Ottawa’s housing market in September demonstrated a continuation of late-summer seasonal trends, with sales activity easing slightly while inventory levels continued to climb. A total of 1,089 homes sold in September, down from 1,236 in August and 1,318 in July. This three-month trend of softer sales is not unusual as the spring peak transitions into the quieter summer months.

On the price side, the average sale price of $690,397 in September fell between August's $686,536 and July's $695,209, remaining up 0.3% year-over-year. Benchmark prices have remained relatively stable throughout this adjustment period, indicating that demand is holding steady even as buyers gain more choice.

Active listings rose to 4,388 in September, following 3,971 in August and 4,205 in July. These elevated inventory levels are a departure from undersupplied pandemic-era levels and align more with longer-/unbalanced conditions, though at elevated levels, which continues to be a trend worth monitoring. Continued steady demand helps to explain why prices have stayed relatively flat even as inventory builds. Months of inventory edged up to 4.0, compared to 3.2 in August and 3.2 in July, reinforcing this balance between buyers and sellers.

On September 17, the Bank of Canada cut its key policy interest rate by 25 basis points to 2.5%, citing slowing global growth and easing inflation pressures. This policy shift, combined with Ottawa’s resilient demand and balanced market conditions, could encourage more first-time buyers and bring additional activity to the market in the months ahead.

“September reinforced Ottawa’s resilience, with sales nearly 2.4% higher than last year, and prices are holding steady despite more listings coming to market,” said OREB's President. “When you peel back the layers, you see that townhomes are driving stability while single-family homes are easing. And while Ottawa’s diversity of housing continues to increase inventory, missing middle housing—like townhomes—still aren't being built fast enough, and that's something OREB continues to advocate for.” 

Residential Market Activity:

Looking at the bigger picture, there have been 11,025 home sales so far this year, which is 3.9% higher than at this time in 2024. The average sale price for all sold listings in September was $690,397 up 0.3 % from last year. This year, the average year-to-date price is $699,910, a 2.7% increase over the first nine months of 2024. Altogether, the total value of homes sold in September was approximately $751 million, up 2.8% year-over-year, with the housing sector continuing to be one of the major drivers of the overall ottawa economy.

On the listing side, there were 2,832 new residential listings added in September, a notable 19.3% increase compared to last year, and 4,388 active listings on the market, up 19.4% from September 2024, and roughIy 21.8% above the five-year average for this time of year.

Finally, the months of inventory, a measure of supply, sits at 4.0 months, which is up from 3.2 months of inventory in August. Having 4.0 months of inventory is typically understood to be an indicator of what is considered a balanced market.

MLS Home Price Index:

As for prices, the MLSO Home Price Index (HPI) composite benchmark price in Ottawa was $627,200 in September, a nearly flat 1.1% increase year-over-year. If we break that benchmark price down by property type:

•      Single-family homes came in at $697,200, up 1.0%

•      Townhouses saw the biggest jump — up 7.8% to $462,800.

•      Apartments, on the other hand, dipped again, — down 1.7% to $408,200.

Canada’s housing market is ripe with possibility, but the new buyer hopefuls are taking their time

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 neighborhoods 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 favorable 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 neighborhood where they want to live, regardless of the distance to their job, while 31% say they will purchase a home based on proximity to their work.

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 on to 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, 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.”

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.

*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 weighting was applied to ensure representation ata national level according to 202f census figures.

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.”

A home inspection is a crucial step in any real estate transaction, providing buyers and sellers with a comprehensive understanding of a property’s condition. With evolving market conditions in 2025, ensuring a smooth inspection process is more important than ever. Whether you're purchasing your first home or selling an existing property, proper preparation can make all the difference.

 Why Home Inspections Matter In 2025

The Canadian real estate market remains competitive, with high demand in certain regions and evolving housing regulations. A home inspection not only ensures transparency in transactions but also helps buyers and sellers navigate potential financing requirements and avoid unexpected expenses.

For Buyers:

• Identifies structural, electrical, plumbing, and HVAC issues before finalizing a purchase.

• Can be a negotiation tool for price adjustments or repair requests.

• Some lenders may require an inspection before approving financing.

For Sellers:

• Helps identify potential deal-breakers before listing, allowing for proactive repairs.

