a buffer — but proactive planning will maximize your financial flexibility.
Call to Action: If your mortgage is set to renew in the next 12–18 months, let’s talk strategy. As a mortgage broker, I specialize in helping clients navigate renewals, refinances, and complex lending scenarios. Call me today to review your options and make sure you’re ready for what’s ahead.
Thinking twice when handing your mortgage over to a bank adviser
Great story below of a recent Scotiabank advisor messing up a deal so bad that it ended up disqualifying a buyer from getting a special at 3.69% insured mortgage when market rates are 4.45%.
Bank advisors mess up all the time and I hear about it all the time. Maybe 15% of our deals get to us from bank mess ups.
In the story cut and paste below these buyers just would have ended up with a a higher rate but their deal wold still work… this one caused a 1 year delay.
Let me tell you a mortgage story…
We had a customer that we helped sheppard past 3 or 4 fiery hoops getting his mortgage ready for approval with a bumpy past we were smoothing over. Then 1 day he calls and says a met a bank mortgage rep at a gas station, that bank rep “guaranteed” him getting approved so our customer applied and … surprise – worse than a decline, CMHC declined him.
CMHC was the only lender that would do his specific deal, for the mess he was in, and/ but CMHC NEVER forgets – anything. All the insurers retain all data for ever. So he now had to wait another 12 months to get insurer approval. The delay in the end was 12 additional months that he had to wait before he could buy.
So … Think twice before handing over your mortgage to a bank adviser
Mark Herman, Best mortgage broker in Calgary Alberta for new home buyers.
Opinion: Think twice before handing your mortgage to a bank adviser – CMT News
Written by Ross Taylor, Mortgage Strategies, Opinion,
Let me tell you a story.
Recently, a major chartered bank ran a very competitive promotion: 3-year fixed rates at 3.69% for insured files and 3.99% for conventional files. Needless to say, these rates were popular, business was booming, both for the bank and for brokers working with them.
We had pre-approved a young couple earlier in the year, but when it came time to seek approval on a home they had made a successful offer on, they first went directly to their local branch to withdraw funds from their First Home Savings Account (FHSA).
When a branch adviser steps in
During that visit, the branch financial adviser offered to handle their mortgage as well. He convinced them there was no need to come back to our team, he had it all under control.
They also explored options at another bank, but the rates they were offered were mediocre. Our promo was still the best rate in town.
The deal gets declined, and there’s no second chance
But here’s the twist. After the financial adviser submitted their deal, it was declined. He escalated the deal to senior management, but again was given a firm no.
When they came back to us and told me the news, I was shocked. I couldn’t understand why they were declined. On paper, this was a strong file. Solid income, great credit, and their debt service ratios were within reasonable bounds.
Misinterpreting income cost them the deal
I asked if they were told why they were turned down, and they said, “because our debt service ratios were over the 39/44 limit.”
Now, their pay stubs were a bit complicated, I’ll give you that. But we had their T4s, and I could easily make a case for either using a two-year average or taking their current full-time salary. Both would have worked. You just had to know how to interpret the documentation properly.
I contacted our Business Relationship Manager at the bank and asked if I could re-submit the file. After all, it had been declined, and I felt confident we could get it approved with the correct interpretation of income. But the answer was a firm no.
Why bank policy closed the door
The bank’s position was that I wouldn’t want another broker or branch employee taking one of our approved files and trying to submit it again. And while I understand the sentiment, this wasn’t the same thing. This wasn’t poaching a win, it was salvaging a decline.
But rules are rules, and because the file had already been escalated and declined by the branch, there was no path forward for me to resubmit it — even if I knew how to fix it.
What’s the lesson here? Be careful who you trust with your mortgage
This story isn’t about one bank being better than another. It’s about understanding that not all mortgage advisers are created equal. When you walk into a branch, you’re often speaking to a generalist. They might have good intentions, but they don’t always have the same level of mortgage-specific training or experience as a full-time mortgage broker.
And the consequences of that can be enormous. In this case, the clients lost out on a great rate and had to start over, simply because it seems their adviser didn’t fully understand how to package their income. And once the file was declined, there was likely no second chance.
The bottom line
Mortgages are complex, especially if your income is even slightly non-standard. Getting declined not only wastes time, it can actually prevent you from accessing the best deals, even if you’re fully qualified. Before you hand over your file to someone behind a desk at your local branch, ask yourself: do they really specialize in mortgages?
Because once a file is escalated and declined at the bank level, it may close off options you didn’t even know you had.
Make sure you’re putting the biggest financial transaction of your life in the right hands.
Summary: RE/MAX Canada Fall 2025 Housing Market Outlook
“54% of Canadians believe this fall is a good time to strike a deal on a home.”
Here’s a summary of the RE/MAX Canada Fall 2025 Housing Market Outlook piece, released Sept 21st:
- Pricing Trends: Residential price trends varied regionally, rising across Atlantic Canada and the Prairies, while declining in major urban centres in Ontario and British Columbia.
- National average home prices are expected to decrease by about 6.5% this fall.
- 68% of Canadians say a five- to 10-per-cent drop in property prices would make a meaningful difference in their ability to enter the market.
- Sales Activity: Home sales declined year-over-year in 62% of markets analyzed between January 1 and July 31, 2025.
- Buyer Optimism:
- 38.2% of housing markets are sitting firmly in buyer’s territory this Fall.
- 7% of Canadians say they intend to buy their first home within the next 12 months.
- 28% of Canadians planning to buy their first home in the next 12 months say they have saved at least 20 per cent for their down payment.
- 64% of Canadians say they’d feel ready if interest rates fell by 0.5 to one per cent.
- Seller Market:
- 26.4% of housing markets are expected to favour sellers this Fall.
- 8% of Canadians say they plan to sell their home in the next year, and among them, confidence is strong.
- 63% of those planning to sell believe they’ll be able to secure their asking price.
- Homeowner Sentiments:
- 92% of Canadian homeowners see their homes as a solid long-term investment.
Click here to read the full report!
Now is the perfect time to buy a home in Alberta as it is a solid BUYERS MARKET!
Mortgage Mark Herman, best first time home buying mortgage broker in Calgary Alberta
Or call me for a chat at your convenience.
Mortgage Mark Herman
#1 Mortgage Rate SPECIAL in Canada ⚡
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