The rate increase lands on owners already facing a jump at renewal. Some of them are your past clients. From the founders: a reason to call past clients 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. Some of those owners are your past clients. Their lender will send a renewal offer before the term ends, and the easy thing is to sign it. We tell our own clients to start early, compare offers and know the new payment before the notice shows up. You can give your past clients that same head start, along with a current sense of what their home is worth if the new payment changes their plans. So the rate increase gives you a real reason to call the clients who bought with you around 2021. Those renewing in the next year have the most to gain from an early call. 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 and your clients. 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 Joel 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. CMP: 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 TRREB: 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 MLS HPI Composite benchmark was down 4.3% year over year and the average price $1,024,108, down 2.7%. Seasonally adjusted, 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 rate by 25 basis points 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: Last issue, markets put the odds of an October increase near 80%. The Bank followed through and left the door open to another. TRREB 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. M Mike Buyer · Google review · October 2026 The Ownright advantage Have a client in need of a real estate lawyer? We'd love to support them. Refer a client now About Us Contact Us Privacy Policy Ownright Inc. 545 King Street West, Toronto, ON M5V 1M1 You're receiving this because you subscribed to Realty Check. Unsubscribe