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MORTGAGE ALLIANCE BROKERS .CA works with all major Canadian banks, lending institutions, and private lenders. Utilizing vast resources and knowledge of products from over 50 lenders, allows our brokers to confidently provide you with the best mortgage solution catered to your specific needs. Whether you are buying a home for the first time, renewing your existing mortgage, purchasing a second home, consolidating debt, or refinancing, we take the stress out of negotiating with the lenders by finding you the Right Mortgage.

THE LATEST: BANK OF CANADA LEAVES RATES UNCHANGED. Here is Bank of Canada's statement for October 30, 2019. The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent. The outlook for the global economy has weakened further since the Bank’s July Monetary Policy Report (MPR). Ongoing trade conflicts and uncertainty are restraining business investment, trade, and global growth. Still, global growth is expected to slow to around 3 percent this year before edging up over the next two years. Canada has not been immune to these developments. Commodity prices have fallen amid concerns about global demand. Despite this, the Canada-US exchange rate is still near its July level, and the Canadian dollar has strengthened against other currencies. The Bank projects real GDP will grow by 1.5 percent this year, 1.7 percent in 2020 and 1.8 percent in 2021. This implies that the current modest output gap will narrow over the projection horizon. Measures of inflation are all around 2 percent. CPI inflation likely will dip temporarily in 2020 as the effect of a previous spike in energy prices fades. Overall, the Bank expects inflation to track close to the 2 percent target over the projection horizon. All things considered, Governing Council judges it appropriate to maintain the current level of the overnight rate target. In considering the appropriate path for monetary policy, the Bank will be monitoring the extent to which the global slowdown spreads beyond manufacturing and investment.

Bottom Line: Fixed or Variable? Eventually interest rates will increase, that is a given considering mortgage rates are still close to their all time lows. Currently, the 5 Year Fixed Rate Mortgage stands at 2.69%, and compared to the Variable Rate Mortgage of Prime minus 1.10%, or 2.85%, the fixed we believe is the better option moving forward, given the marginal difference between the two.

Our team consists of highly trained mortgage professionals, licensed to provide you with the highest level of service, while adhering to strict industry regulations. To find out which mortgage is right for you, please contact us at any time.


We provide free consultation prior to closing, as well as throughout the term of your mortgage. Let us show you how you can save thousands of dollars by finding the lowest interest rates, and most flexible terms.

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