Homebuyer incentives such as seller credits, mortgage points, interest rate buydowns, builder upgrades, and lender credits can reduce upfront costs or monthly payments, making homeownership more affordable. Seller credits help cover closing costs, while buydowns lower interest rates temporarily or permanently. New construction may offer additional incentives. Understanding and negotiating these options can maximize savings and ease the homebuying process.
Improving your credit score before applying for a mortgage can save you thousands in interest. Key steps include correcting errors on your credit report, reducing and consolidating credit card balances, keeping credit utilization below 30%, using credit cards responsibly, paying bills on time, and avoiding new credit applications. You can access free annual credit reports from Equifax, Experian, and TransUnion to monitor your progress.
Canadian mortgage rates are expected to ease modestly in 2026, but remain well above pre-pandemic lows, limiting a sharp rebound in demand.
With the Bank of Canada likely near the end of its easing cycle, rate certainty may encourage sidelined buyers to re-enter the market gradually.
Affordability should improve slightly as income growth and softer prices in some regions offset still-elevated borrowing costs.
Housing activity will remain uneven, with stronger momentum in Prairie and Atlantic markets and slower conditions in Ontario and British Columbia.
Skipping pre-approval leads to unrealistic expectations and disappointment.
Late credit checks can cause last-minute surprises and higher rates.
Big purchases during approval ↓ mortgage amount you qualify for.
Underestimating closing costs causes financial stress at closing.
Working with a mortgage expert helps compare lenders and find best options.
If you want to pay off your mortgage quickly, consider adding extra dollars to each payment. For new borrowers, starting with additional payments from the first month can lead to significant savings. For example, adding $100 monthly on a $200,000 mortgage at six percent can save over $49,000 and shorten the term by more than five years. An online calculator from FinancialMentor can help determine how much to add for a specific payoff date. Additionally, lump sum payments from bonuses or tax refunds can also help achieve early payoff goals.
Applies to all Canadian homebuyers since 2018; must prove ability to pay if rates rise.
Test uses higher of 5.25% or offered rate + 2% to assess affordability.
Directly impacts mortgage qualification and borrowing amount; may require higher down payment or lower budget.
2024 update: No test needed for straight switch to new lender with same terms.
Test aims to prevent excessive debt; use affordability calculators or consult specialists for guidance.
Understanding cash flow is vital when selling a tenant-occupied apartment, as positive cash flow attracts investors seeking immediate income. Benefits include consistent rental income, reduced vacancy risks, and minimal tenant disruption. Effective communication, legal compliance, market valuation, and strategic marketing are key. Respecting tenants during showings and evaluating offers carefully ensures smooth transactions. Post-sale, clear tenant communication and awareness of tax implications help maximize returns and maintain goodwill.
Buyer confidence is gradually improving as Canadians anticipate a steadier, more predictable housing environment heading into 2026.
First-time buyers are set to play a major role next year, encouraged by easing conditions and a more positive economic outlook.
A modest 0.5%–1% rate drop early in 2026 could quickly unlock pent-up demand as buyers watch the Bank of Canada closely.
Markets nationwide are moving toward balance, with affordability, commuting needs, and regional stability guiding buyer decisions as 2026 approaches.
A new year arrives with fresh goals, bold ideas, and the momentum to turn today’s plans into tomorrow’s lasting success.
2026 begins with opportunity ahead, inviting smarter decisions, renewed focus, and confidence to shape what comes next.
Happy New Year 2026, a time to celebrate progress, embrace change, and move forward with optimism, purpose, and clarity.
Portable mortgages let homeowners transfer an existing low-rate loan to a newly purchased property.
When upgrading to a pricier home, borrowers must cover cost differences with cash or higher-rate loans.
The U.S. lacks portable mortgages due to long loan terms and reliance on mortgage-backed securities.
Portability works abroad because shorter mortgage terms reduce risk of decades-long interest-rate commitments.
While helpful for current owners, portable mortgages may raise home prices and offer minimal benefit to newcomers.