With fixed rates trending downward, many homeowners with higher fixed-rate mortgages are asking themselves if now is the right time to break their mortgage and secure a lower rate. The answer often comes down to one key factor: the penalty. Most bank lenders calculate this penalty using what’s called the interest rate differential (IRD). In...Read More

The Bank of Canada met on Wednesday to set its interest rate policy. As predicted, the Bank has resumed easing the prime rate that began in June 2024 after pausing cuts since April 2025 due to worldwide economic uncertainties around trade and tariffs. Recent economic data suggest the Canadian economy is struggling in the face of these uncertainties. Among...Read More