Real Estate Blog

The housing market loves a good prediction — and lately, there’s been no shortage. Analysts, economists, and lenders alike have spent the fall debating whether the Bank of Canada will deliver one or two final rate cuts before the end of the year.

Markets are pricing in the possibility of a December 2025 rate drop to 2.25%, which would mark the lowest point in nearly four years. But as any homeowner knows, predicting what the central bank will do next is more guesswork than science.

The smarter move? Focus less on when rates might fall — and more on how you can position yourself for when they do.

What Late-2025 Rate Cuts Could Mean for You

If the Bank of Canada does trim rates again, the benefits will ripple unevenly:

• Variable-rate mortgage holders will see immediate payment relief, as lenders adjust their prime rates.

• Fixed-rate borrowers won’t feel the impact until bond yields — which guide fixed-rate pricing — decline further.

• New buyers could regain affordability, but competition may also return quickly to the market once confidence improves.

The key takeaway: Rate cuts are good news, but they don’t automatically solve affordability. Without a plan, you risk missing the window to act.

Turn Market Speculation into Mortgage Strategy

Instead of trying to “time the bottom,” the best borrowers are preparing for all possible outcomes. Here’s how to stay ready:

1. Choose Flexibility Over Prediction

If you’re buying or renewing this fall, consider shorter-term fixed mortgages (1–3 years) or adjustable-rate products. These let you take advantage of future cuts without locking in at today’s higher long-term rates.

Many Canadians who chose five-year fixed terms in 2022 are now paying the price for that rigidity. Don’t repeat the same mistake on the way down.

2. Review Your Prepayment Privileges

Even if rates drop later, your biggest savings can still come from reducing principal faster. Use your lender’s prepayment allowance — often 10%–20% annually — to get ahead while rates remain manageable.

A broker can help calculate how even an extra $100–$200 per month could shorten your amortization by years.

3. Stay Rate-Hold Ready

If you’re a potential buyer, secure a rate hold now. Most lenders will freeze a rate for up to 120 days. If rates fall, you automatically get the lower one; if they rise, you’re protected.

This lets you shop with confidence — not anxiety.

4. Keep an Eye on Refinancing Opportunities

If you’re locked into a higher fixed rate, a rate drop could open doors to refinance early — even with a penalty. Sometimes, the savings over the new term outweigh the cost of breaking the existing one.

Mortgage brokers can model this for you precisely — including penalty coverage options, like using a HELOC to offset the cost.

Example Scenario: Acting Early vs. Waiting

Let’s say you have a $500,000 mortgage at 5.5% fixed with two years remaining. If rates fall to 4.5% in early 2026, refinancing could save you $5,000–$7,000 in interest over the next three years — even after paying a moderate penalty.

But if you wait until renewal and rates rebound slightly, those savings may disappear.
That’s why it’s less about guessing — and more about staying positioned for opportunity.

The Balanced Approach

The temptation to wait for the “perfect” rate is understandable, but most homeowners win by managing risk, not chasing predictions. The market will always move faster than headlines — and brokers can act faster than banks when it does.

A well-structured mortgage should feel adaptable. It should work in today’s environment but be flexible enough to pivot when tomorrow’s rates shift.

Ottawa’s market continues to be resilient despite broader concerns about economic uncertainty. In October, Ottawa’s housing market experienced a modest, seasonal increase in sales activity accompanied by a reduction in the elevated inventory levels seen in recent months. This points to a stable yet cautious phase for the region as we move into the typically slower winter season.

Last month, a total of 1,177 homes were sold, up 8.1% from 1,089 in September 2025, but down slightly year over year with a 1.2% decrease compared to October of 2024. The average sale price climbed to $709,002, an increase of 2.7% month over month and 5.7% higher than the same period last year, suggesting that underlying demand remains resilient.

The Bank of Canada’s second consecutive rate cut on Oct. 29, 2025, lowered the policy rate by 25 basis points to 2.25%, providing additional relief to borrowers and some optimism for an active spring market. However, the bank tempered expectations for further easing, noting in its statement that this is likely the final cut in the current cycle. The Ottawa Real Estate Board (OREB) is monitoring the newly released federal budget and workforce announcements, as cuts in either area have historically affected Ottawa’s housing market given the city’s large federal employment base.

