If you’re like most Canadians shopping for a home loan, you might be tempted to accept the first mortgage rate offer that comes your way. After all, the mortgage process can feel overwhelming, and the idea of settling quickly is appealing. But here’s something you should know: accepting the first mortgage quote you receive could cost you thousands of dollars over the life of your loan.

Getting mortgage loan quotes doesn’t need to be complicated or time-consuming. With today’s technology, you can request and receive mortgage quotes from several lenders within hours. Contrary to what you might have heard, shopping around for mortgage quotes won’t destroy your credit score if you do it the right way.

Why You Should Get Multiple Mortgage Quotes

The numbers tell a compelling story about why shopping around for mortgage quotes is so important for Canadians. According to a Bank of Canada study, many Canadians display what researchers call “brand loyalty” to their primary banking institution—and this loyalty comes at a huge cost.

The study revealed that Canadians who stick with their home bank without exploring other options miss out on potential savings between $759 and $1,617. Considering that these savings recur annually throughout your mortgage term, that could mean leaving up to $8,000 on the table over a standard 5-year term. Extend that to the full amortization period of a typical Canadian mortgage, and you could be looking at tens of thousands in unnecessary interest payments.

The difference between mortgage lender quotes can seem small at first glance—perhaps just 0.25 percent or 0.5 percent in interest rate—but these small differences have outsized impacts on your financial future. For example, on a $500,000 mortgage with a 25-year amortization, a rate difference of just 0.25 percent could save you approximately $60 per month or $720 per year. Over the full mortgage term, that adds up to $18,000 in savings!

Another benefit of gathering multiple mortgage lender quotes is the negotiating power it gives you. When you approach your preferred lender with competitive quotes from other institutions, you’re in a much stronger position to ask for better terms. Many lenders have rate-matching policies or flexibility that they only exercise when they know you’re considering their competitors.

Remember, mortgage lenders are competing for your business in a crowded marketplace. By getting multiple mortgage loan quotes, you’re simply participating in the competitive process that the mortgage market is designed for.

Does Getting a Mortgage Quote Hurt Your Credit?

When you apply for a mortgage quote, the mortgage lender typically performs a credit check to assess your financial situation. There are two types of credit checks: soft inquiries and hard inquiries. A soft inquiry doesn’t affect your credit score and often occurs when you check your own credit or when a lender pre-screens you for offers. A hard inquiry, however, does appear on your credit report and can temporarily lower your score by a few points.

Canadian credit bureaus (Equifax and TransUnion) understand the concept of “rate shopping” and have built their scoring models accordingly. When you’re looking for a mortgage, multiple hard inquiries for the same type of loan within a short timeframe are generally treated as a single inquiry for credit scoring purposes.

In Canada, this rate-shopping window typically ranges from 14 to 45 days, depending on which credit scoring model is used. This means you can collect mortgage quotes from multiple lenders within this period without each inquiry causing additional damage to your credit score.

For example, if you apply for mortgage quotes from five different lenders within a two-week period, the credit scoring systems will recognize that you’re rate shopping and count those five inquiries as just one for credit score calculation purposes. This means you can gather multiple mortgage loan quotes without worrying about credit score impacts.

Where to Get Mortgage Quotes in Canada

When searching for the best mortgage quote in Canada, you have several options to consider:

• The Big Five Banks – Canada’s major banks (RBC, TD, Scotiabank, BMO, and CIBC) often provide relationship discounts for existing customers. Their widespread branch networks make in-person consultations easy, though their rates may not always be the most competitive.

• Credit Unions – These member-owned financial cooperatives frequently offer competitive mortgage quotes and more flexible lending criteria than traditional banks. They tend to focus on serving local communities and may have special programs for first-time homebuyers.

• Mortgage Brokers – These professionals work with multiple lenders and can search dozens of mortgage options on your behalf at no cost to you. A good mortgage broker saves you time by gathering multiple mortgage loan quotes based on your financial situation.

• Monoline Lenders – These specialized mortgage companies (like First National, MCAP, or RMG) focus exclusively on mortgages without offering other banking services. They often provide highly competitive rates since mortgages are their primary business.

• Online Mortgage Lenders – Digital-first lenders like Tangerine and Equitable Bank offer streamlined application processes and sometimes feature lower rates due to their reduced overhead costs. Their online platforms make it easy to submit applications and track your progress.

• Mortgage Comparison Websites – Sites like Ratehub and WOWA allow you to compare rates from multiple lenders in one convenient location. These platforms can provide a quick overview of current market offerings without multiple applications.