• Builds trust with potential buyers, increasing the likelihood of a smooth transaction.

• Can support a more competitive asking price if no major issues are found.

Key Inspection Areas To Watch In 2025

With changing building codes, climate-related risks, and new home efficiency standards, inspectors are paying close attention to:

1. Energy Efficiency & Insulation – Many buyers prioritize energy-efficient homes due to rising utility costs and government incentives.

2. Structural Integrity – With extreme weather events increasing, inspectors are focused on foundation strength, roofing, and exterior materials.

3. HVAC & Plumbing Systems – Aging systems may require costly upgrades, making it crucial to assess functionality and potential repair needs.

4. Smart Home Features – More homes include smart security systems and automated utilities, which must be evaluated for proper function and compatibility.

How Buyers Can Prepare For A Home Inspection

• Attend the Inspection: Being present allows you to ask questions and better understand the home’s condition.

• Review Past Renovations: Ensure that any modifications meet building codes and are properly documented.

• Budget for Repairs: Even move-in-ready homes may require minor fixes, so plan accordingly.

How Sellers Can Prepare For A Home Inspection

• Address Minor Repairs in Advance: Fix leaky faucets, replace worn-out seals, and ensure smoke detectors are functional.

• Provide Access to Key Areas: Ensure inspectors can easily access the attic, basement, electrical panel, and HVAC systems.

• Offer Documentation: Have receipts and permits for recent renovations or repairs to demonstrate compliance.

The Role Of Mortgage Brokers In The Process

A home inspection can impact financing options, especially if major issues are uncovered. Mortgage Brokers Ottawa can assist buyers by:

• Helping navigate lender requirements if the home inspection reveals necessary repairs.

• Providing financing solutions if additional funds are needed for home improvements.

• Offering guidance on whether to renegotiate price or explore other mortgage products. 

Whether you’re buying or selling, preparing for a home inspection in 2025 is essential for a successful real estate transaction. Understanding key inspection areas and working with experts, including mortgage brokers, can help you navigate the process with confidence. Contact Mortgage Brokers Ottawa to ensure your financing aligns with your homeownership goals.

In its first announcement of 2025, Canada’s central bank lowered the overnight rate by 25 basis points

On January 29th, its first scheduled announcement of 2025, the Bank of Canada announced that it had lowered the target for the overnight lending rate by 25 basis points to 3.0%. This marks the sixth consecutive cut to rates since June 2024.

In December, Canada’s Consumer Price Index (CPI) rose 1.8% on a year-over-year basis, down from a 1.9% increase in November, once again hitting under the Bank’s 2% inflation target. In its announcement, the central bank stated that lower interest rates are helping to increase household spending, and as a result, the economy is expected to strengthen gradually and inflation to stay close to target. However, trade conflict from south of the border threatens to cause economic turmoil.

“A long-lasting and broad-based trade conflict would badly hurt economic activity in Canada. At the same time, the higher cost of imported goods will put direct upward pressure on inflation. The magnitude and timing of the impacts on output and inflation will depend importantly on how businesses and households in the United States and Canada adjust to higher import prices,” said Tiff Macklem, Governor of the Bank of Canada, in a press conference with reporters following the announcement. “Unfortunately, tariffs mean economies simply work less efficiently — we produce and earn less than without tariffs. Monetary policy cannot offset this. What we can do is help the economy adjust. With inflation back around the 2% target, we are better positioned to be a source of economic stability.”

Tariff conflict throws rate trajectory into question

Though lower borrowing costs will be welcome news for homebuyers in the immediate future, the course of interest rates and the broader economy remains uncertain in the face of looming tariff threats by the United States. With the spring housing market expected to get underway in a matter of weeks, trade conflict will be on the minds of many Canadian consumers.

“The Bank of Canada has dropped interest rates yet again, a decision that will further increase borrowing capacity for homebuyers and benefit mortgage holders whose loans are coming up for renewal. This latest decrease arrives just before the spring housing market – when demand typically picks up – which should spur buying and selling activity in the weeks ahead,” said Phil Soper, president and CEO of Royal LePage. “However, the looming promise of hefty tariffs by the United States government is a source of uncertainty for the central bank and consumers alike. Not only is there debate on just how severe the tariffs might be, but how Canada will respond.

