Toronto Star ~ April 11th, 2025
Rates like 3.99 per cent have mortgagors increasingly jumping at refinancing opportunities to trim their payments or tap into home equity. All the recent rate cut speculation is only turbocharging this enthusiasm.
In fact, refinances seem to comprise a fast growing share of mortgages. While Canada doesn’t have timely industry-wide mortgage data like the U.S., refinances in March rose eight percentage points year-over-year at Canada’s biggest mortgage originator, the Dominion Lending Centre Group. Purchase volumes tumbled by a similar amount.
Many believe mortgage rates will dip further as the trade spat throws Canada into an economic funk. Consequently, I’m hearing from more and more people who think that pushing out the closing date on their refi might yield better rewards.
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