If you've been watching mortgage rates like a hawk — or avoiding the topic altogether because it's been too stressful — I have some encouraging news to share. The Bank of Canada just cut their key rate by 0.25%, dropping it from 2.75% to 2.5%, and this move is already creating ripples that could benefit homeowners and buyers across the country.

As someone who works with families navigating one of life's biggest financial decisions, I know how much mortgage rates matter to real people with real budgets. So let's break down what this actually means for you.

Variable Rate Mortgages: The Immediate Winners

If you have a variable-rate mortgage, you're already feeling the relief. Lenders have been quick to pass along this rate cut, with many dropping their variable rates by 20-30 basis points. We're now seeing five-year variable rates in the 3.70% to 3.95% range at many institutions, with some online lenders offering rates even lower than 4%.

Here's how this plays out in real life:

• If you have an adjustable-rate variable mortgage, your monthly payments just got smaller — giving you a bit more breathing room in your budget

• If you have a fixed-payment variable mortgage, more of your payment now goes toward paying down your principal instead of interest, which means you'll own your home outright sooner

For many families, this translates to savings of around $84 per month. While that might not sound life-changing, it adds up to over $1,000 per year — money that could go toward your emergency fund, your kids' activities, or simply reducing financial stress.

Fixed Rates: A Smaller But Still Welcome Change

Fixed-rate mortgages don't respond as dramatically to Bank of Canada announcements because they're more tied to government bond yields. Still, we've seen some modest decreases here too, with 5-year fixed rates hovering around 3.94% at many institutions.

The interesting development is how close fixed and variable rates have become. The gap between them is now quite slim, which gives you more flexibility in choosing what works best for your situation and comfort level.

The Big Picture: Relief for Renewal Season

Here's the context that really matters: nearly 60% of Canadian mortgages will be up for renewal in 2025 and 2026. If you're one of those homeowners who's been losing sleep wondering what your payments will look like when renewal time comes, this rate cut offers some much-needed relief.

I've been having conversations with clients who took out mortgages when rates were much lower, and the thought of renewal has been weighing heavily on them. This rate cut — and the possibility of more to come if economic conditions warrant it — means those renewal conversations might not be as difficult as feared.

What This Means for You

Whether you're a current homeowner or thinking about buying, here's how I see this playing out:

If you're renewing soon: You now have more negotiating power with your lender and potentially lower payments than you expected a few months ago.

If you're considering buying: Variable-rate mortgages are looking more attractive, and the overall mortgage landscape is becoming more buyer-friendly.

If you're thinking about selling: Lower rates could stimulate more buyer activity, potentially supporting both home prices and the speed at which homes sell.

Looking Ahead

Economists are suggesting we might see additional rate cuts before the end of 2025 if economic conditions continue to soften or inflation drops further. While I can't predict the future, what I can tell you is that the trend appears to be moving in a direction that favors borrowers.

You Don't Have to Navigate This Alone

I know mortgage rates and market conditions can feel overwhelming, especially when you're making decisions that affect your family's financial future. Whether you're coming up on a renewal, considering your first home purchase, or wondering if now's the right time to make a move, I'm here to help you understand your options.

The numbers matter, but so does having someone in your corner who understands that behind every mortgage application is a family with hopes, concerns, and dreams for their future.

Let's have a conversation about what these changes mean for your specific situation. No pressure, no sales pitch — just honest guidance to help you make the best decision for you and your family.

Jason Penner
REALTOR® | Royal LePage Dynamic
204-470-3005 | jasonpenner.ca
Helping you buy & sell with confidence — and navigate the changing market with clarity

Divorce is one of life’s most emotionally challenging transitions — and when a home is involved, things can get even more complicated. The house you built a life in together now becomes a point of negotiation, and that can feel overwhelming.

As a REALTOR®, but more importantly as someone who understands the emotional weight of this moment, I approach these situations with patience, empathy, and a strong desire to help both sides move forward cleanly and respectfully.

A Home Is More Than a House

When I meet clients going through divorce, I know I’m not just dealing with a property — I’m helping people untangle part of their life story. I see the people behind the paperwork and the memories tied to each wall. That perspective matters, because real estate decisions made during divorce require more than just market expertise — they require emotional intelligence and compassion.

Your Options When It Comes to the Home

Every divorce is unique, but when it comes to the family home, the options usually include:

• Selling the home and dividing the proceeds
  Often the simplest and most equitable choice. I help both parties navigate this sale with transparency and a focus on a clean, fair process — from pricing to closing.

• One party buying out the other
  If one person wants to remain in the home, I can assist with a fair market valuation and connect you with mortgage professionals to explore refinancing options.

