How much do I need for a down payment in Canada?

In Canada, the minimum down payment is 5% for homes under $500,000, 10% for the portion between $500,000 and $1,499,999, and 20% for homes $1.5M and above. First-time buyers can also use their RRSP (up to $60,000) and FHSA (up to $40,000) for down payment.

Should I use a mortgage broker or go directly to my bank?

A mortgage broker accesses 65+ lenders on your behalf, comparing rates and terms you cannot get by walking into a single bank. Brokers are free for most borrowers (paid by the lender), and consistently secure lower rates because banks compete for your business. Flow Mortgage has helped 4,000+ families find better mortgage solutions.

Can I get a mortgage if I am self-employed in Canada?

Yes. Self-employed Canadians have multiple mortgage options including stated income programs, alternative documentation (bank statements, contracts), and B-lender solutions with upgrade paths to A-lenders. Flow Mortgage specializes in self-employed mortgages through our B.O.S.S. Framework, helping business owners qualify even when banks say no.

When should I start my mortgage renewal process?

Start 120 days (4 months) before your maturity date. Most lenders allow rate holds 120 days in advance, giving you time to compare offers. Never just sign your bank's renewal letter without comparing - Flow Mortgage clients save an average of 0.5-1% by shopping their renewal across 65+ lenders.

What is the difference between fixed and variable mortgage rates in Canada?

Fixed rates lock your payment for the full term (typically 5 years), offering predictability. Variable rates fluctuate with the Bank of Canada's overnight rate, historically saving borrowers money over time but with payment uncertainty. The right choice depends on your risk tolerance, financial goals, and current market conditions. Flow Mortgage provides personalized rate strategy based on your situation.

Bank of Canada Holds at 2.25% (July 2026): What It Means for Your Renewal

By Alex McFadyen | Market Updates | 5 min read | Published 2026-07-15

**The Bank of Canada held its overnight rate at 2.25% on July 15, 2026.** It's the sixth consecutive hold, and it came the same week headline inflation climbed to 3.2%. If you're renewing a mortgage this year, the decision changes less than the headline suggests, and the number that actually affects your payment isn't the one the Bank set today. ## Why the Bank held with inflation at 3.2% A 3.2% inflation reading and a rate hold sound like they can't both be true. They can, once you see what the Bank actually watches. That 3.2% is largely gasoline, where prices jumped 33% year over year in May on the back of the oil spike. Strip fuel out and the Bank's core measures are sitting right at 2%, its target. The Bank looks through volatile energy prices and watches core, so the underlying read gave it room to stay put. The rest of the picture backed that up. Those elevated energy prices cut both ways. They pushed gasoline and headline inflation up, but they also fired up Alberta's oil and gas, and the economy beat expectations last quarter with output tracking around 2.5%. Unemployment held at 6.5% in June. In its statement the Bank said Governing Council "will continue to assess the strength of the Canadian economy and the outlook for inflation, and is prepared to adjust monetary policy as needed," with inflation expected back near 2% by early 2027. ## Six holds, and how we got here The Bank cut aggressively from a peak of 5.00% down to 2.25% by late 2025, then stopped. July 15 marks the sixth meeting in a row without a move. The cutting cycle is on pause, not over. Every forecaster in the July Reuters poll expected today's hold, and the consensus is for rates to stay at 2.25% through the end of 2026, with the next possible move a slow one in 2027. ## What happens next The Bank's updated Monetary Policy Report expects inflation to ease back toward 2% as the energy shock fades. From here, the risks cut both ways. New trade friction with the U.S. could soften the economy enough to force a cut. A lasting, broad-based energy-driven price increase could keep the Bank on hold longer. The next rate decision is September 2, 2026. ## What a hold means for your mortgage A hold does not move your fixed rate. That catches a lot of people off guard, and the two move on different tracks: - **Variable rates** track prime, and prime tracks the Bank. A hold means prime stays where it is, so your variable payment doesn't change today. - **Fixed rates** follow the 5-year Government of Canada bond, not the Bank's overnight rate. The bond moves on its own, which is why fixed rates can drift up or down in a week the Bank does nothing. So if you've been waiting for the Bank to "fix" your renewal, you're watching the wrong number. ## The renewal math that matters most For most people renewing in 2026, the decision matters less than the gap between their pandemic rate and today's. On a $500,000 mortgage over a 25-year amortization, moving off a 1.89% pandemic rate to today's rates works out to roughly **+$769 a month.** No single hold or cut closes a gap that size. A strategy does: choosing the right term, structuring the renewal deliberately, and locking a rate hold before you're forced to decide. If you're renewing this year, two moves make sense now: 1. **Get a 120-day rate hold.** It's free and it protects you if bonds move against you before your renewal date. 2. **Build the plan early**, not the week your renewal is due, when you have no leverage and no time. ## Renewing in 2026? Get the playbook We put the full framework into our BoC Decision Playbook: how to read each decision, how fixed and variable actually respond, and how to structure a renewal so a quarter-point either way doesn't decide your year. DM us "BOC" on Instagram, or [book a 15-minute renewal review](https://www.getflowmortgage.ca/contact). --- *Source: Bank of Canada, July 15, 2026 rate decision and Monetary Policy Report; Statistics Canada CPI and Labour Force Survey. Figures are illustrative ($500K, 25-year amortization) and not financial advice.*