Print Icon
 
   

Welcome to the Better Mortgage Select monthly newsletter – November 2025 edition.

 

Brought to you by Daniel Patton, Michael Zanzini, Lorenzo Podda, and our President, Dave Butler.

   
   

If you’ve felt like the last few years has been a roller coaster for interest rates, you’re not alone.

 

The good news?  We are finally in a more stable interest rate environment.

 

Compared to this time last year:


  • Fixed rates are lower (by about 0.30%).
  • Variable rates are meaningfully lower (by 1.50%).
  • And for at least the next 6–9 months, there is no serious forecasting that the Bank of Canada will raise the prime rate.

That doesn’t mean fixed rates can’t move around, since they are tied to Canadian bond yields. But it does mean the constant shock-and-awe of the last few years has given way to something we haven’t had in a while:

 

An interest rate market where you can plan instead of just react.

   
   

Where interest rates are today:

   

Let’s start with the basics.

 

  • Fixed rates (CMHC INSURED): We are seeing the 3-year and 5-year rates priced at 3.99% or better by most lenders.
  • Fixed rates (CONVENTIONAL): Very competitive.  Cashbacks are being included by some banks if a chequing account and/or credit card is opened.
  • Variable Rates: For many clients, especially on owner-occupied homes, we’re now seeing 3-something again in a lot of situations.  With CMHC Insured mortgages getting as low as 3.65% and some conventional mortgages at 3.95% or better.


A year ago, these rates were wishful thinking. Today, they are reality.

 

On top of that, the economic data released this month is having a muted impact on interest rates:

 

  • Unemployment has ticked down (slightly better than expected).
  • Inflation came down a touch (slightly better than expected).
  • Q3 GDP up slightly (a little better than expected).
  • October GDP down a little (relatively flat - but a little lower than expected).

 

Normally, stronger employment would argue against rate cuts, while cooler inflation opens the door toward cuts. With GDP flat, think of two small gusts of wind pushing against each other – and that’s exactly where we sit today.

 

Our read:

Nothing in the data released this month is meaningful enough to change the Bank of Canada’s near-term path.

   

Our view on the next Bank of Canada meetings -

December & January:

At BM Select, we’re sticking to our read:

 

  • December 10th meeting (last of the year) – we expect rates to be held.
  • January 28th (first of the year) – we expect another rate hold (*unless some unexpected news on the trade war with the US*).

 

Based on how Tiff Macklem framed things at his October 29th press conference, we believe:

 

  • The Bank of Canada wants time to let the 2025 cuts work through the system.
  • They want to analyze several months of key economic data before making their next move.
  • This likely means the earliest window for a possible rate cut would be at the March 2026 meeting.

 

Could something shock the system before then? Of course. The US could do something unexpected on the trade front which could have a massive impact on our economy and interest rates.  Making plans today for what the US will do in the future is very tough. But if we’re reading the Bank of Canada’s tone and the data correctly, December and January are “pause and watch” meetings, not “pull the trigger” meetings.

 

For you as a borrower, that means:

This winter should look relatively steady from an interest rate perspective.  So, if you are in line for a mortgage in 2026, let’s do some planning.

   

Want help building your game plan?

   

As always, we’d rather be proactive than reactive.

 

If any of the following sound like you:


  • You have a renewal coming up in 2026
  • You’re in a variable and wondering when/if to lock in
  • You’re sitting in a high fixed rate from the last couple of years
  • You’re a first-time buyer thinking, “Is now finally the time?”
  • You’re an investor trying to make the numbers work again

 

…then this is the perfect time to talk.


Reply to this email with the subject line: “Game Plan” and a member of our BM Select team will reach out to schedule a strategy call. A brief 10–15 minute conversation now can save you a lot of money, stress, and guesswork later.

   
   

Our fifth and final webinar of the year is here — and it’s perfectly timed.

 

On Wednesday, December 10th at 6:30 PM, just hours after the final Bank of Canada rate announcement of 2025, the BM Select mortgage experts will host a live, year-end session:

 

"2025 Year in Review & All You Need to Know for 2026"

 

This will be one of our most important webinars yet.

 

With the highly-publicized 2026 mortgage renewal cliff approaching — hundreds of thousands of Canadians rolling out of ultra-low 2021/2022 rates — next year is shaping up to be one of the most pivotal mortgage years in over a decade.

 

During this live session, we’ll cover:

 

  • The key events that shaped 2025’s mortgage and housing markets
  • What the Bank of Canada’s final 2025 announcement means for early 2026
  • How the renewal surge will impact rates, product availability, and lender behaviour
  • What you can do now to position yourself for an optimal 2026
  • Real-time insights + actionable strategies from our expert panel

 

And as always, we’ll close with a live Q&A, followed by our $150 Amazon gift card giveaway — a perfect boost for the holiday season.

   
   

Let’s finish 2025 strong and get you prepared for the year ahead.

   
   

November was a very busy month for our Mortgage Experts, so let’s get right to it.

 

BM Select Vice-President and 20+ year mortgage veteran, Daniel Patton, recently joined Tammy DiTomasso, Chris Hook, and James Maggs of RockStar Real Estate as a guest speaker on a real estate investor focused webinar.  Daniel went through our new BUILD-UP PROGRAM and discussed various real estate investing strategies that are working in today’s market.

   
   
     
   

For our very own Michael Zanzini, the month kicked off with a Mortgage Market Update alongside the Royal LePage & Our Neighbourhood Realty team. Michael shared valuable insights on interest rates, market trends, and the evolving mortgage landscape—helping agents stay prepared to better serve their clients.

   
   
     
   

Daniel then had the pleasure of attending the annual ‘Flix on the Field’ event, put on by our great friends and partners over at Michael St. Jean Realty. The event took place right after a Hamilton Tiger-Cats game, bringing together families and friends to enjoy a movie and some fun games right on the field.

   
   
     

Then it was off to Ottawa for Director of Operations, Lorenzo Podda, and Underwriting Supervisor Marko Vidovich, as they attended the Mortgage Professionals Canada (MPC) annual conference. It was a great opportunity for them to represent BM Select, strengthening our lender relationships, sharing ideas with other Brokers and getting a first look at some new mortgage trends that may help shape 2026.  — A shout-out to Heartwood Financial who made sure to seek out the guys and go over some new products they are launching that are sure to help some of our clients in the new year.

     

Michael wrapped things up by joining Smart Home Choice Realty on a Toronto property tour, visiting a nearly completed 4-plex conversion and several properties with potential for additional units and garden suites. Michael highlighted how these projects can move from concept to reality with the right financing and game planning.

     

Finally, at the conclusion of a busy month, what better way to spend it then making memories with your family? And that’s just what Daniel did, bringing his daughter Kacey to her first-ever Basketball game — she might not know all the rules just yet, but she’s already a true Raptors fan at heart!

   
   
     
   

Just a friendly reminder to come visit us on our socials, where we put out a ton of videos with tips and information to help you navigate the wild world of mortgages! Check out the links below and give us a follow!

   
   
   
     
   

As always, if you have any questions or want to do some mortgage planning, feel free to reach out to us at: info@bmselect.ca