Ontario Mortgage & Real Estate Insights Podcast
We cover the daily developments, trends, and regulatory changes affecting the industry, powered by an AI Steve Hamoen. Get insights sourced from reputable news outlets to help you stay informed and make well-informed decisions.
Is your mortgage one of the 1.2 million up for renewal in Canada? Here's what rate to expect and how to get the best deal
In this episode, we open with an introduction and a sponsor message from Real Approved Inc. The discussion begins with the upcoming mortgage renewal wave and how potential Bank of Canada rate cuts could influence it. We delve into lender competition and its effects on monthly payments for borrowers. The episode also covers changes in uninsured mortgage policies and their impact on housing affordability trends. Federal measures, including price caps and 30-year amortization eligibility, are examined. We offer strategies for mortgage renewals before concluding with closing remarks and a final sponsor message from Real Approved Inc.
Key Points
- 1. About 1.2 million mortgages are set to renew in 2025, and while rates are higher than those from 2020 or 2021, recent reductions in the Bank of Canada's overnight rate are providing some relief.
- Many homeowners facing mortgage renewal will experience smaller-than-expected increases in monthly payments due to downward trends in fixed mortgage rates and increased competition among lenders.
- The federal government has raised the price cap for insured mortgages to $1.5 million and expanded eligibility for 30-year amortization mortgages to help make housing more accessible.
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Transcript
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