Overall, Ottawa continues to display a pattern of measured balance, modestly improving demand, steady prices, and a market environment that remains fundamentally healthy as it heads toward year-end.

“Ottawa’s market continues to demonstrate balance and resilience,” said OREB’s President. “We’re seeing modest growth in sales activity, stable pricing, and a seasonal easing of elevated inventory levels. The recent rate adjustments provide optimism for the coming months, but economic uncertainty looms, and buyers and sellers remain cautious, watching how broader economic factors play out. The current environment points to a steady market rather than a rapid shift in either direction.”

Ottawa saw 2,405 new listings in October, a 15.1% decline from September 2025, but 13.4% higher than October 2024. This seasonal drop off in new listings between September and October has been a consistent pattern over the past decade. More notably, active listings fell from 4,388 in September to 4,232 in October, a 3.6% decrease. While inventory levels remain higher than in recent years, this familiar fall decrease in active listings suggests that the trend towards elevated supply levels may be starting to stabilize, still within a balanced market range. Reinforcing that trend, the months of inventory measure eased from 4.0 to 3.6, indicating a modest tightening in the balance between buyers and sellers as the fall market settled.

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Last month, thousands of people across twelve Canadian cities walked to raise awareness and crucial funds for local women’s second-stage housing/transitional shelters and housing support programs. The third annual Royal LePage® Shelter Foundation™ Night Light Walk™, presented by TD, addresses the urgent need for safe, affordable housing for individuals and families escaping domestic violence.

According to Women’s Shelters Canada, 99.5% of shelter staff and survivors report their community is facing a housing crisis. Intimate partner violence impacts 44% of women and girls in an intimate partner relationship. And, on any given day in Canada, 3,000 women and their 2,500 children are living in an emergency shelter to escape family violence. While these emergency shelters provide immediate safety, they are not meant to meet long-term housing needs.

Second-stage housing — longer-term accommodation for women no longer fleeing immediate abuse but still needing support and safety — is vital. Due to a shortage of this type of housing and underfunding of existing second-stage housing, survivors are left without a clear path to long-term stability.

Funds raised by Night Light Walk participants expand transitional housing initiatives through new builds and renovations, and provide essential resources like trauma counselling, legal assistance and positive parenting programs. In communities without transitional housing, funds support emergency shelter programs, where longer-term and affordable housing is sought.

Last year alone, over $315,000 was raised at the Night Light Walk. This contributes to the Royal LePage Shelter Foundation’s total of over $52 million raised since its inception in 1998, supporting over 200 local women’s transitional shelters and national partners.

Despite Improving Affordability, Majority of First-Time Homebuyers Say They Plan to Buy in 12–24 Months

Canada’s housing market may be opening new doors for first-time buyers, thanks to lower borrowing rates, softer prices and more listings to choose from. But uncertainty in the economy and an abundance of choice have led to a lack of urgency to buy, prompting many young Canadians to take their time before entering the market.

According to a recent Royal LePage survey, conducted by Burson*, 13% of Canadian adults say they are actively working towards the purchase of their first residential property within the next two years. Of this group, a small proportion say they are working towards their first purchase within the next 12 months, while the majority (82%) say they are planning to make a purchase in 12 to 24 months.

When asked what stage of the purchasing process they are in, more than half (51%) of first-time buyers said they are currently researching neighbourhoods where they can afford to live, 49% are actively browsing online listings, 19% are actively viewing homes listed for sale in person, and 19% have engaged with a real estate agent. Respondents were able to select more than one answer.

“Interest rates are trending lower and prices have stabilized or even softened in some markets, creating favourable conditions for long-awaited entry into home ownership, especially in costly cities like Toronto and Vancouver. Yet, hesitation remains,” said Phil Soper, president and CEO, Royal LePage. “For some, ongoing economic uncertainty, particularly surrounding trade relations with the United States, is prompting them to hold off until there are signs of stability. Buying a home is the biggest financial decision most people will ever make, and first-time buyers naturally want to do so with as much certainty as possible.”

