Ciaran Mulcahy, Mortgage Specialist, Royal Bank of Canada

07/30/2025

On December 15, 2024, several major mortgage reforms took effect. Get up to speed on the changes to understand how they may affect your home search going forward.

New mortgage rule changes unlock opportunities for first-time buyers struggling to break into the market. While spurring activity in the real estate sector, these mortgage reforms may also have unintended side-effects that remain to be seen. It’s no secret that Canada’s housing market is one of ...

07/30/2025

Canada’s housing market showed further signs of recovery in June with home resales picking up for a third straight month on a monthly basis. But, prices remained lower overall with nationwide declines largely driven by softening in Ontario and British Columbia.

The housing market showed further signs of recovery in June with home resales picking up for a third straight month.

12/19/2024

In the last interest rate announcement of 2024, the Bank of Canada reduced its benchmark rate by 50 bps, bringing the rate down to 3.25%. The rate cut, which mirrors the last reduction announced in October, comes amidst a slight rise in the inflation rate.
This fifth straight interest rate reduction is positive news for current and prospective Canadian homebuyers, and complements the new mortgage rules that will take effect this month.

In its December 11 announcement, the BoC reduced its benchmark rate to 3.25%. This reduction complements upcoming new mortgage rules, designed to help reduce the barriers that exist for first-time homebuyers and renewers.

12/11/2024

https://www.rbcroyalbank.com/en-ca/my-money-matters/money-academy/economics-101/understanding-interest-rates/another-bank-of-canada-rate-cut-and-new-mortgage-rules/

In its December 11 announcement, the BoC reduced its benchmark rate to 3.25%. This reduction complements upcoming new mortgage rules, designed to help reduce the barriers that exist for first-time homebuyers and renewers.

07/13/2024

Inventories rebuilding fast in Canada’s largest housing markets

Transactions increased across the board with more buyers coming to the housing market. But buying was far from enough to absorb...

07/13/2024

Whether you’re in the market for a new heating system, building a new home or looking to make your current home more energy-efficient, you may be weighing the benefits of installing a heat pump or a furnace. This article can help you evaluate the features, advantages and opportunities offered by both.

Is a heat pump better than a furnace? The answer is not a simple yes or no – there are many variables in play, including where you live, the type of house you’re heating and the cost of gas versus electricity. Here are five key factors to consider when deciding on the best way to heat your home.

05/08/2024

Sellers are making their way back into the housing market—not everywhere but in some of Canada’s largest cities. Statistical reports for April from local real estate boards showed sharp increases in new listings and inventories in Vancouver, Toronto and Montreal. This could reflect a confluence of sellers that include many who took a pass at the fall market (when demand and prices dipped) in the hope of better outcomes this spring. Some of the sellers could be in distress in the face of high interest rates.

Sellers are making their way back into the housing market—not everywhere but in some of Canada’s largest cities. Statistical reports...

05/08/2024

Canada will allow 30-year amortization for first-time buyers’ mortgages. Finance Minister Chrystia Freeland said the government would allow the amortization period on insured mortgages for first-time homebuyers purchasing newly built homes. The measure will take effect on Aug. 1. The Canadian Home Builders’ Association has advocated for the longer period, saying five years more would help with affordability and speed up construction. The government also nearly doubled the amount first-time buyers can withdraw from RRSPs to buy a home to $60,000 from $35,000 as of April 16.

The Canadian government will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes.

03/25/2024

Prince Edward Island Budget 2024: Affordability and healthcare remain priorities

E.I. deficit to linger around the year-ago level ($86 million) in fiscal 2024-25 with no plans for balance over the fiscal planning horizon.

03/25/2024

Get up to $4,600 in cash and Avion points only with an RBC mortgage.
Great news! We have a new limited-time offer (March 18 – June 30, 2024) that will make the homebuying journey a little easier and more rewarding.
Contact me for more information on this offer.

03/13/2024

Reality check: Canada’s housing market isn’t out of the woods yet.

Anyone expecting smooth sailing ahead for the housing market got a reality check in February. Month-to-month drops in home resales in several of Canada’s major markets were a reminder that very challenging affordability conditions

02/29/2024

First Time Homebuyers: Don’t Overlook These Budget-Busting Costs

Expensive Closing Costs May Add Up Quickly When Buying Your First Home.