Royal LePage BLOG

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 The Canadian real estate market is set to transform in 2025 with new mortgage rules designed to improve affordability and accessibility. Whether you're a first-time home buyer or upgrading to your dream home, understanding these changes can help you make smarter financial decisions. 

Curb appeal encompasses the attractiveness, charm, and overall visual impact of a property’s exterior. It can include landscaping, architectural features, cleanliness, maintenance, and exterior design elements, all of which contribute to the initial impression potential buyers or visitors have of the home. Here are five ways to improve curb appeal:

First-time buyers of new construction homes in Canada will now be able to access longer mortgage amortization periods. 

As of August 1st, 2024, lenders will be allowed to offer 30-year amortizations for insured mortgages to first-time homebuyers of new construction homes, a measure modified by  the federal government.

 Where was the spring market? Homebuyers continue to wait in the wings despite highly-anticipated first rate cut by the Bank of Canada.

Nationally, home prices increased 1.5% on a quarterly basis in Q2 despite activity slowdown in major markets.

Fixed or variable rate? Here’s how to prepare for your mortgage renewal.

More than half of Canadian mortgages will renew before the end of 2026, and with the Bank of Canada lowering its key interest rate from 5.0% to 4.75% on June 5th, many homeowners are now wondering which mortgage type they should opt for upon renewal — a fixed or variable rate. 

Despite affordability challenges, a quarter of Canadian renters plan to get a foot on the property ladder in the next two years. 27% of renters say they are planning to buy a property within the next two years.