“Others are choosing to wait in hopes of securing a better deal. With the potential for further rate cuts from the Bank of Canada this year, those in no rush to purchase now are taking a methodical approach — building up their savings and deliberately planning their entry into the market when they feel the timing is best for them.”

Other Interesting Highlights from the Survey:

• More than half (53%) of first-time buyers plan to put at least 20% down on their purchase; while 39% will not and will therefore need to buy mortgage insurance.

• 42% of first-time buyers say they will prioritize the neighbourhood where they want to live, regardless of the distance to their job, while 33% say they will purchase a home based on proximity to work.

• Finding a home that is move-in ready is the most important non-price related factor for first-time buyers, according to Royal LePage professionals across the country.

Financial Support Continues to Flow from Family to First-Time Buyers

While many buyers continue to rely on help from family to make their first home purchase, most do not. When asked if they would receive any financial assistance towards the purchase of their first residential property, more than half (51%) said they would not receive any help. Meanwhile, 41% of first-time buyers said they would. Even as affordability has improved in several markets over the past year, many first-time purchasers continue to rely on financial support to take their first step onto the property ladder.

“Despite improving affordability, many first-time buyers continue to rely on family financial support. This transfer of wealth has become increasingly common, as parents look to give their children the same opportunity for stability and long-term financial growth that they themselves experienced through home ownership. For some buyers, financial contributions from family can make the decisive difference between becoming a homeowner and remaining a tenant,” said Soper.

“However, many lack access to this kind of support, forcing them to adopt more creative and often difficult approaches to saving. Some delay major life milestones, such as marriage or starting a family, in order to prioritize home ownership. Others cut back significantly on discretionary spending, or continue living at home with parents well into adulthood to build up their savings. While determination and careful planning help these buyers reach their goals, the gap between those who receive financial assistance and those who do not highlights the deep affordability challenges in today’s market.”

*Burson used the Leger Opinion online panel to survey 2,500 adult residents across Canada. The survey was completed between August 4 and August 9, 2025. Age, gender and regional quotas were applied to ensure representativeness of the adult-level Canadian population.

Amid rising political turmoil in the United States and ongoing economic tensions between our two countries, many Canadians who own residential property south of the border are considering selling or have already sold.

According to a recent Royal LePage survey, conducted by Burson, more than half (54%) of Canadians who currently own residential property in the U.S. say they are planning to sell within the next year, among whom a majority (62%) credit the current political administration as the main reason. Meanwhile, 33 per cent of them say they are motivated by other factors, such as personal and financial reasons, and another five per cent say it is due to increasingly extreme weather conditions, like hurricanes, flooding and forest fires.

“The polarizing political climate in the United States is prompting many Canadians to reconsider how and where they spend their time and money,” said Phil Soper, president and CEO, Royal LePage. “Canadians have been the most important foreign investors in America’s residential real estate market for years, and a significant wave of property sales would leave a noticeable mark on the regional economies that snowbirds support.

While wealthy buyers from China and other nations also spend a great deal on American residential real estate, purchasing expensive properties in major cities as investments, Canadians actually live in the neighbourhoods where they buy. They shop locally, dine out, volunteer and join pickleball leagues. Places like Florida, Arizona and California stand to lose millions in economic activity each year – and thousands of neighbours – if Canadian owners pull their capital from U.S. housing markets.”

Of those who sold their property south of the border within the last year, 44 per cent say it was due to the current political administration, while 27 per cent say it was for personal reasons, and 22 per cent because of increasingly extreme weather conditions.

“Not every decision to sell is politically driven. For many, the decision to divest will be due to changing personal circumstances, from reprioritizing financial goals to the simple decision to invest closer to home,” continued Soper. “For some, the upkeep and distance of a U.S. property has become more burden than benefit, and uncertainty around shifting, murky border rules is yet another layer of stress. For years, Canadians rarely gave the American border a second thought on their way to a winter break in the south. Now, many fear that easy neighbourly travel can no longer be taken for granted.”

Canadians Intend to Reinvest in Domestic Real Estate Market

The ‘Buy Canadian’ movement, sparked by ongoing tariff threats by President Donald Trump, has resonated across the economy, from consumers choosing Canadian-made goods to businesses prioritizing local partnerships. In that same spirit, many Canadians selling their U.S. properties plan to put their sale earnings back into the Canadian housing market, further reinforcing confidence in domestic real estate.

