From ultra-high rates in the early 1980s to the record lows Canada is seeing in 2021, interest rates on mortgages are always changing. The Bank of Canada sets the country’s overnight lending rate, which is used as a benchmark by banks and other lenders when setting the prime rates they offer customers on variable-rate products, like a variable mortgage, for instance. 

If a bank or broker revokes your mortgage financing at the last minute, you might find yourself in need of an emergency mortgage loan. The definition is simple: it's a short-term, last-minute mortgage loan for homebuyers whose financing has fallen through. 

According to this year’s Real Estate Renovations Trends report from RE/MAX Canada, 31% of Canadians would increase their budget for home improvements that add value from $10,000 to just under $50,000 if the guaranteed ROI was at least 10%.