It was billed as a potential looming crisis for Canada’s economy: the wave of mortgages coming up for renewal in 2025 and 2026 at significantly higher rates than those on offer when the loan was originated. But a spate of central bank interest rate cuts and a dip in fixed rates mean that threat has faded – and renewal pain is unlikely to be a major talking point in 2025, according to market watchers.
Sweeping changes to Canada’s mortgage system, announced in September by the federal government, officially took effect on Sunday. Brokers said the changes could open the door for more Canadians to enter the housing market.
Canada’s central bank has cut interest rates for the fifth consecutive time to 3.25 per cent as the country’s economy grows at a slower rate than projected.
While the Greater Toronto Area is expected to see a bump in home prices in 2025, condo prices will not recover next year, according to a new report by Royal LePage.
Greater Toronto Area (GTA) home sales increased strongly on a year-over-year basis in November 2024. Many buyers benefitted from more affordable market conditions brought about by lower borrowing costs. New listings were also up compared to November 2023, but by a much lesser annual rate. This meant that market conditions tightened, resulting in overall average price growth compared to last year.
Canada’s banking regulator threw the mortgage industry a curve ball last week when a representative suggested there were some restrictions to a recent policy change most brokers weren’t aware of.
The Bank of Canada (BoC) is preparing for its final rate announcement of 2024 on December 11, with economists anticipating a potential further reduction in its lending rate that could impact borrowing costs for Canadians.
Ontario is exploring a proposal to allow credit reporting agencies to access Landlord and Tenant Board (LTB) orders for renters with a history of missed payments.
Various signs point to the Bank of Canada (BoC) cutting interest rates by another half percentage point in December, even if the bank hasn’t said so explicitly, CIBC economists say.
Home sales activity recorded over Canadian MLS® Systems increased 7.7% on a month-over-month basis in October 2024, reaching its highest level since April 2022.
Canada's housing affordability cannot be resolved by changing the country's unique mortgage structure, the Bank of Canada's Senior Deputy Governor said on Wednesday, as a wave of mortgage renewals over the next two years threaten to hurt the economy.
Royal LePage Real Estate Services Ltd., Brokerage
3031 Bloor Street West - Toronto, Ontario, M8X 1C5 Office (416) 236-1871 Fax (416) 239-5493 Cell (416) 577-0117
Not intended to solicit properties currently listed for sale
or individuals currently under contract with a brokerage.
Privacy Policy
The material provided in the pages of this website
is for informational purposes only. Although the site owner and creators assume the
information to be correct, and attempt to keep information in the
pages of this website as current as possible, they do not warrant the
accuracy or completeness of any information included in or linked to this page.