Author: Olga Shvetsov

I’ve been seeing a lot of Ontario condo purchasers facing a tough surprise at closing: their units are appraising up to 30% below the contract price they originally agreed to. That gap means many are suddenly short on closing funds, since lenders base their mortgage advances on today’s appraised value, not the price you signed for years ago.

A lot of these problems trace back to those long waits between pre-sale and completion—delays caused by permits, approvals, construction contracts, and even labour shortages. All that time gives the market plenty of room to shift, and unfortunately, not always in a buyer’s favour. In the previous red-hot market, we saw developers sometimes cancel deals when their own costs shot up, which led to government scrutiny and calls for tighter oversight.

The contracts themselves can be complicated, with very few ways out: usually just a 10-day cooling-off period, or the rare case where a project misses its final occupancy date. As a mortgage agent who’s spent decades behind the scenes as an underwriter, I know how overwhelming these situations can feel. My focus is always on helping clients navigate these challenges, especially when you feel boxed in by a contract or caught off guard by financing shortfalls. Honest advice and a smart strategy can make a real difference when the numbers—and the fine print—don’t seem to add up.

After two decades as a mortgage underwriter, I’ve seen firsthand how empowering knowledge can transform the homebuying journey. Here are a few essential tips I always share with my clients:

Start by taking a close look at your credit, any existing debts, and your savings. Your overall financial health is what determines your mortgage eligibility—and a strong foundation here sets you up for success.

When it comes to choosing between fixed or variable rates, there’s no one-size-fits-all answer. I help clients understand the pros, cons, and any hidden costs so you can move forward with confidence, not confusion.

Getting pre-approved not only clarifies your budget but also makes your offers stronger and more appealing to sellers. It’s a simple step that brings real peace of mind.

Working with a mortgage expert means you gain access to exclusive rates, skilled negotiation, and guidance through paperwork that can otherwise feel overwhelming. I specialize in structuring applications for clients who might feel overlooked or stuck, especially if you’re self-employed, new to Canada, or dealing with credit challenges.

Finally, don’t overlook the long-term potential: using home equity, HELOCs, or strategic refinancing can help you build wealth over time when done thoughtfully. Honest advice and smart strategy are at the heart of every mortgage solution I recommend.

We’ve reached a major milestone: the last group of Canadians who secured ultra-low mortgage rates during the pandemic are now coming up for renewal. This group accounts for about 12% of all outstanding mortgages—marking the end of that unique 2021 borrowing window.

A recent survey shows that 38% of borrowers expect their monthly payments to increase at renewal, 31% anticipate little change, and 17% actually expect a decrease. Most households are adapting to these changes, with no widespread defaults, although one out of three borrowers admits to feeling more anxious than before. For those anticipating higher payments, 76% expect financial pressure, but 71% say they’ll stay put rather than change living arrangements. When it comes to choosing a new mortgage, 43% plan to select a fixed rate, 39% are open to exploring all their options, and 49% intend to remain with their current lender.

As someone who’s worked behind the scenes as an underwriter and now guides clients through renewals and approvals, I know how important it is to approach renewal decisions with strategy and support. Whether you’re managing new payment amounts or weighing your lender options, having the right advice can make all the difference. Honest conversations and tailored solutions are key to navigating this transition with confidence.

Labour Day in Canada marks a well-earned break celebrating workers and the unofficial end of summer, when everyone suddenly remembers all the things they meant to do in August.
It’s the last big excuse for barbecues, lake trips, and squeezing in one more summer adventure before routines and school schedules take over again.
Stores and sidewalks feel a little calmer, while patios and parks get their final big rush of summer energy and “just one more weekend” vibes.
Happy Labour Day! Wishing you a relaxed, fun-filled long weekend with good food, no alarms, and maximum enjoyment before fall shows up uninvited.

As someone who’s spent two decades in mortgage underwriting and now works directly with clients as a Mortgage Agent, I’ve seen firsthand how Canadians are meeting this wave of mortgage renewals with real discipline and resilience. Many of you are facing much higher rates as your five-year terms reset, but I’m encouraged by the thoughtful steps borrowers are taking—refinancing, consolidating debt, and stretching amortizations back to 25 or 30 years to help keep monthly payments manageable.

This year, I’ve watched clients focus on protecting their budgets in creative ways: prioritizing housing costs, opting for staycations, and investing in home improvements to make staying put more comfortable. I often remind clients that you’re not alone in this. Honest conversations can turn anxiety into clarity—resetting a mortgage is often more manageable than it first appears.

With some folks shifting from prime to alternative lending, strategy becomes even more important. My approach has always been about listening, giving honest advice, and providing guidance tailored to each unique situation. These renewal challenges can be navigated—with the right plan and support, your home can remain the stable foundation you need.

The Bank of Canada is currently holding at 2.25%, but several major-bank forecasts now anticipate gradual increases during 2027.
Stronger economic growth could give policymakers more room to normalize rates if inflation pressures remain persistent.
Higher rates would raise borrowing costs for households and businesses while potentially improving returns on savings and fixed-income investments.
Investors may need to prepare for a less accommodative environment, balancing improving growth against renewed interest-rate pressure.