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Are You Still Waiting For Mortgage Rates To Hit 1%?
Still Waiting for 1% Mortgage Rates? Here’s Why They’re Gone for Good
What’s Changed Since the Pandemic?
Remember those record-low mortgage rates in 2020 and 2021? Some of us locked in 5-year fixed terms under 2%. But if you’ve been waiting for those deals to come back, it might be time to adjust expectations.
Ultra-low interest rates were a response to a global emergency. Central banks, including the Bank of Canada, slashed rates to near zero to keep the economy afloat during COVID-19 lockdowns. Now that the economy has stabilized and inflation is no longer transitory, those emergency measures have ended.
Why Rates Aren’t Expected to Drop That Low Again
According to the latest insights from Canadian Mortgage Trends and other economists, there are a few major reasons we’re unlikely to see sub-2% mortgage rates return:
Persistent Inflation Pressures: Even with inflation cooling off, it’s still above the Bank of Canada’s 2% target.
Global Economic Shifts: Higher oil prices, supply chain realignments, and geopolitical tensions all contribute to a more expensive world.
Strong Employment Numbers: Canada’s job market remains resilient, which gives the Bank of Canada little incentive to aggressively cut rates.
Government Spending: Fiscal policies like housing initiatives and infrastructure spending add upward pressure to inflation, keeping rates higher longer.
So, What Does This Mean for Canadian Homeowners?
If you’re renewing your mortgage, shopping for your first home, or exploring investment properties, here’s how you can respond to this new normal:
Adjust Budget Expectations: Plan for mortgage rates in the 4–6% range for the foreseeable future.
Work With a Broker: Mortgage brokers have access to a wider range of lenders and flexible solutions—especially valuable now.
Look at Shorter Terms or Variable Options: If you believe rates will come down slowly, you may not want to lock into a long-term fixed rate.
Get Pre-Approved Now: Locking in today’s rate can protect you from potential hikes, especially as fall approaches.
What If You Bought at Low Rates in 2020?
If you’re facing renewal in 2025 or 2026, your payment could increase significantly. That’s where a strategy comes in. Consider these steps:
Reassess your budget today, don’t wait until renewal.
Consider refinancing to a longer amortization for lower payments.
Talk to a broker about switching lenders if your current offer isn’t competitive.
Bottom Line
Ultra-low rates served a purpose during the pandemic, but they weren’t built to last. Today’s rate environment is more in line with historical norms, and likely here to stay. The good news? There are still smart ways to borrow, invest, and grow your real estate portfolio.
Need help navigating your mortgage in a higher-rate market?
Let’s talk strategy. Whether you’re renewing, refinancing, or buying for the first time, I’m here to help you find the right solution.
Leanne Funston
Mortgage Broker
📞 Call me at 250-320-5514
📧 Email: [email protected]
Trusted Guidance, Proven Success
Erin B. & Kodi N.
100 Mile House
I highly recommend Leanne. We just bought our first home and has been absolutely fantastic. Leanne had answers to every single one of our questions and is super patient. She walked us through step by step and really help calm my anxieties about buying. She got us a great mortgage rate. I have nothing but good things to say about Leanne, she’s amazing!
K.M.
Vancouver
I had a fantastic experience working with Leanne Funston for my recent mortgage renewal. She was incredibly thorough in explaining all of my options and took the time to answer every question I had - and there were a lot! Her responsiveness and willingness to research details made the entire process so much easier for me. I highly recommend her to anyone looking for a knowledgeable and supportive mortgage broker!
Chapail Rua Quesnel
I was purchasing a property on my own without any experience
and Leanne walked me through every step with grace and professionalism. She was very responsive and informative and sought out the answers to my questions if she didn't know off hand. She was also very patient with me as I went through the emotional rollercoaster that purchasing property can be. I am very grateful for her help and I highly recommend her.
Andrea N.
Lillooet
Working with Leanne has been an incredible experience from start to finish. I truly felt safe, supported, and guided through every step of the mortgage process. She was patient, attentive, and always made sure I understood all my options - no confusion, no stress, just solid advice and genuine care.
Leanne doesn’t just do her job… she champions her clients. I always felt heard, respected, and in good hands. I’m so grateful for everything she did to help me make such a huge life milestone possible.
I can’t recommend her enough - and I absolutely will be to everyone I know! 🙌💛
Thank you, Leanne!
Shaylis J and Kurtis A.
100 Mile House
This woman is amazing. She went above and beyond for everything and answered all my questions. We will be using her for our next purchase and everything after that! If I could give more starts I would.
Jamie P.
Kamloops
Leanne was quick to respond to all our questions and really took the time to make sure we understood the conditions of our mortgage. She made the process as smooth as possible.
Randy L.
100 Mile House
Leanne has been an absolute pleasure to work with. She answered our questions and guided us through the process of getting a pre-approval of a mortgage, referring us to an appraiser and a septic inspector and finalized the funding of a mortgage through Valley First Credit Union. We are very grateful for her kind support and will recommend her to friends and family
Theresa W. - Kamloops
Leanne has been simply fantastic to work with! She answered all of our questions and was very helpful.
Sarah C. & Rick C
100 Mile House
I can’t recommend Leanne highly enough. From start to finish, the experience was professional, thoughtful, and completely client-focused.
What stood out most was how clearly everything was explained. We went through the advantages and disadvantages of staying with the same lender at the same rate and terms versus looking at options with other mortgage partners. Nothing was glossed over, and no pressure was applied, just honest conversations that helped me understand what would actually make the most sense long-term.
Communication was excellent, timelines were handled efficiently, and I always felt supported and informed throughout the process. It was obvious that my best interests came first, not just getting a deal done.
If you’re looking for a mortgage broker who takes the time to explain your options, answers questions thoroughly, and genuinely cares about helping you make the right decision, Leanne is the person you want to work with.
R.J. & S.J.
Kamloops
I recently had the pleasure of working with Leanne as my mortgage broker, and I can honestly say the experience was exceptional from start to finish. Leanne is professional, knowledgeable, and truly dedicated to her clients.
From our first conversation, she took the time to understand my financial situation and future goals. She explained every step of the mortgage process clearly and made sure I felt confident and informed throughout. What could have been a stressful experience turned out to be smooth and surprisingly straightforward, thanks to her guidance.
Leanne was always quick to respond to questions, no matter how small, and made me feel like a priority at all times. She presented me with multiple loan options and helped me choose the one that was best suited to my needs – and at a great rate too!
What impressed me most was her personal touch. Leanne genuinely cared about helping me make the right decision and wasn’t just trying to push a deal through. It’s rare to find someone so trustworthy and client-focused in this industry.
I highly recommend Leanne to anyone looking for a mortgage broker who is honest, efficient, and truly supportive. She made a complex process feel simple and gave me peace of mind every step of the way.
Lauren R. &
Tyson L.
Chase
Leanne was amazing throughout our whole home buying process. She is knowledgeable & thorough. She made us feel confident throughout the entire process as first time home buyers.
I cannot recommend Leanne enough if you’re looking to get a mortgage!
Leanne Funston
+1 250-320-5514
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