When asked if they plan to reinvest the proceeds of the sale of their U.S. home into the Canadian real estate market, almost one third (32%) of respondents who have recently sold or are planning to sell within the next year answered ‘yes’.

“Across sectors, Canadians are increasingly choosing to support domestic businesses, prioritize homegrown products, and invest in their own communities. This mindset extends into real estate,” said Soper. “Many who are selling their U.S. properties are opting to bring that capital back home, with some reinvesting in local recreational property, reinforcing confidence in the long-term strength and stability of Canada’s economy.”

As temperatures rise, it’s tempting to rely solely on air conditioning to stay comfortable — but it’s not your only option. Whether you’re trying to cut back on energy costs, reduce your environmental impact, or simply get more out of your cooling system, there are plenty of smart, AC-free ways to keep your home feeling comfortable.

In fact, some of the most effective cooling methods don’t involve air conditioning at all — and even if you do have AC, these tips can help it work more efficiently and keep your home comfortable throughout the season.

Optimize Your Ceiling Fan Direction

One of the most overlooked ways to cool your home is using your ceiling fan correctly. Many people don’t realize that fans have a switch to change their rotation direction.
In the summer, set the fan to spin counterclockwise — this pushes the air downward and creates a cooling wind-chill effect.

When colder weather returns, switch the direction clockwise and run it on low to gently circulate warm air trapped near the ceiling.

Keep Hot Air Out

When outdoor temperatures are higher than inside your home, keep windows and doors closed to prevent heat from seeping in. Open them only when the outside air is cooler, typically early in the morning or later at night.

To block out sunlight, close curtains or blinds during the hottest parts of the day. Blackout blinds are especially effective at reducing heat gain. Choose lighter colours like white or beige, which reflect rather than absorb sunlight.

Keep Interior Doors Open

Good airflow is key to keeping your home cool. Leave interior doors open, especially if you’re using fans or relying on natural air circulation to move cooler air through your space.

Stay Cool While You Sleep

Getting a restful night’s sleep during a heatwave can be a challenge.
Here are a few tips to keep you comfortable:

• Choose breathable bedding such as cotton sheets, which help wick moisture and promote airflow.

• Open windows at night if the temperature outside is lower than indoors.

• Chill a hot water bottle with cold water and place it at your feet for relief.

• Sleep on the lowest level of your home, since heat rises. A basement couch might be cooler than your upstairs bedroom during peak heat.

Ditch the rugs — heavy rugs can trap heat. Roll them up and store them during the summer to help floors stay cooler, especially if you have hardwood, tile, or concrete surfaces.

If you’ve owned your home for a few years, there’s a good chance you’re sitting on a valuable financial resource — and you might not even realize it.

Home prices in Ottawa have remained strong, and now that interest rates are starting to drop, many homeowners are asking:

“How can I tap into my home equity — and what can I use it for?”

Whether you’re looking to consolidate debt, invest, renovate, or improve your cash flow, here’s what you need to know about unlocking your home’s value in 2025.

What Is Home Equity, Really?

Home equity is the difference between:

• What your home is worth

• What you still owe on your mortgage

For example:
If your home is worth $650,000 and your remaining mortgage is $350,000 — you have $300,000 in equity.

Many homeowners don’t realize how much equity they’ve gained — especially if they bought before prices rose in the early 2020s.

How Can You Access That Equity?

There are two main ways to access your home equity:

1. Refinance Your Mortgage
This involves replacing your existing mortgage with a new one for a higher amount — giving you a lump sum of cash from your equity.

Best for:

• Debt consolidation

• Large expenses like home renovations or education

• Investing in property or other opportunities

2. Home Equity Line of Credit (HELOC)
This gives you flexible, ongoing access to a portion of your home equity — similar to a credit card, but with a much lower interest rate.

Best for:

• Emergency funds

• Staged renovations

• Borrowing only what you need, when you need it

Popular (and Smart) Ways to Use Your Equity in 2025

With interest rates starting to trend downward and home values holding steady, now is a strategic time to put your equity to work.

