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The BoC cut rates by 50 basis points as inflation nears 2% and GDP growth slows. Upcoming GST break, mortgage cap increase, and $250 rebate may boost spending amid U.S. tariff concerns.

Bank of Canada reduces policy rate by 50 basis points to 3.25%, marking the second consecutive half-point cut.Economists predict further cuts, with rates potentially reaching 2–2.25% by mid-2025, aiming for target inflation.The next interest rate decision is scheduled for Wednesday, January 29, 2025.

Canada's mortgage model ensures low default rates and financial stability, unlike 30-year U.S. fixed-rate loans. Recent rate cuts had limited impact due to high bond yields affecting fixed-rate mortgages.

A mortgage pre-approval defines your loan eligibility and secures a rate for up to 120 days. Start by choosing a lender—shop around to find the best rates and mortgage options available.

Down payments are a crucial part of home buying success in Canada, beyond just mortgage rates.The minimum down payment in Canada depends on the home’s price and your province of purchase.

The government introduced 30-year amortization periods for all first-time buyers and new builds starting December 2024. Insured mortgage caps will rise to $1.5 million, making high-value homes more accessible for buyers.

Protect Pipes: Insulate exposed pipes to prevent freezing and bursting during cold weather. Seal Air Leaks: Check windows, doors, and outlets for gaps to save on heating costs.

Mortgage debt growth in Canada remained historically slow, reflecting ongoing market hesitation from homebuyers in 2024.High borrowing costs and elevated home prices kept potential homebuyers sidelined throughout much of 2024.