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!