Here are some of the most popular, and financially smart, ways to use it:

1. Consolidate High-Interest Debt
Paying off credit cards or personal loans with 20%+ interest using your mortgage (at a much lower rate) can save thousands in interest and improve monthly cash flow.

2. Fund Renovations
Improve your home’s comfort and value with upgrades — especially energy-efficient improvements that may qualify for rebates.

3. Support a Down Payment for a Family Member
Many homeowners are helping adult children buy their first home by using a portion of their equity as a gifted or co-signed down payment.

4. Invest in Real Estate or Other Ventures
Turn idle equity into an income-generating opportunity by purchasing a rental property or other long-term investment.

5. Cover Life Transitions
Whether you’re going through a separation, starting a business, or retiring soon, your equity can help bridge major life changes.

What Do Lenders Look For in 2025?

The rules around equity lending are always evolving, but here’s what most lenders are looking for this year:

• A strong credit profile

• Stable income or employment history

• Sufficient equity (typically 20% or more required for a HELOC)

• A reasonable debt-to-income ratio

Even if you’ve had a credit hiccup, there may still be options through alternative lenders — especially if you have strong equity. A broker can help you navigate these choices without judgment.

Climate events like storms, floods, and wildfires are becoming more frequent and severe. Preparing your home for extreme weather is no longer optional — it’s non-negotiable for protecting your property and keeping your family safe. 

This guide will help you secure key areas of your home, from the roof to the basement, ensuring you’re ready for whatever nature throws your way.

Protect Your Roof

Your roof is your home’s first line of defense against extreme weather.

• Inspect regularly: Check for loose shingles, damaged flashing, or signs of wear. Address issues promptly to avoid leaks during storms.

• Reinforce the structure: Install hurricane clips or straps to secure the roof to the walls, particularly if you live in a storm-prone area.

• Clear debris: Keep gutters and downspouts clean to prevent water buildup that can damage your roof.

Fortify your windows

Windows are vulnerable during high winds and storms. Strengthen them to reduce the risk of breakage.

• Install storm shutters: These provide a protective barrier during hurricanes and heavy storms.

• Upgrade to impact-resistant glass: These windows can withstand strong winds and flying debris.

• Use caulk or weatherstripping: Seal gaps around windows to prevent water intrusion and improve energy efficiency.

Pro Tip: Keep heavy-duty plastic sheeting on hand for temporary repairs after a storm.

Waterproof your basement

Flooding is a common threat, especially during heavy rains or rising waters.

• Install a sump pump: A sump pump with a battery backup can remove water quickly during a flood.

• Seal cracks: Use waterproof sealant to close cracks in basement walls and floors.

• Elevate utilities: Raise appliances, HVAC systems, and electrical outlets above potential flood levels.

Pro Tip: Keep a dehumidifier in the basement to manage moisture and reduce mold risk.

Safeguard your deck and outdoor spaces

Outdoor areas are particularly exposed to extreme weather. Protect them to minimize damage.

• Anchor furniture: Secure patio furniture and other outdoor items to prevent them from becoming projectiles in high winds.

• Waterproof wood surfaces: Apply sealant to decks and fences to protect against water damage and rotting.

• Trim trees: Remove overhanging branches near your home to reduce the risk of damage during storms.

General preparedness tips

No matter the type of extreme weather, preparation is key.

• Create an emergency kit: Include essentials like flashlights, batteries, water, non-perishable food, and a first-aid kit.

• Review your insurance policy: Ensure your coverage includes damages from floods, wildfires, or hurricanes as needed.

• Develop an evacuation plan: Know the safest routes and designate a meeting point for your family.

Taking proactive steps to prepare your home for extreme weather not only safeguards your investment but also provides peace of mind. By addressing vulnerabilities in your roof, windows, basement, and outdoor areas, you can face severe weather with confidence. 

Buying your first home is an exciting journey, but it can also be overwhelming. Many first-time home buyers fall into common pitfalls that can lead to costly mistakes or missed opportunities. By being aware of these missteps and knowing how to avoid them, you can make informed decisions that will pave the way for a successful home-buying experience. Here are some of the most common mistakes and tips on how to steer clear of them.

