Weekly Mortgage & Market Update
Bank of Canada Holds Again, Is Variable the Better Bet Right Now?
Fixed or Variable? The Rate Gap Is Getting Hard to Ignore
Mortgage rates, a River Springs property spotlight, and your weekend guide
The Bank of Canada held its policy rate at 2.25% on July 15, its sixth consecutive hold. Prime remains at 4.45%, so existing variable-rate borrowers should not see a change caused by this announcement.
The bigger story is the growing difference between fixed and variable mortgage rates.
This Is the Fixed-Versus-Variable Moment
Competitive five-year fixed rates are around 4.29%, while five-year variable offers are approximately 3.60% to 3.65%, depending on the lender and borrower. That creates a meaningful choice: lower pricing with variable today, or predictable payments and protection from future increases with a fixed mortgage.
Fixed mortgage rates are influenced mainly by Government of Canada bond yields, not the Bank of Canada’s overnight rate. The five-year yield traded between roughly 3.13% and 3.19% around mid-July as oil prices and geopolitical uncertainty continued to affect markets.
BoC Rate2.25%Prime Rate4.45%5-Year Fixed4.29%5-Year Variable3.60–3.65%
Rate outlook through the rest of 2026
Most major banks expect the overnight rate to remain at 2.25%, while some forecasters see a quarter-point increase as a risk if inflation stays persistent. The next Bank of Canada decision is September 2, 2026.
Do not forget the stress test
Borrowers must qualify at 5.25% or the contract rate plus 2%, whichever is higher. With today’s competitive offers, that generally means qualifying at the contract rate plus 2%.
Sources: Bank of Canada, Ratehub, Greenhouse Mortgage
River Springs, Coquitlam
MLS® R3124819
1282 Bluff Drive, Coquitlam
Renovated home backing onto a greenbelt$1,270,0003 Bedrooms3 Bathrooms1,835 sq. ft.Built 1981GreenbeltOutdoor PoolTennis CourtsLow Strata Fee
This thoughtfully renovated home offers air conditioning, a gas fireplace, outdoor space, generous parking, and a peaceful greenbelt setting. River Springs residents enjoy a recreation centre, pool, tennis courts, and walking trails, with Coquitlam Centre and SkyTrain nearby.
OPEN HOUSE
Saturday, July 18, 2:00 to 4:00 p.m.View the Property ListingListing Realtor
Fabrizio Zenone, Team Haig 604.785.3157
RE/MAX Sabre Realty Group
@fabzenone@fabriziozenoneMinimum Financing Example
| Purchase price | $1,270,000 |
| Minimum down payment | $102,000 |
| Mortgage before insurance | $1,168,000 |
| Mortgage insurance | $49,056 |
| Total mortgage | $1,217,056 |
| Mortgage term | 3-year fixed |
| Amortization | 30 years |
| Bi-weekly payment | $2,665.53 |
Important: This example is for information purposes only. The interest rate used to calculate the payment was not provided and should be confirmed before publication. Rates can change without notice. Approval is subject to lender guidelines, property eligibility, and borrower qualification. Closing costs are additional.
Things to Do, July 17 to 19
Vancouver Folk Music Festival
Jericho Beach, July 17 to 19
Three days of music across four stages.
Festival information and tickets
Surrey Fusion Festival
Holland Park, July 18 and 19
A free celebration of global food, music, and culture.
Port Moody Ribfest
Rocky Point Park, July 17 to 19
Ribs, live entertainment, refreshments, and family activities.
Symphony in the Park, Featuring the VSO
Deer Lake Park, Saturday, July 18, 7:30 p.m.
A free outdoor performance by the Vancouver Symphony Orchestra.
Coquitlam Summer Nights Farmers Market
TriCity Pavilion, Friday, July 17, 5 to 9 p.m.
Local vendors, food, and entertainment.
FIFA World Cup Final Weekend
Sunday, July 19
Spain and Argentina meet in the final, while Vancouver’s FIFA Fan Festival wraps up at Hastings Park.
Let’s Talk About Your Options
The right mortgage is not simply whichever rate is lowest. I can compare the costs, flexibility, and risks based on your plans.
Rob Skoko
Mortgage Broker, MAXIMUM Mortgage Solutions
604.771.4085 · rob@skoko.ca
Licensed in BC and Alberta
This newsletter is for informational purposes only and does not constitute financial, legal, real estate, or mortgage advice. Rates and terms can change without notice. Individual circumstances vary. Property information should be independently verified with the listing Realtor.
Let’s talk about your goals