After a slow start to the year, Canada's housing market is beginning to show signs of recovery. According to the Canadian Real Estate Association (CREA), national home sales rose by 3.6% in May 2025, marking the first monthly increase since November 2024. The uptick was driven by stronger activity in key markets like Toronto, Calgary, and Ottawa.

New listings were also up by 3.1%, indicating that more sellers are re-entering the market. The sales-to-new listings ratio remained steady at 47%, signaling a balanced market.

Inventory levels held firm, with 4.9 months of supply, close to the long-term average. While home prices declined slightly by 0.2% from April, the pace of decline has slowed. The national average home price stood at $691,299, down 1.8% year-over-year.

CREA notes that this could be the start of a gradual market turnaround, following months of uncertainty.

Retirement marks an exciting new chapter for many Canadians, one filled with more personal time, the freedom to explore new interests, and possibly travel. For homeowners, it has traditionally also meant making the final payment on the family property and entering retirement mortgage-free. However, for a growing number of Canadians, that milestone is no longer a given.

A recent Royal LePage survey, conducted by Leger,1 suggests a new housing reality for older Canadians is taking shape. According to the survey, nearly three in ten Canadians (29%) who are planning to retire in 2025 or 2026 say they will continue to make mortgage payments on their primary residence into retirement. The trend seems to be accelerating, as affordability continues to challenge Canadians of all ages: only half as many senior households had mortgage debt approximately ten years ago. According to Statistics Canada, 14% of households with income earners aged 65 and over had a mortgage in 2016, up significantly from eight per cent in 1999.2

“The benefits of entering retirement as a homeowner with a paid-off mortgage are clear: more disposable income, insulation from interest rate changes, and even the emotional security that comes from knowing you’ll always have a place to live. In the era of rotary phones and station wagons, burning your mortgage was the economic finish line. Today’s retiree reality is much more nuanced,” said Phil Soper, president and CEO, Royal LePage. 

Nearly half of those planning to retire in 2025 or 2026 (45%) say that their mortgage is currently paid off, while another 6% say their mortgage will be paid off before retirement. 

Forty-six per cent of respondents approaching retirement say they will downsize their home within two years of ending full-time employment, while 47% say they will not.  

“Home price appreciation over the past 25 years has been a double-edged sword for today’s retirees,” said Soper. “On one hand, it has delivered unprecedented financial gains. On the other, this generation is far more likely to have carried mortgage balances that would have been unimaginable to their parents or grandparents. Our research confirms they are also much more likely to have provided financial assistance to their children to assist in their home ownership dreams.

“While previous generations may have viewed mortgage-free retirement as the only option, today’s retirees tend to be more open-minded. Traditional employment income may have dried up, but many are still comfortably managing their expenses and servicing mortgage payments, with income from investments, part-time work, or a working spouse.”

Should I stay or should I go? Retirees divided on downsizing

The decision to downsize in retirement is a highly personal one based on lifestyle preferences, and Canadians are largely divided on the matter, according to a recent Royal LePage survey of real estate professionals across the country.3 Nationally, 44% of respondents say that, in their respective markets, there is an approximately even split between those looking to downsize and those choosing to stay in their current homes; 28% say that a majority of people nearing or entering retirement are downsizing to a smaller home; 21% say that a majority of retirees are choosing to remain in their current home. 

“Downsizing in retirement is far from a given. For many homeowners, the decision to stay put or move to a smaller property is influenced by a combination of economic realities, lifestyle needs, and personal attachments,” said Soper. “Some see a smaller home as a practical and liberating choice – less maintenance, more liquidity to fund travel or to support their children’s home ownership journey. But for others, there’s no compelling financial reason to move. They enjoy the space that comes with a detached home – for gardening, entertaining, or simply storing the gear that goes along with their hobbies. Many take pride in the home they’ve worked decades to own outright, and see no reason to give it up.”

Of those Royal LePage experts who say that a majority of people nearing or entering retirement are downsizing, 43% say that standard condominiums are the most popular property type among this cohort, followed by adult living communities that cater to those aged 55 and up (25%), and detached properties (16%). 

The air is warmer, the days are getting longer, and after an exceptionally snowy winter, the grass is finally starting to reveal itself. Spring officially is upon us, which means that all of that snow is starting to melt. As the spring makes its arrival, be sure to take these important steps to protect your home and prevent major water damage during the seasonal thaw.

