As of yesterday (December 16, 2024) the Canadian Finance Minister has resigned her position. I won’t get into the drama of it all but it seems the now resigned Finance Minister blames Justin Trudeau for the bad state of the Canadian economy and vice versa.

After all this drama unfolded people seem to not want to talk about that the Canadian fiscal deficit for the year ended in March came in at C$61.9 billion. Yeah… that is a large number that no one wanted to hear.

And if that isn’t enough drama for you, don’t forget to factor in the potential trade war. Donald Trump is threatening to put tariffs on some products when he takes office in 2025. The effect that could have on the Canadian economy is not a positive one. In terms of mortgages and real estate; this may effect the housing market by tightening the budgets of all most all households. This would lower a households borrowing and spending capabilities in an already tight economy. 2025 will be a very interesting year to see what occurs.

2025 is going to be a big year in the Canadian mortgage industry. It is estimated across Canada that 1 million mortgages will be up for renewal. This can possibly have numerous outcomes:

1- More houses could enter the market in 2025 as people may not be able to maintain their current mortgage options.

2- Getting hold of a competent mortgage agent or bank mortgage broker may become a lot harder. Good agents/brokers will be busy! So start reaching out now! Having a foot in the door now will go along way in the future.

3- Mortgage delinquencies may rise. Rates haven’t dropped enough for some households to be able to afford their potential new payment terms and that can put them on bad terms with their lender(s). If you are in this position reach out! There are tones of options on how to avoid this happening and mortgage agents and financial advisors have a lot of connections that can help!

If you have any questions about this upcoming year please reach out! My peers and myself are always happy to answer your questions!