From the founders: get ahead of your renewal

Many owners who locked in at low rates a few years ago are now renewing into much bigger payments, and the Bank of Canada's increase on October 28 adds to that. It's a small increase, and it lands on owners who are already facing a jump.

If you bought around 2021, you may be one of them. Your lender will send a renewal offer before your term ends, and the easy thing is to sign it. We tell our clients to start early, compare offers and know the new payment before the notice shows up. If the new payment changes your plans, it also helps to know what your home is worth today.

So the rate increase is a good reason to look at your renewal now, not when the letter arrives. If your term ends in the next year, you have the most to gain from starting early.

Joel Fox

COO

Coming November 24

Ownright's Cost of Closing Report

Our first look at what Canadian homebuyers actually pay beyond the purchase price, and what catches them off guard. Stay tuned.

The library: new explainers on the Ownright blog

Three new explainers from the Ownright blog, written in plain language for you.

AI-altered listing photos in Ontario: what the law says. An edited listing photo can count as misrepresentation even when nobody meant to mislead. In serious cases, it can let the buyer undo the deal.

Protecting your closing funds from fraud in Ontario. Closing-funds fraud usually starts with an email that looks like the real one, with only the banking details changed. Once the wire lands, the money is rarely recovered.

Selling a house "as is" in Ontario. Many sellers treat "as is" as a full liability shield. It moves condition risk to the buyer, but won't cover a known problem the seller hid.

Hot off the press: the rate increase

Two outlets went to our COO, Joel Fox, after the Bank of Canada's October 28 increase.

CBC: Higher mortgage costs set to depress already 'bleak' housing market. Joel said the market was already as bleak as he'd seen in a long time, and that the one saving grace is it's hard to imagine it dropping much further.

Canadian Mortgage Professional: Canada's rate hike deepens broker worry over a struggling housing market. Joel said the increase likely locks in year-over-year declines in housing activity into next year, and that he doesn't see things turning until rates come down.

Market snapshot: the Bank raises its rate, and GTA prices edge up from September

Toronto's real estate board: GTA sales down 7.9% from last October

Sales were 5,603 in October, down 7.9% from a year earlier, while new listings fell 11.9% to 14,173.
The benchmark price, which tracks a typical home rather than an average, was down 4.3% compared with last October, and the average price was $1,024,108, down 2.7%. Adjusted for the usual seasonal swings, both edged up from September, as did sales and new listings.

Bank of Canada: a quarter-point increase to 2.5%

The Bank raised its policy interest rate by a quarter of a percentage point on October 28, citing inflation it now expects to reach about 3.5% by year-end.
It said a further increase could be needed but that it would proceed carefully. The next decision is December 9.

Our take: In our last issue, markets put the odds of an October increase near 80%. The Bank followed through and left the door open to another. Toronto's real estate board says lower prices have softened the hit: monthly payments on an average-priced GTA home are up slightly from a year ago but still well below 2023 and 2024.

Client spotlight: in their words

Seamless, simple, and very professional. Fast and clear communication removed any of my anxieties through the process. With all the other chaos involved in a move, Ownright's team made the legal aspects easy. I recommended them to my agent and will do so for anyone else I know who are moving.

Mike
Buyer · Google review · October 2026

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