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SHAWN SELANDERS
Your Local Mortgage Professional
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October 2025
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Rate Cut Alert
Rates Just Hit 2.25%. The Lowest Since 2022.
Hi there,
Another month, another rate cut. On October 29th, the Bank of Canada dropped its policy rate to 2.25% — the eighth cut since June 2024. We've come down from 5% to 2.25% in about 16 months. That's a dramatic shift, and it's putting real money back in people's pockets.
The BoC also signaled that if the economy continues on its current path, they may be done cutting. This could be the bottom. If you've been waiting — the window is open right now.
This month: what the cut means, a year-end money move for future buyers, and a favour to ask at Thanksgiving dinner.
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Feature
BoC at 2.25% — What This Changes for You
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Let me put this rate cycle in perspective:
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📉 The Rate Journey:
| June 2024 (peak) | 5.00% |
| January 2025 | 3.00% |
| March 2025 | 2.75% |
| September 2025 | 2.50% |
| October 29, 2025 | 2.25% |
That's 275 basis points in 16 months. Prime rate now sits at 4.45%.
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What you should do right now depends on where you are:
| Renewing in the next 6 months? Call me now. You're renewing into some of the best rates in years, but your bank's first offer won't be their best. I can negotiate or find a better lender — free. |
| On a variable rate? You've saved significantly since 2024. Now's a good time to talk about whether to lock in — especially if the BoC is done cutting. |
| Carrying high-interest debt? With rates this low, a refinance to consolidate credit cards and loans makes more sense than ever. One payment, one low rate. |
| Thinking about buying? Your purchasing power is the highest it's been in two years. Don't wait for spring competition — the fall market has fewer buyers and motivated sellers. |
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First-Time Buyers
The December 31st Deadline That Could Save You Thousands
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If you're planning to buy your first home — even if it's 2, 3, or 5 years away — there's a move you need to make before December 31st.
The First Home Savings Account (FHSA) lets you contribute up to $8,000 per year toward your first home. The contributions are tax-deductible (like an RRSP) and the withdrawals are completely tax-free (like a TFSA). No repayment required. It's the best savings tool available to first-time buyers in Canada.
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⏰ Why December 31st Matters:
| → Contribute $8,000 before year-end = tax deduction for 2025 |
| → Haven't opened one yet? Open it now — room only starts when the account exists |
| → Every year you don't have an FHSA open = $8,000 in permanently lost room |
| → Couples: $16,000 combined this year, up to $80,000 lifetime |
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And remember — the FHSA stacks with the Home Buyers' Plan. A couple can access up to $200,000 in tax-advantaged down payment funds ($80K FHSA + $120K HBP).
Opening an FHSA takes about 15 minutes at any bank, credit union, or online brokerage. Don't let December 31st pass without doing this.
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A Quick Favour
A Thanksgiving Dinner Favour
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Thanksgiving tables have a funny way of turning into financial advice sessions. Between the turkey and the pumpkin pie, someone always brings up houses, mortgages, or interest rates.
So here's my favour: if someone at your table mentions any of the following, think of me.
| 🍂 "We're thinking about buying in the spring." |
| 🍂 "Our mortgage is coming up for renewal and I'm dreading it." |
| 🍂 "The credit card bills are getting out of hand." |
| 🍂 "Mom and Dad are struggling but they don't want to sell the house." |
| 🍂 "I'm self-employed and the bank won't approve me." |
Just say: "Call Shawn — 403-703-6847." That's it. I'll take it from there.
Happy Thanksgiving to you and your family. I'm grateful to have clients like you.
— Shawn
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Quick Links
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RECA-Licensed Mortgage Broker | 25+ Years Experience | Serving Calgary, Okotoks, High River & Southern Alberta
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