Compare lenders by researching rates, prepayment options, penalties, and customer service responsiveness.
Use online reviews and forums to understand real borrower experiences beyond promotional claims.
Ask thorough questions to judge lender transparency and support during the mortgage process.
Mortgage brokers simplify comparisons and may access lenders or deals not available directly.
A lenders have strict criteria; B and private lenders suit those with credit or income challenges.
The mortgage lending market is projected to grow $27.5T by 2031.
CAGR of 9.5% driven by digital and tech adoption.
Reverse mortgages now serve Canadians 55+ as mainstream, flexible, tax-free retirement income tools.
Homeowners can access up to 55% equity, no monthly payments, and full spending control.
Mortgage refinancing replaces your current loan with a new one, possibly at a lower interest rate.
You can borrow up to 80% of your home’s value, minus your existing mortgage balance.
Mortgage pre-approval is a lender’s conditional offer based on your finances, not a final commitment.
It confirms how much you can borrow, typically locking your rate for 90 to 120 days.
Surrey city council approved 758 new rental units by converting planned condos into rentals across three projects, reflecting developers' response to weak presale demand and economic uncertainty. This shift may unlock financing and incentives but could reduce future condo ownership options, impacting younger buyers. Surrey's 2025 report highlights a need for over 20,000 rental and 26,000 ownership units by 2028 for affordable housing.
A one-day flash sale in Surrey City Centre cut condo prices by 25%, sparking strong buyer interest amid weak Greater Vancouver sales. Despite high prices driven by COVID-era demand and government costs, many first-time buyers remain priced out. Government policies, including taxes and bans on short-term rentals, hinder housing supply. Federal measures to reduce taxes on new homes and support development costs may help, but coordinated efforts and more non-market housing are needed.
Mortgage portability lets you transfer your existing mortgage to a new home without penalties.
It preserves your current interest rate and term, avoiding costly prepayment fees when relocating.
Bank of Canada held its overnight rate at 2.75% on June 4, 2025.
TD Economics forecasts two more rate cuts in 2025.
Buying a first home requires careful planning and organization. Start by setting a budget considering income, expenses, and ongoing costs. Check and improve your credit score, save for a deposit, and explore government grants. Get loan pre-approval to strengthen your position. Choose the right location based on lifestyle and growth potential. List must-have features, inspect properties thoroughly, and negotiate offers. Hire a solicitor for legal processes and finalize finance and settlement to complete the purchase confidently.