Ron Butler, a mortgage industry professional, used his social media platform on March 12, 2026 to discuss recent developments in mortgage rates and appraisal practices. His posts addressed the conditions surrounding pre-approvals, rate holds, and regulatory guidance on condo appraisals.
In a post published at 13:51 UTC, Butler emphasized the limitations of pre-approvals with fixed rate commitments. He stated, “Those that have FIRM Pre-Approvals with clearly stated Rate Commitments: they are still good
But those Pre-Approvals also have EXPIRY DATES
The potential purchase must CLOSE by that date
For those who have more distant renewal dates in the late Summer or Fall no help
6/” (March 12, 2026).
He continued in another post at nearly the same time, highlighting uncertainty in the market and current trends. Butler wrote, “Rates cannot be held more than 120 days
Key consideration: none of us KNOW what will happen in the future with this War
Therefore we DON’T kmow the eventual Mortgage Rate outcome
But for today: RATES UP!” (March 12, 2026).
Later that day at 17:28 UTC, Butler referenced reporting from Reuters regarding regulatory oversight of bank appraisal practices. He noted, “What If The Bank Regulator Told The Banks To Stop Blanket Appraisals & Banks Just DIDN’T?
Thanks to Reuters we know that OSFI called in some banks in November last year & advised the Banks that only legitimate CURRENT Appraisals are acceptable for Condo Valuation & just using” (March 12, 2026).
The Office of the Superintendent of Financial Institutions (OSFI) is responsible for regulating banks and other financial institutions in Canada. In late 2025, OSFI reportedly instructed certain banks to discontinue blanket appraisals—an automated or mass valuation approach—in favor of requiring current and legitimate property appraisals for condominium valuations. This action was taken as part of broader efforts to ensure accuracy and reliability in mortgage lending practices.
Uncertainty over interest rates has been heightened by ongoing geopolitical conflicts referred to by Butler as “this War,” which has created volatility across global markets. Canadian mortgage holders seeking new loans or renewals face challenges due to rate fluctuations and regulatory changes affecting how properties are valued during loan approval processes.