1. Not Getting Pre-Approved for a Mortgage

One of the biggest mistakes first-time buyers make is skipping the mortgage pre-approval process. Without pre-approval, you may have a limited understanding of your budget and could risk falling in love with a home that’s out of your financial reach.

How to Avoid This Mistake:

• Get Pre-Approved Early: Speak with a mortgage broker or lender to obtain pre-approval. This will give you a clear idea of how much you can afford and strengthen your position when making an offer.

2. Failing to Budget for Additional Costs

Many first-time buyers focus solely on the down payment and forget to budget for additional costs such as closing costs, home inspections, property taxes, and ongoing maintenance. These expenses can add up quickly and impact your overall financial situation.

How to Avoid This Mistake:

• Create a Comprehensive Budget: Alongside your down payment, account for all potential costs associated with buying and maintaining a home. It’s advisable to set aside an additional 2-5% of the home’s price for closing costs and other expenses.

3. Ignoring the Importance of Location

First-time buyers often get caught up in the features of a home and overlook the significance of location. A home in a desirable neighborhood can appreciate in value more quickly, while a less desirable area may not offer the same potential.

How to Avoid This Mistake:

• Research Neighborhoods: Consider factors like school districts, crime rates, public transportation, and future development plans. Visit neighborhoods at different times of the day to get a feel for the community.

4. Skipping the Home Inspection

Some buyers may be tempted to waive the home inspection to make their offer more appealing, but this can lead to significant headaches down the line. Hidden issues, such as structural problems or outdated systems, can result in costly repairs.

How to Avoid This Mistake:

• Always Conduct a Home Inspection: Hire a qualified home inspector to evaluate the property before finalizing your purchase. This will provide you with a clearer picture of the home’s condition and help you negotiate repairs or price adjustments.

5. Not Considering Future Needs

First-time buyers sometimes focus solely on their current lifestyle and fail to consider their future needs. This can lead to outgrowing a home sooner than anticipated, especially for growing families or those planning to work from home.

How to Avoid This Mistake:

• Think Long-Term: Assess your future plans and consider how your needs may change. If you plan to start a family or expect job changes, look for a home that will accommodate those potential changes.

6. Overlooking Mortgage Options

Many first-time buyers assume that a 30-year fixed mortgage is their only option. However, there are various mortgage products available, each with different terms and benefits. Overlooking these options can lead to higher payments or unfavorable terms.

How to Avoid This Mistake:

• Explore Different Mortgage Types: Consult with a mortgage broker to learn about fixed-rate, variable-rate, and other mortgage products. Understanding your options can help you choose the right mortgage for your financial situation.

7. Rushing the Process

In the excitement of buying a home, first-time buyers may rush the process, making hasty decisions that they might regret later. This can include rushing through property viewings or making offers without sufficient thought.

How to Avoid This Mistake:

• Take Your Time: Be patient and give yourself the time needed to thoroughly evaluate your options. Don’t feel pressured to make an offer until you’re fully comfortable with your choice.

Conclusion

Buying your first home is a significant milestone, and avoiding common mistakes can help ensure a smoother experience. By staying informed and taking a thoughtful approach, you can make decisions that align with your long-term goals.

If you’re ready to start your journey towards homeownership, our team is here to guide you every step of the way. From mortgage pre-approval to finding the perfect home, we’re committed to helping you navigate the process with confidence. Reach out today to learn more!

The arrival of warmer weather and longer days is a welcome sign for many Canadians – especially those eager to return to their cottages. With the Victoria Day long weekend fast approaching (often seen as the unofficial start of summer), thousands are preparing to unlock the cabin doors and breathe new life into their seasonal properties.

But before you can fully relax at the lakeside, there’s a bit of work to be done. If your cottage was unoccupied during the winter months, it’s important to give it the care and attention it needs to ensure a safe and comfortable season ahead.

Here are a few helpful tips to make reopening your cottage as smooth as possible. 

Start the reopening process before you arrive

A successful cottage reopening starts before you even set foot on the property. In the weeks leading up to your trip, take time to reconnect with service providers and double-check key maintenance items.

Contact your utility companies to reinstate services like electricity, internet, propane and gas. If you paused trash collection or water delivery, now’s the time to get those back in motion. Schedule a chimney sweep and, if your property has a septic tank or outhouse, book a cleaning or inspection to make sure everything’s functioning safely.