Inspect your home’s foundation

As temperatures rise, melting snow can lead to water pooling around the base of your home, increasing the risk of leaks, cracks and basement flooding. To redirect water runoff, clear away any snow and ice from your home’s foundation, including window wells, basement entrances and exterior vents. 

Patch up cracks

Take a closer look at your home’s exterior. Seal and repair any cracks in your walls, foundation and around windows, to ensure moisture does not penetrate the building. If you discover a leak, even a small one, consider contacting a professional. What seems like a small issue can escalate quickly into major water damage, which is often costly and complicated to repair. Staying proactive now can save you time, money and stress down the road.

Clean out your drains and eavesthroughs

Clear out built-up ice and debris from your eavestroughs and downspouts. This is an integral part of your home’s water draining system, and if the flow is clogged, it can result in major damage. If there is a drain on the street near your property, be sure to clear any leaves and garbage away from the grate so melting snow from the road can flow freely. Regularly checking and clearing your gutters ensures water is directed safely away from your home. 

Also, don’t forget the street-side drains. If there’s a storm drain near your property, make sure the grate is free of leaves, ice and garbage. These clogs can prevent melting snow and rainwater from draining properly, potentially causing water to back up onto your property or into your basement.

Beware of overhead leaks

If your roof is in need of repair, this is likely the time of year when those issues reveal themselves. As snow and ice begin to melt, you may start to notice water spots forming on your ceilings – one of the clearest signs that water is seeping in through damaged or aging roofing materials. Don’t forget to check for leaks in the attic as well. Look for damp insulation, water staining on beams or a musty smell. Early detection is key, and addressing roof issues now can help you avoid more extensive and costly repairs down the line.

Check up on your home systems

Before you turn on the air conditioning for the first time this season, take a few minutes to inspect the unit and ensure it’s functioning properly. Look for any visible signs of wear, debris buildup or damage to the outdoor unit, and test the system to confirm its cooling efficiently. This seasonal check-in is also a great time to tackle a few other important maintenance tasks, such as replacing the furnace filter and changing the batteries in your smoke and carbon monoxide detectors. These small steps go a long way in keeping your home comfortable, efficient and safe year-round.

Review your insurance coverage

Spring thaw can bring increased risk of flooding, water damage and sewer backups – especially in areas with heavy snow accumulation or older drainage systems. It’s a good idea to review your home insurance policy to make sure you’re covered for the types of damage that commonly occur during a thaw.

Standard homeowner policies don’t always include flood protection or sewer backup coverage by default. If your basement floods due to melting snow or if stormwater overwhelms the municipal system and backs up into your home, you could be on the hook for repairs unless you’ve added this coverage.

Reach out to your insurance provider or broker to go over your current policy and make sure you’re protected. Look for these key add-ons in your policy, such as overland water coverage, sewer backup coverage and sump pump failure. A small monthly premium can save you thousands in potential damage and

Overnight rate sits at 2.75% as trade relations with the United States remain unclear

On April 16th, the Bank of Canada announced that it would hold the target for the overnight lending rate at its current level of 2.75%. This marks the first time since June 2024 that the Bank has chosen not to make a cut. 

In light of major shifts in trade policy with the United States, the Bank explained in its announcement that economic uncertainty has risen, thereby increasing the odds of rising inflation and making it challenging to track GDP growth. Though global economic growth was solid in late 2024 and inflation has been easing, recently-implemented tariffs have clouded the outlook for the Canadian economy and the rest of the world.

“A lot has happened since our March decision five weeks ago. But the future is no clearer. We still do not know what tariffs will be imposed, whether they’ll be reduced or escalated, or how long all of this will last. At this meeting, we decided to hold our policy rate unchanged as we gain more information about both the path forward for US tariffs and their impacts,” said Tiff Macklem, Governor of the Bank of Canada, in a press conference with reporters following the announcement. 

“Monetary policy cannot resolve trade uncertainty or offset the impacts of a trade war. What we can and must do is ensure that Canadians continue to have confidence in price stability. Our focus will be on assessing the downward pressure on inflation from a weaker economy and the upward pressure from higher costs. We will support economic growth while ensuring inflation remains well controlled.”

In March, Canada’s Consumer Price Index (CPI) increased 2.3% year over year, easing from 2.6% recorded in February. The deceleration was largely due to lower prices for travel and gasoline. Offsetting some of that slowdown was the end of the temporary suspension of the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) on February 15th, which contributed to higher prices for eligible products in March.

