Richelle Morgan
Kingston Mortgage Solutions
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Blog
Bank of Canada rate update - July 2025
July 30, 2025
This morning, the Bank of Canada announced it will hold its overnight rate at 2.75% for the third consecutive time.
Inflation remains a key concern, with core inflation still above the Bank’s 2% target. High shelter costs continue to be the main driver of overall inflation, while trade disruptions and new tariffs are adding pressure as businesses adjust supply chains and pass along rising costs to consumers.
At the same time, early signs of an economic slowdown are emerging. After strong growth in the first quarter, Canada’s economy likely contracted in Q2, with weakened exports and lower household spending. The job market is also softening, especially in sectors affected by U.S. trade actions.
Governor Tiff Macklem highlighted the challenge of balancing these competing forces: slowing economic growth on one side and persistent inflationary pressures on the other. While rates remain unchanged for now, the Bank has signaled that future cuts are possible if inflation continues to ease and global uncertainties stabilize.
With so much in flux, now is a smart time to revisit your mortgage strategy. Whether you're considering refinancing, preparing for renewal, or simply exploring your options, I’m here to help you stay ahead and make informed decisions that align with your goals.
The next Bank of Canada announcement is scheduled for September 17, 2025. I’ll be sure to keep you updated.
Level up with these moms at work business recommendations
January 30, 2025
I'm proud to have been feaured alongside other wonderful Mom-owned, Canadian businesses in a blog by Moms at Work.
"At Moms at Work, everything comes back to our mission to fix work - not women. We know that real change happens through everyday small acts, like choosing where to spend our money and who we support. That’s why we’re proud to highlight incredible service-based businesses from the Moms at Work Collective community. These businesses, run by talented professionals, are here to empower and support you—whether it’s navigating the housing market with a mortgage agent, boosting productivity with an executive function coach, finding balance with a life and menopause coach, prioritizing mental health with a psychology practice, or managing family challenges with a parenting and sleep coach. By choosing to support these businesses, you’re not only investing in yourself but also helping to create a more equitable and supportive world."
Read more about the other businesses I recommend on the Moms at Work website.
Recent mortgage industry changes – December 2024
January 10, 2025
There have been changes to Canada’s mortgage rules that could open up great opportunities for you. Whether you’re a first-time buyer, considering refinancing, or approaching your mortgage renewal, these changes may positively impact your mortgage options.
A summary of recent mortgage industry changes:
As of November 21, 2024:
• No stress test qualifying for mortgage switches (both insured and uninsured)
As of December 15, 2024:
• 30-year amortizations available for first-time homebuyers
• 30-year amortizations available for anyone buying a new build home
• Insured mortgages (less than 20% down) can be up to $1.5 million
Starting January 15, 2025:
• Refinances allowed up to 90% of your value if adding a secondary suite
While more details are to come, these rule changes are set to provide greater flexibility and new possibilities for Canadian homeowners. I’d love to help you understand how these updates could potentially benefit your situation.
My home selling journey during COVID-19
January 10, 2025
I had to put my home on the market during the first COVID-19 lockdown – almost exactly 4 years ago on April 5, 2020.
I had purchased a new construction home in 2019 that was going to be ready in June 2020.
Despite lockdowns, social distancing, school closures, only essential businesses being open, masking and a cleaning product shortage. Despite the unknown real estate market, economic freeze and mass layoffs.
I had no choice. I needed the equity from my current home as my down payment for my new one. I tried to wait out the “three weeks to flatten the curve”. I tried to wait to see what the market would be like on the other side of lockdowns but I was running out of time.
Showings were few. I had to sanitize the house before and after each showing. I had to leave all the lights on and closet doors open. Potential buyers were told to touch the least amount of surfaces, use hand sanitizer and wear a mask. My family and I went on long walks or car rides with drive-thru food during showings because there was nothing else to do safely. This added to the stress knowing we were letting others into our home during a time when we were told to keep our distance.
We took the only offer after a couple weeks of stress. It was $10,000 under asking. The closing date had to get pushed back 3 weeks because one buyer couldn’t get financing until her job re-opened. I had to arrange last-minute bridge financing to cover the gap in closing dates. I signed all the paperwork over Facetime with the lawyer. Virtual or e-signing wasn’t a thing yet.
Due to the changes in dates and financing, our closing was almost delayed. I am so thankful to my lawyer and her team, for working quickly to ensure everything came in just under the wire. The keys to my new home had to be delivered to my house because we closed at 4:55 on a Friday.
I don’t recommend selling a house during the initial stages of a global pandemic.
Despite the extreme uncertainty of the real estate market and the economy, my realtor, Tracie Tattrie, Royal LePage ProAlliance, my lawyer, Carolyn Knight, and my (now former) mortgage agent, Cris Vilela, worked so hard to help my family.
I learned so much from that experience that I now carry with me into my mortgage business today.
P.S. the image used above is my actual home once it sold!
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