Also take a moment to review your cottage insurance policy, as well as coverage for boats, trailers or recreational vehicles. Make sure everything is up to date before opening weekend.

Don’t forget to pack your reopening essentials: keys, tools, cleaning supplies, flashlights, batteries, light bulbs, and even pest control products can save you an unexpected trip into town.

Take a walk around the property

Upon arrival, do a thorough walk about your lot to look for signs of weather damage. Inspect the roof for missing shingles, blocked gutters, leaks or any branches that may have fallen during the winter. On the ground, keep an eye out for signs of rot on your deck or siding, broken windows or wildlife that may have made their way indoors during the winter. 

Once inside, inspect your cottage for dampness, pests or unpleasant odours. Get some fresh air running through your cottage and flush out any stale smells by opening all of the windows and doors. This is also a good opportunity to look for any mould or mildew that may be lurking around window sills and entryways. If there is any serious damage to the property, be sure to alert your insurance provider immediately.

Safely restore water and power

When your initial inspection is complete, it’s time to restore your essential utilities.

For water, start by checking that pipes are intact and free of cracks caused by freezing. Reconnect any pipes that were disconnected in the fall, then proceed to fill your water heater and replace filters if needed. Once the main water valve is turned on, allow water to run through a tap to flush the lines.

Keep in mind: some cottages rely on lake-drawn water or well systems, which may require extra care or professional servicing.

Before flipping on the power, inspect your electrical meter and exterior power lines for signs of damage. Once you’re in the clear, turn on the main breaker and test appliances, outlets and lights room by room to make sure everything is running smoothly.

Get your outdoor spaces summer-ready

Don’t forget to give your exterior living spaces some love. After months of snow, your yard, dock, and deck will likely need some cleanup before they’re ready for prime time.

Rake up fallen branches, leaves and debris from your lawn and garden beds. Trim overgrown shrubs and inspect trees for hanging limbs that could pose a safety risk. Check your dock for loose boards, exposed nails or signs of water damage, and make necessary repairs before jumping in.

Wipe down your outdoor furniture and inspect it for rust or wear. Bring out your BBQ or firepit, giving them a proper cleaning before use. If you store kayaks, paddleboards or canoes on-site, this is a good time to inspect them for cracks or mildew and refresh safety gear like lifejackets and paddles.

Adding fresh outdoor lighting or planting flowers can also help make your cottage feel inviting from day one.

Restock the essentials

Before you officially break out the Muskoka chairs and settle in, remember to check those smaller to-do items off your list. Ensure that your smoke alarms and carbon monoxide detectors have fresh batteries and replace the filter in your central air system if you have one. Don’t forget to refill fire extinguishers and top up the first aid kit with new supplies before you kick back and relax. 

Looking for insights into Canada’s most popular cottage country markets? Check out the latest findings in the Royal LePage 2025 Spring Recreational Property Report. 

For many Canadian homeowners, their home is more than just a place to live—it’s also a valuable financial asset. With home values remaining strong despite rising interest rates, tapping into home equity can be an effective way to finance major life goals, such as home renovations, education, debt consolidation, or even investment opportunities. However, in today’s high-rate environment, it’s essential to carefully evaluate your options to ensure you’re making a financially sound decision.

What is Home Equity?

Home equity is the difference between the current market value of your home and the remaining balance on your mortgage. As you pay down your mortgage and your property appreciates in value, your equity grows, providing a potential source of funds.

Options for Accessing Home Equity

There are several ways homeowners can access their equity, each with its own advantages and considerations:

1. Home Equity Line of Credit (HELOC)

A HELOC is a revolving line of credit secured against your home. It allows you to borrow funds as needed, making it a flexible option for homeowners.

• Pros: Interest-only payments on the amount borrowed, flexibility in withdrawal, and lower rates compared to unsecured credit.

• Cons: Variable interest rates can lead to higher payments if rates increase, and lenders may limit borrowing amounts due to market conditions.

2. Mortgage Refinancing

Refinancing involves breaking your current mortgage and replacing it with a new one that includes a larger loan amount, effectively cashing out some of your home equity.