Tariff conflict rocks consumer confidence in economy 

Research shows that almost half of Canadians are not confident in the economy today, and that uncertainty is being reflected in real markets across the country, where buyers are hitting pause on their purchase plans. This has resulted in softer-than-usual spring market activity, especially in the country’s most expensive markets, Ontario and British Columbia. 

According to a recent Royal LePage survey, conducted by Burson,1 49% of Canadians say they are confident in the country’s economy today, including only 6% who are very confident; 43% say they are not confident. 

“The typical spring market didn’t kick off as energetically as expected, and geopolitical uncertainty is playing a major role,” said Phil Soper, president and CEO, Royal LePage. “The new administration in Washington has rattled Canadians with aggressive rhetoric and punitive trade policy. While we were spared from the blanket 10 per cent tariff imposed on most countries in the world, targeted steel and aluminum duties – coupled with unsettling comments that called Canada’s sovereignty into question – have been enough to shake public sentiment. Even if these measures don’t directly impact housing, they contribute to a climate of caution that weighs heavily on large consumer decisions, at home and around the world.”

The Bank of Canada will make its next interest rate announcement on Wednesday, June 4th.

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I have held off on writing this newsletter until things settled a bit, but with so many people asking me about the impact of trade wars on real estate in Canada—and particularly in the GTA—I wanted to share my thoughts. These are still early days, and while some optimistic predictions suggest that the ongoing tariff disputes could be resolved within six months, there are no guarantees.

We can only hope that Trump shifts his focus elsewhere as the U.S. stock market volatility and global retaliatory tariffs continue to create uncertainty. While economists have differing opinions on how this will affect Canadians, one thing is clear: Canada has strong global support. 

Here are some key points to consider:

Canada’s Economic Growth and What It Means for Real Estate

Did you know that Canada has the 9th largest economy in the world and is currently the 2nd fastest-growing? Our strong economic position plays a significant role in shaping real estate markets across the country, and recent global trade dynamics may have unexpected benefits for Canadian homeowners and investors.

How Tariffs Impact Canada – And Your Home Value

Trade tariffs are always a hot topic, as they can influence industries, employment, and even real estate. While some may worry about tariffs negatively affecting Canada, they could also make Canadian goods more affordable for American buyers. This shift may help keep our economy robust and mitigate any negative effects.

For homeowners and investors, this economic strength means continued demand in the real estate market. A strong economy supports home values, ensures stability, and creates opportunities for those looking to buy, sell, or invest.

Opportunities for Buyers and Sellers

First-time buyers are in a great position right now. With interest rates coming down and inventory increasing, more opportunities are opening up to find the perfect home.

This movement in the market benefits move-up buyers as well. When first-time buyers purchase entry-level homes, it creates demand for mid-tier properties, helping the entire market stay active.

What about home prices?

• Prices have remained flat since last year, despite earlier predictions of a 6% increase for 2024.

• Even if prices stay stable, they are still up over 50% compared to five years ago in Newmarket, Aurora, East Gwillimbury, Whitchurch-Stouffville, and Georgina.

• Sellers continue to benefit from this long-term appreciation, even in a more balanced market.

• The Bank of Canada has been proactive by lowering it's prime lending rate once again to 2.75% which benefits both buyers and sellers. 

What This Means for You

Whether you're buying your first home, looking to move up, or thinking about selling, the market offers real opportunities in 2025. With stable prices, lower interest rates, and a strong economic foundation, now is a great time to explore your options.

Let’s talk about your real estate goals—I’m here to help!

Jill Renshaw, Broker

Next Bank of Canada Rate Review:* April 16, 2025

On March 12th, the Bank of Canada announced that it had lowered the target for the overnight lending rate by 25 basis points to 2.75%. This marks the seventh consecutive decrease to rates since June 2024. 

In its announcement, the Bank acknowledged that the Canadian economy had started the year on good footing. Now, with a trade war underway with the United States, the country is expected to see slower economic activity and increasing inflationary pressures in the months ahead, justifying the central bank’s decision to reduce its policy rate yet again. 

“[In recent] months, the pervasive uncertainty created by continuously changing US tariff threats has shaken business and consumer confidence. This is restraining household spending intentions and businesses’ plans to hire and invest. Against this backdrop, and with inflation near the 2% target, [the] Governing Council decided to reduce the policy rate a further 25 basis points,” said Tiff Macklem, Governor of the Bank of Canada, in a press conference with reporters following the announcement.

“Looking ahead, the trade conflict with the United States can be expected to weigh on economic activity, while also increasing prices and inflation. Governing Council will proceed carefully with any further changes to our policy rate given the need to assess both the upward pressures on inflation from higher costs and the downward pressures from weaker demand.”

