Richelle Morgan
Kingston Mortgage Solutions
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Is your mortgage still working for you?
April 28, 2026
I’ve been having a lot of conversations lately that all seem to start the same way: “Is my mortgage still working for me?” And honestly, it’s a really good question especially right now.
If your monthly budget feels a little tighter than it used to, you’re not alone. Many Canadians are noticing that everyday expenses are taking up more of their cash flow. A mortgage check-up can sometimes uncover options to help reduce monthly debt payments, improve flexibility, or create a little more breathing room in your budget.
With the cost of living still higher than it was a few years ago, and with a large number of Canadians coming up for renewal after locking in ultra-low rates during covid, more people are taking a step back to reassess, as their cost of living is most likely going to increase further on their renewal. These costs have increased not due to their own spending but because the changing political and economic environment.
As consumers face these rate increases, I have been getting a lot of questions about why rates seem to move around so much, so I wanted to give you a bit of simple context. Mortgage rates aren’t random, even though it can feel that way. Fixed rates are largely influenced by the Government of Canada bond yields. When those yields rise, fixed mortgage rates usually follow, and when they fall, rates often ease. Those movements are tied to what’s happening in the economy. Metrics that affect those bond rates include metrics such as growth, spending, and inflation. Variable rates are a bit different, as they’re tied to the Bank of Canada’s policy rate, which is adjusted to help manage inflation.
It’s also worth remembering that your mortgage is more than just your rate. Your payment structure, flexibility, amortization, and ability to adjust over time all play a role in how well it supports your life today. The right mortgage isn’t about chasing the lowest rate. It’s about finding the right balance for where you are now and where you’re going.
Knowing how and what your mortgage can do for you can go a long way to helping handle the increased cost of living. A quick review doesn’t mean making a big change. In many cases, it’s simply about getting clarity. It will help you understand how your current mortgage compares to today’s options. If your renewal is coming up, it ensures you’re aware of how this changing environment affects you so you’re not pressured or stressed later. It may even help you identify ways to improve cash flow or flexibility, and help you tackle the increased cost of living expenses you may be facing.
Remember, if you’re looking to purchase or make a move, a pre-approval can insulate you against fluctuations and help you plan out your expenses before starting the search, and lets you shop with confidence.
We also have another Bank of Canada rate announcement coming up on April 29th. I’ll be watching it closely and keeping you informed on what it means and whether it could impact mortgage rates or strategy. These updates can create opportunities, and it’s always helpful to understand what’s changing and why.
If you’ve been wondering whether your mortgage still fits your life today, I’m always happy to take a look with you. Feel free to reach out anytime.
What is a mortgage switch and when does it make sense?
March 27, 2026
Many homeowners are surprised to learn they don’t have to stay with the same lender forever.
A mortgage switch allows you to transfer your existing mortgage to a new lender — usually at the end of your term — without changing your balance. The goal is simple, to save money, improve terms, or access better service.
Here’s how to know if a switch might be right for you.
When a Switch Makes Sense
You may benefit if:
- your rate is higher than current market rates
- your lender isn’t communicating well
- your mortgage terms are restrictive
- you want to change payment frequency
- you want to consolidate products at one institution
A switch is often low-cost or no-cost at renewal time, which is why reviewing your options before your term ends is so important.
What Happens During the Switch Process?
The process is simpler than most people expect.
- We review your current mortgage
- We compare lenders and rates
- We secure your approval
- Legal instructions go to your lawyer
- Your mortgage officially moves over
You keep your amortization and balance — you’re simply choosing a new lending partner.
Why Work With a Broker?
Banks can only offer their products.
As a broker, I:
- access multiple lenders
- negotiate on your behalf
- explain terms clearly
- help you avoid penalties where possible
- ensure the solution supports your goals
My aim is not just to “get you a mortgage,” but to help you build long-term financial stability and comfort.
Renewal Reminder
You will receive renewal mail from your lender — but it is rarely the best offer available.
Before you sign anything, reach out. A 15-minute conversation can easily save thousands over the life of your mortgage.
A case for providing your kids with an early inheritance
February 06, 2026
In her recent newsletter, Janine Rogan, CPA of The Wealth Building Academy, had a great point about inheritances arriving 30 years too late.
She mentions that she plans to pass wealth to her kid at major milestones in his life rather than in her Will. I'm seeing this happen more and more as the Baby Boomer Generation ages. They want to see their child enjoying the wealth now. After all, providing your kid with help for a down payment on a home is much more rewarding than leaving them the money during their retirement years.
She says, "76% of parents intend to help, but many are paralyzed by:
- Financial Insecurity: The fear of outliving their money (even when the math says they won't).
- Spending Patterns: Forgetting that spending usually drops significantly after age 75.
- Control: The emotional attachment to the number in the bank."
Another form of wealth is the equity in their home. Most of that generation bought homes when prices were drastically lower than today's prices (yes, Dad, interest rates were much higher, I know) and have been mortgage-free for decades. A reverse mortgage could be a great way to access that equity without impacting financial security or touching that number in the bank. There are no payments, and there is a no-negative equity guarantee. With 41% of first-time homebuyers receiving a gift from family as part of their down payment in 2025, early transfer of generational wealth is a huge help for young people looking to buy a home.
While reverse mortgages are not the right fit for everyone, it might be worth starting a conversation. There are a lot of myths and misconceptions out there.
Bank of Canada rate update - January 2026
January 28, 2026
The Bank of Canada decided to hold interest rates today, which means there was no change to the overnight rate. It remains at 2.25%. This is good news for many homeowners and buyers. Holding rates brings stability, and that’s helpful when planning your finances.
The Bank shared that inflation is staying close to its 2% target, which is a good sign. While there are still some global uncertainties, Canada’s economy is showing steady progress, and the Bank feels today’s rate level is appropriate for now.
Bank of Canada Governor Tiff Macklem said the economy is showing resilience, even with some challenges. Because of that, the Bank wants more time and information before making its next move.
If you have a fixed-rate mortgage, nothing changes. If you have a variable-rate mortgage, your rate stays the same. If you’re thinking about buying, renewing, or refinancing, this pause gives us time to plan carefully and make smart choices. Some experts believe the Bank could begin cutting rates later this year if the economy needs more support. Others think the Bank is being cautious, and that caution helps avoid sudden changes that can catch homeowners off guard.
Right now, the best move is to stay informed and have a plan. Everyone’s situation is different, and small timing decisions can make a big difference. If you’re coming up for renewal, thinking about making a move, or just want to understand how this affects your mortgage, I’m always happy to talk it through with you.
The next Bank of Canada rate announcement is scheduled for March 18, 2026.
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