• Pros: Can offer a lower interest rate compared to unsecured loans, potential for better mortgage terms.

• Cons: May incur prepayment penalties, requires a full mortgage qualification process, and locks in a new interest rate.

3. Second Mortgage (Home Equity Loan)

A second mortgage is a separate loan taken out on top of your existing mortgage, secured by your home’s equity.

• Pros: Access to a lump sum of cash, fixed interest rates available.

• Cons: Higher interest rates compared to first mortgages, additional monthly payments. 

Is Now a Good Time to Access Your Home Equity?

The Bank of Canada’s monetary policy has kept interest rates elevated to curb inflation, meaning borrowing costs are higher than in previous years. However, with rate cuts potentially on the horizon for late 2025, some homeowners may find it advantageous to wait before refinancing or borrowing against equity. On the other hand, those with pressing financial needs might still benefit from structured equity access, especially if consolidating high-interest debt.

More than half of Canadian borrowers anticipate their monthly mortgage payment to increase upon renewal in 2025

More than a million Canadian mortgages will come up for renewal this year. Though interest rates have been on the decline for the last several months, many borrowers are bracing for an increase to their monthly payment – an adjustment that could be quite steep for some households.

According to a recent Royal LePage survey, conducted by Hill & Knowlton,1 more than half (57%) of Canadians who are renewing the mortgage on their primary residence in 2025 expect their monthly mortgage payment to increase upon renewal (35% expect it to increase slightly and 22% expect it to increase significantly). Meanwhile, 25% say their monthly mortgage payment will remain about the same – within $100 of their current payment amount – and another 15% expect their monthly payment to decrease upon renewal.

“When it comes to post-pandemic mortgage renewals, many Canadians have avoided the worst-case scenario of having to sell their homes due to the inability to cover the cost of their mortgage, thanks to solid employment trends and declining interest rates,” said Phil Soper, president and CEO, Royal LePage. “Nevertheless, some will face a substantial rise in their mortgage costs, putting added pressure on their household finances. Many in this situation are exploring options to lower their monthly fees, such as extending their amortization period; a tactic which has proven popular.”

Of those who expect their monthly mortgage payment to rise upon renewal, 81% say the increase will put financial strain on their household; 47% expect a slight strain, while 34% expect a significant strain.

Though many Canadians will see their monthly mortgage payment rise this year, most see no reason to make preemptive major lifestyle changes to cope with increased housing expenses. A majority (62%) of respondents say they will not change their living arrangements to avoid potentially higher monthly mortgage costs. Respondents in Quebec were the most likely to say they will not adjust their living arrangements (78%), while those in Alberta were the least likely to say so (53%). Nationally, however, 11% say they are considering relocating to a more affordable region; 10% say they are considering downsizing; and 10% say they are considering renting out a portion of their home to subsidize expenses. Respondents were able to select more than one answer.

Variable-rate mortgages rise in popularity

With interest rates on a downward trajectory, variable-rate mortgages are gaining in popularity. According to the survey, 66% of Canadians with a mortgage renewing this year say they plan to obtain a fixed-rate loan upon renewal (down from the 75% who currently hold fixed-rate mortgages), and 29% say they will choose a variable-rate loan (up from the 24% who currently hold variable-rate mortgages).

While most Canadians with pending renewals in 2025 plan to stick with the same type of mortgage product they currently have, a sizable shift toward variable-rate loans has emerged. Of those who currently have a fixed-rate mortgage renewing this year – the most popular mortgage product overall in Canada – 20% say they will switch to a variable-rate loan. Seventy-six per cent say they intend to renew with another fixed-rate loan. Meanwhile, 61% of current variable-rate mortgage holders intend to renew with another variable-rate loan, and 37% say they will switch to a fixed rate.

“Since last summer, the Bank of Canada has made several cuts to its overnight lending rate amounting to a decline of 200 basis points thus far, driving variable mortgage rates down in tandem. For homeowners looking to reduce their monthly payments or pay down their principal faster, variable-rate mortgages have become an increasingly attractive option in light of today’s declining rate environment and the likelihood of further cuts this year,” added Soper. “Ultimately, Canadians should choose the mortgage product that best suits their financial goals and risk tolerance.”