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“BoC holds rates steady, signalling calm until 2027.”
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“Inflation stays on target, economy grows 2.6%, resilient despite U.S. tariffs.”
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“Home prices fell 3.2% in 2025, but modest 1.8% growth expected 2026.”
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“First-time buyers finally see improved affordability thanks to rate cuts and moderation.”
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“Stable rates, moderate price growth, targeted government support: 2026 feels buyer-friendly.”
Between removing your financing subject and finalizing a home purchase, avoid actions that could jeopardize your mortgage approval. Key cautions include promptly informing your mortgage professional of changes like closing dates, not financing new purchases without approval, making all payments on time, not co-signing loans, not changing jobs without consultation, and preserving your down payment funds. Always communicate changes to prevent last-minute issues.
Slide 1:
Real estate forecasts hint at a bumpy 18 months—prices and appraisals may swing unexpectedly.
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If your home’s appraisal drops below the purchase price, that shortfall’s on you, the buyer.
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Appraisals aren’t just numbers—they’re full risk reports lenders use to judge property value and condition.
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Each lender needs their own appraisal done within 60 days, with three recent comparable sales.
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Appraisal too low? Options exist, but your mortgage approval always sticks to the appraised value.
Getting a mortgage in Canada involves several steps, including organizing your credit, determining affordability, choosing the mortgage type, comparing lenders, and applying for pre-approval. Key factors include your credit score, which should ideally be 680 or higher, and your yearly income, which varies by location. The process can take from 24 hours to 10 business days, depending on document submission and lender review. Recent interest rate hikes have made homeownership more challenging, emphasizing the importance of understanding the mortgage landscape.
Before pursuing homeownership, it's essential to assess your financial situation and understand mortgage qualifications. Key factors include stable income, monthly expenses, savings for a down payment, and credit score. In Canada, the minimum down payment is 5% for homes under $500,000. Calculating affordability involves understanding Gross Debt Service (GDS) and Total Debt Service (TDS) ratios. Pre-approval is crucial for budgeting and competitiveness in the market. Final steps include property appraisal and legal assistance for closing the deal.
Speed up payments: Switch to biweekly payments to make an extra annual payment and reduce interest over time.
Increase payments: Pay more toward your mortgage whenever possible to reduce your principal faster.
Make lump-sum payments: Use windfalls like bonuses or tax refunds to make extra payments and lower interest.
Weigh your options: Review your mortgage terms regularly to explore better rates, prepayment options, or lenders.
Create a budget: Track your income and expenses to find extra money to put toward your mortgage.
Know your finances first by checking your credit score, income, expenses, and budget before approaching lenders.
Research lender types like banks, credit unions, brokers, and online lenders to find the best fit for your needs.
Compare rates and terms carefully, including fees and loan programs, using Loan Estimates to get the full picture.
Evaluate customer service by gauging responsiveness, transparency, and borrower reviews.
Get preapproved with one or more lenders to show sellers you’re serious and to compare offers effectively.
Many Canadian homeowners miss key opportunities during mortgage renewal by waiting too long, not shopping around, or focusing only on interest rates. It's important to review options early, consider switching lenders for better rates, understand all terms, seek expert advice, and update your mortgage to fit current life goals. Renewal is also a chance to reassess needs and choose terms that align with your financial plans.
Lender choice affects stress, support, and savings during home buying.
Options: direct lenders (banks, credit unions), brokers, online, and private lenders.
Key factors: interest rates, loan types, fees, digital tools, and communication.
Right lender offers tailored options, clear guidance, and smoother process.
Informed choice impacts cost, speed, and confidence in home purchase.
Homeowners can utilize their home equity to finance renovations, education, or down payments. Equity builds through mortgage payments and property value increases. Options include second mortgages, home equity loans, and home equity lines of credit (HELOC). A second mortgage allows borrowing against home equity without refinancing. Home equity loans provide a lump sum, while HELOCs offer revolving credit. Both have pros and cons, including flexibility and potential debt accumulation. Careful consideration is essential before taking on additional debt.