Real Estate Blog

Mortgage Renewals & Market Impact: Key Insights for Homeowners

With over $900 billion in mortgages set for renewal over the next three years—$186 billion in 2024, $315 billion in 2025, and a substantial $400 billion in 2026—the Canadian housing market is facing a period of change. These renewals will impact many homeowners, and it’s crucial for clients to understand their options to avoid unnecessary costs.

Delayed Moves Could Mean Higher Costs

Many homeowners are waiting to see where interest rates land before making a move. However, delaying could mean paying more for the same home. If clients wait until renewal, they may face higher property prices, along with multiple-offer situations, which can drive up costs even further. Moving sooner allows them to lock in at today’s property prices while still carrying over their current mortgage.

Porting Your Mortgage: A Smart Move

What many clients don’t realize is that they can port their current fixed mortgage or transfer a variable mortgage to a new property without penalties. This means they can move now, avoid paying a higher purchase price later, and renew on better terms after the move. For those on variable rates, transferring to a new home can also allow for greater financial flexibility, often with lower fees.

Refinancing For Your Dream Home

Are you looking to reduce your monthly payments in order to be able to afford to move? Refinancing might be a great option for you to cut down on your monthly liabilities and lower interest charges. That dream home is closed then you think. 

Education & Expert Support

Our team is here to provide guidance for anyone unsure about these options. Additionally, we’d be happy to arrange a chat with us or with our trusted TD Mortgage Specialist Carrie Wilson in order to cover these topics in depth, so you can make informed decisions.

By staying proactive, you can navigate your renewals effectively and take advantage of opportunities within the housing market.

Call us for more info! info@roccasisters.ca, 905.335.4102