BoC’s neutral rate is 2.75%, aiming to balance growth without overheating or stalling.
Scotiabank sees rates holding at 2.75% through 2025, then easing to 2.0% in 2026.
Home sales expected to rise 6.3% in 2026, reaching nearly 500,000 across Canada.
Average home prices likely to climb to $697,929 in 2026—up 3% from this year.
CREA says pent-up demand is fueling sales, but uncertainty still holds things back.
Surrey has made significant progress in its Housing Action Plan, issuing permits for over 9,500 new housing units and implementing 30+ process improvements to reduce timelines and streamline approvals. Upcoming initiatives include updating policies, creating new zoning for mid-rise and mixed-use buildings, and enhancing the Official Community Plan. The city received $101.6 million in federal funding to support affordable housing projects.
Buying a first home involves deciding the type of property, assessing affordability, and understanding the local market. Consider your readiness to settle, budget for down payment and monthly costs, and factor in credit score and closing costs. Evaluate whether to rent or buy based on your situation. If your ideal home exceeds your budget, a starter home can help build equity until you're ready to upgrade.
Appreciation rate is the annual percentage increase in a property’s value over a specific time period.
It’s a critical metric for Canadian homebuyers and investors evaluating long-term property performance.
Key drivers include location, infrastructure, economic trends, interest rates, and housing market supply and demand.
Appreciation may be market-driven or forced through property upgrades like renovations and improvements.
A consistent appreciation rate helps grow equity, improves refinancing terms, and supports long-term financial planning.
Homeowners in Canada can fund renovations by refinancing or accessing home equity through a secured credit line.
Renovation costs vary greatly; setting a realistic budget and getting quotes is essential before borrowing.
Some mortgage options allow adding renovation costs to the mortgage at the time of home purchase.
Personal loans and credit cards are options but usually have higher interest rates than mortgage-based solutions.
Certain upgrades may qualify for rebates or cost-saving incentives from government programs or local authorities.
On closing day in Canada, you meet your lawyer or notary to sign mortgage and ownership documents.
You must provide proof of home insurance naming your lender before mortgage funds are released.
Your first mortgage payment is usually due about one month after closing, with possible interest adjustments.
Final closing costs include legal fees, land transfer taxes, title insurance, and prorated seller reimbursements.
Keep copies of all signed documents safely; digital copies are also recommended for your records.
Surrey City Council approved a report showing the city granted occupancy to 6,488 net new housing units from July 2024 to June 2025, exceeding the provincial target by 53%. Surrey aims to build 27,256 units over five years and has over 45,100 units approved for rezoning and 13,100 with building permits. The city is streamlining processes to accelerate housing development but calls for more provincial infrastructure support.
Co-signers are fully responsible for the mortgage if the main borrower can’t make payments.
Co-signing affects your own credit and reduces your ability to borrow for future loans.
Removing your name later isn’t automatic; the borrower must fully re-qualify at renewal time.
Tax and legal consequences may apply, including capital gains and loss of first-time buyer benefits.
Always consult financial, legal, and tax professionals before agreeing to co-sign a Real Estate loan.
Start by getting pre-approved to show affordability—credit score >720 boosts your mortgage options significantly.
Compare mortgage options, including government programs and incentives like $5K tax credit or $60K RRSP withdrawals.
Mortgage pre-approval lets buyers know how much they can afford before beginning their Real Estate search.
It helps narrow your property search to homes that match your approved mortgage budget.
Sellers prefer pre-approved buyers, especially in competitive Real Estate markets with multiple offers.
Pre-approval secures an interest rate for up to 120 days, shielding buyers from potential increases.
Don’t get pre-approved unless ready to purchase within 60–120 days, as it affects credit files.