“We believe the Bank of Canada’s focus will be a decided shift from an inflation battle to avoiding an economic downturn. A recession resulting from a tariff tit-for-tat could prompt additional cuts in the short-term to stimulate the economy. Though Canada’s housing market would be insulated for the most part from trade turmoil, economic challenges could eventually cause activity to slow.”

Two supersized rate cuts in the fall of 2024 helped to spur buying and selling activity in Canada’s housing market during the final months of the year. According to the most recent Royal LePage House Price Survey, the aggregate1 price of a home in Canada increased 3.8% year over year to $819,600 in the fourth quarter of 2024. On a quarter-over-quarter basis, the national aggregate home price remained essentially flat, rising a modest 0.5%. While activity began to flourish again in the final months of 2024, following sluggish demand in most major markets over the summer, home price appreciation remained in check last quarter. Royal LePage is predicting home prices to appreciate across the country over the coming year, as lower borrowing costs bring buyers off the sidelines.

The Bank of Canada will make its next interest rate announcement on Wednesday, March 12th.

Sinck Tuck | Nunavut

In Nunavut and other Canadian Northern areas, native Inuits celebrate Sinck Tuck. This is a celebration of the winter solstice, and involves meals composed of caribou, raw fish, seal, dancing, and gift exchanges.

Réveillon, Midnight Meal | Quebec

Réveillon is a major feast celebrated in Quebec. This meal begins on Christmas eve and lasts until the morning of Christmas, and commonly consists of pig’s feet stew (Ragoût aux pattes de cochons), and meat pie (Tourtiere).

Chicken Bones | New Brunswick

In New Brunswick, Chicken Bones are a holiday treat! Chicken Bones are a holiday spicy cinnamon candy treat, filled with chocolate. These candies are bright pink, and have been a traditional treat since 1885. The town of Niagara Falls is famous for its extravagant Christmas lights display, which has been running since 1983. It turns the city into a glowing winter wonderland!

Masked Mummers | Newfoundland

In Newfoundland, masked mummers can be seen roaming the streets during the holiday season. These individuals make lots of noise and visit various homes asking for treats. If the person who answers the door can guess who is behind the mask, the masked individual must take off their mask and stop their annoying ways.

Boxing Day | Canada

Boxing Day is a public holiday in Canada, celebrated on December 26th. Boxing Day is primarily known as a shopping holiday, similar to Black Friday in the United States. Many retailers offer significant discounts and promotions, and it has become one of the busiest shopping days of the year. Bargain-hunters often line up outside stores early in the morning to take advantage of the post-Christmas sales.

Eggnog is perhaps an acquired taste for some, but it’s a popular holiday drink in Canada.
According to Statistics Canada, almost six million litres of eggnog are consumed in December.

Rudolph was almost named Rollo or Reginald and his crew also had lots of other names.
They've previously been called Flossie, Glossie, Racer, Pacer, Scratcher, Feckless, Ready, Steady and Fireball.

The town of Niagara Falls is famous for its extravagant Christmas lights display, which has been running since 1983. It turns the city into a glowing winter wonderland!

If you were born in Canada after 1964, you have probably watched the “animagic” holiday special, Rudolph the Red-Nosed Reindeer.
Rankin-Bass, an American production company, created this beloved Christmas program, but did you know that there’s a secret Canadian connection? All the characters’ voices (with the exception of Sam the Snowman) were performed by Canadian actors, singers and voiceover artists at the RCA Victor Studios in Toronto.

In some parts of Canada, it’s Christmas 365 days a year.
• Reindeer Station, Northwest Territories
• Christmas Island, Nova Scotia
• Sled Lake, Saskatchewan
• Holly, Ontario
• Noel, Nova Scotia
• Turkey Point, Ontario
• Snowflake, Manitoba

The first Christmas tree in North America was placed in Sorel, Québec in 1781.
It was decorated with fruits and lit with white candles.

While A Christmas Story appears to be an all-American, a substantial part of the movie was filmed in Canada.
Ralphie’s school, the Chinese restaurant where his family eats Christmas dinner, the famous swearing scene as well as the interior segments were all shot in Canada. And where else would you find the old TTC “red rocket” streetcars?