From the founders: what changed in two weeks

Ontario had its slowest August in 25 years. Nothing in the numbers points to a busy fall, and it's worth saying so plainly.

Clients who are waiting usually say it's about rates. That flipped in two weeks: a cut looked possible when the Bank held on September 2, and markets are now pricing a hike instead, with fixed mortgage rates already up.

The better news is on price. Nationally the benchmark has barely moved since spring, so neither side loses ground by taking a few weeks: a seller preparing a home isn't watching its value slide, and a buyer still looking isn't being priced out. Sellers also came out early, ahead of a late Labour Day.

So a slow month is not a reason for a client to sit still. Waiting on rates is a weaker argument than it was two weeks ago, and the client who needs a few weeks to get ready can take them.

The library: what the client hasn't checked

Three new posts on the Ownright blog this month. Each one carries a rule or a number a client will not have checked, which is what makes them worth forwarding early.

Mortgage prepayment penalties in Ontario: what they cost. Breaking a fixed-rate mortgage early usually costs the greater of three months' interest or the interest rate differential. Two lenders can quote very different penalties on identical balances. For a seller weighing a payout quote.

Buying a tenanted property in Ontario. A tenancy normally survives the sale, and the section 49 route to vacant possession only reaches three units or fewer, or a condo. Possession by closing is never guaranteed. For the buyer of a tenanted triplex.

Using a power of attorney to buy or sell a home in Ontario. Many lenders pre-approve a power of attorney only under specific conditions, and some decline it. Without advance approval they can refuse mortgage funds on closing day. For a client out of the country that day.

Hot off the press: Ownright in the news

Coverage this cycle split between the new HST rebates and the Bank's September hold:

RENX - What agents need to know about the new HST rebates before their clients ask: Joel's monthly column on why $130,000 is a combined maximum for first-time buyers on a new build, and why it usually comes off at closing rather than arriving as cash.

CMP - What the BoC's latest rate hold means for mortgages: we flagged the bind the Bank is in, with higher oil prices feeding inflation while tariff headwinds weigh on growth.

Market snapshot: Ontario's lowest August sales in 25 years, the national benchmark unchanged

Our take: Sales have not kept firming the way July suggested. The new information is on the supply side: national new listings rose 3.3% in August after three straight declines, which CREA puts down to sellers starting the fall market early, and the sales-to-new-listings ratio slipped to 49.1% from 51.1%. More listings arriving while sales hold flat month to month is a looser market, not a tighter one.

Client spotlight: in their words

The Ownright advantage

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