In January, Canada’s Consumer Price Index (CPI) rose 1.9% on a year-over-year basis, a slight increase from 1.8% in December. Higher gasoline and energy prices contributed to the modest uptick to the inflation rate, which remains under the Bank’s 2% inflation target. Inflation is expected to increase to 2.5% in March as relief from the GST/HST tax break subsides. 

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The Bank of Canada has announced it's final rate cut of 2024!

With a 50 bps reduction, the policy rate now sits at 3.25%. This change is expected to shift housing market dynamics, potentially increasing demand and pushing prices higher.

How will this impact your buying or selling strategy? Let’s talk through your next move!

For the last few years, the Canadian housing market has experienced trends far outside the norm. A global pandemic, rapidly rising interest rates and economic disruptions threw the real estate market off course for a time, but 2025 is expected to bring conditions back in line with long-term historical averages.

According to the Royal LePage Market Survey Forecast, the aggregate1 price of a home in Canada is set to increase 6.0% year over year to $856,692 in the fourth quarter of 2025, with the median price of a single-family detached property and condominium projected to increase 7.0% and 3.5% to $900,833 and $605,993, respectively.2

“After several years of unusual volatility in the real estate market, key indicators point to a return to stability in 2025. The backlog of willing and able buyers continues to grow, and upcoming changes to mortgage lending rules will further enhance Canadians’ borrowing power,” said Phil Soper, president and chief executive officer, Royal LePage. “Most notably, the Bank of Canada’s shift from ‘inflation fighter’ to ‘economy booster’ has taken time to influence buyer behaviour. We saw a marked increase in market activity at the start of the fourth quarter, following the Bank of Canada’s 50-basis-point rate cut. Buyers now believe home prices have hit bottom and are eager to act before competition intensifies.”

New lending rules to boost buyer borrowing capacity

A series of new lending regulations are set to take effect this month, offering greater accessibility to both first-time buyers and current homeowners. As of December 15th, eligibility for 30-year amortizations on insured mortgages will be expanded to all first-time homebuyers and to all purchasers of new construction properties, up from the current 25-year threshold.3 In addition, the mortgage insurance cap will increase from $1 million to $1.5 million, allowing buyers with a down payment of less than 20 per cent the opportunity to explore housing options at a higher price point. This will be especially impactful for homebuyer hopefuls in the country’s priciest real estate markets, where average property values often exceed $1 million.

“Improved lending conditions, combined with declining interest rates, will unlock new housing opportunities for many Canadians in the new year. First-time buyers will be the primary beneficiaries of these initiatives, as their ability to borrow more for less with a smaller down payment will help bring them closer to their first home purchase,” said Soper. “We believe the return of buyers to the market will encourage builders and trigger a wave of new supply, which is very much needed.

“Addressing Canada’s critical housing shortage must remain a top priority for policymakers at every level of government. With our population growing rapidly through both natural increases and immigration, it is essential to stay focused on supporting the development of new homes if we hope to address housing affordability, be it for purchase or rent.”

Changing political landscapes create potential impact for housing

2025 will bring a change in government south of the border, and potentially in Canada’s House of Commons. New leadership, in addition to evolving trade relations, immigration policies and global conflict, could meaningfully alter the state of the Canadian housing market.

“With an election approaching in Ottawa and a new administration preparing to take office in Washington, the housing market faces potential disruptions. Here at home, a federal election will see new housing policies that may temporarily impact market activity in the second half of 2025,” said Soper. “Meanwhile, south of the border, the incoming Trump administration’s trade policies and broader economic agenda have the potential to create ripple effects for Canada’s economy and housing market. While these impacts may take time to unfold, they could eventually affect consumer confidence and market dynamics on both sides of the border.”

Read Royal LePage’s 2025 Market Survey Forecast for national and regional insights.

Highlights from the release:

• Greater Montreal Area aggregate home price appreciation (6.5%) expected to outpace greater regions of Toronto (5.0%) and Vancouver (4.0%) next year.

• Quebec City is forecast to see the highest gains among all major regions in 2025, with the aggregate home price expected to rise 11.0%, followed by Edmonton and Regina at 9.0%.

• Calgary, which saw unprecedented price appreciation and sustained activity over the last two years, is forecast to see home prices increase a moderate 4.0%, along with Ottawa, Halifax and Winnipeg.

• Median price of a condominium in the Greater Toronto Area expected to decline modestly by 1.0%, with thousands of new units to be added to the current surplus of supply.