• Delaying the decision
  In some cases, especially where children are involved, couples may choose to co-own for a time. If so, I’ll help set clear expectations and guide you through the next steps when the time comes.

What Sets Me Apart

Here’s what I bring to the table in these situations:

• Empathy – I understand this isn’t just a transaction; it’s a deeply personal moment. I’m here to listen, not pressure.

• Patience – Divorce isn’t a fast process, and neither is deciding what to do with the home. I move at your pace, offering guidance without rushing decisions.

• Balanced support – I look out for both sides. While I may be hired by one party, I always keep fairness and respect front and center so everyone can walk away feeling heard.

• Focus on the next chapter – My goal is to help both parties move forward with clarity and confidence, ready to start fresh.

You Don’t Have to Do This Alone

You may be feeling stuck, overwhelmed, or unsure where to begin — and that’s okay. You don’t have to have it all figured out. Whether it’s your first call about what to do with the home, or you’re ready to list and move forward, I’m here to help with clarity, compassion, and care.

Let’s navigate this together, one step at a time.

Jason Penner
REALTOR® | Royal LePage Dynamic
204-470-3005 |  jasonpenner.ca
Helping you buy & sell with confidence — even through life’s toughest transitions.

Sometimes it feels like REALTORS® speak a language that sounds like English… but isn’t quite there. So here are some of the terms you might hear us talk about. This list isn’t comprehensive, and if you’re working with a REALTOR® and they say something you don’t understand… it’s totally okay to ask.

MLS – Multiple Listing Service

The database REALTORS® use to search for new properties, check market trends, and review past sales. When you go to realtor.ca, you're seeing a public-facing version of the MLS.

On Market

A property that is currently listed for sale. It’s live, active, and available for buyers to view and potentially make an offer on.

CMA (Comparative Market Analysis)

A tool we use to estimate a home’s value by comparing it to similar properties that have recently sold nearby.

Appraisal

An independent third-party opinion on a property’s value (usually required by a lender). It confirms the price is in line with market value before a mortgage is finalized.

Pre-Approval

A lender has reviewed your finances and given you a ballpark of what you can borrow. This strengthens your offer and signals to sellers that you’re serious.

Conditional Offer

An offer that depends on specific conditions being met—like securing financing, passing a home inspection, or reviewing condo documents.

Firm Offer

An offer with no conditions. Once it’s accepted, it’s legally binding and locked in.

Clean Offer

Realtor-speak for an offer that’s simple, with few or no conditions. It’s usually more appealing to sellers.

Closing Costs

The extra expenses you pay at the end of a transaction—things like legal fees, title insurance, land transfer tax, and adjustments (these are prorated costs like prepaid property taxes or utility bills the buyer reimburses the seller for).

Deposit vs. Down Payment

• Deposit – The money you submit with your offer to show good faith. This amount goes toward your down payment.

• Down Payment – The portion of the purchase price you’re putting down (usually 5% or more), paid on closing day.

Possession Date

The day you officially get the keys and the home becomes yours. Time to celebrate—and probably text a few friends for moving help.

Title

The legal ownership of a property. A lawyer will run a title search to ensure there are no claims or issues before it transfers to you.

Lien

A legal claim against a property, often due to unpaid debts like taxes or renovations. It must be resolved before the property can be sold.

Limited Joint Representation

When the same REALTOR® or brokerage represents both the buyer and seller. There are clear rules to ensure fair treatment for everyone involved.

As-Is Condition

The seller isn’t making any repairs or upgrades. What you see is what you get—often used in estate sales or fixer-uppers.

Amortization Period

The total time it will take to pay off your mortgage in full, typically 25 or 30 years.

Offers Date

A set day when the seller reviews all submitted offers. Common in hot markets to encourage competition.

As Received

Offers are reviewed as they come in. No offer date, no waiting—first strong offer might seal the deal.

Condition Waiver

If your offer has conditions (like financing or a home inspection) and they’re satisfied, you sign a waiver to make the offer firm.

Subject to Sale

A buyer’s offer is dependent on selling their own property first. It adds a layer of uncertainty for the seller but can be necessary for some buyers.

Freehold vs. Condo

• Freehold – You own the home and the land it’s on.

• Condo – You own the unit itself, but shared areas (like hallways, parking, etc.) are jointly owned with other unit owners.

Wrap-up

There you go—some of the jargon we use… now you can go and talk the talk! 🏡

Real estate doesn’t have to feel like a secret club with its own confusing lingo. The more you understand, the more confident you’ll feel when buying or selling a home. And remember—there are no silly questions in real estate. If something doesn’t make sense, just ask!

Thinking about making a move? Curious what your home might be worth?
Let’s chat! I’d love to help you feel informed, empowered, and excited about your next step.