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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 July 15, 2020. The Bank of Canada maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank’s short-term liquidity programs announced since March to improve market functioning are having their intended effect and, with reduced market strains, their use has declined. The provincial and corporate bond purchase programs will continue as announced. While economies are re-opening, the global and Canadian outlook is extremely uncertain, given the unpredictability of the course of the COVID-19 pandemic. The central scenario is based on assumptions outlined in the MPR, including that there is no widespread second wave of the virus. After a sharp drop in the first half of 2020, global economic activity is picking up. This return to growth reflects the relaxation of necessary containment measures put in place to slow the spread of the coronavirus, combined with extraordinary fiscal and monetary policy support. As a result, financial conditions have improved. In the central scenario, the global economy overall shrinks by about 5 percent in 2020 and then grows by around 5 percent on average in 2021 and 2022. The timing and pace of the recovery varies among regions and could be hampered by a resurgence of infections and the limited capacity of some countries to contain the virus or support their economies. The Canadian economy is starting to recover as it re-opens from the shutdowns needed to limit the virus spread. There are early signs that the reopening of businesses and pent-up demand are leading to an initial bounce-back in employment and output. In the central scenario, roughly 40 percent of the collapse in the first half of the year is made up in the third quarter. CPI inflation is close to zero, pulled down by sharp declines in components such as gasoline and travel services. The Bank’s core measures of inflation have drifted down, although by much less than the CPI, and are now between 1.4 and 1.9 percent. Inflation is expected to remain weak before gradually strengthening toward 2 percent. As the economy moves from reopening to recuperation, it will continue to require extraordinary monetary policy support. The Governing Council will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved.

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 2.04%, and compared to the Variable Rate Mortgage of Prime minus 0.45%, or 2.00%, the fixed is the better option moving forward.

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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