Date: April 24, 2025

Category: Blogs,Mortgage Tips & Advice

Ontario Housing & Mortgage Market Outlook – Spring 2025 

What Ontario homeowners and buyers need to know right now

It’s no secret that Ontario has been facing some challenges in the housing market—and the latest report from Mortgage Professionals Canada gives us a clearer picture of what’s ahead.

Here’s what we think is most important for you to know:

Economic Slowdown Is Here

Ontario’s economy is expected to contract by -0.5% in 2024. That’s a direct result of:

  • High household debt

  • Slower consumer spending

  • The cooling housing market

While that may sound discouraging, it’s also part of a broader adjustment happening across Canada as interest rate hikes from the past few years continue to take effect.

Home Prices Still Under Pressure

We’re expecting the average home price in Ontario to drop by 8% this year. If you’ve been holding off on a purchase, this could open up new opportunities—especially if you’re a first-time buyer or upsizing from a smaller home. However remember, if you are waiting for home prices to drop further so is everyone else who is looking at purchasing- act now to avoid competition.

If you already own a home, this doesn’t mean panic. It means planning.

Mortgage Renewals Will Matter More Than Ever

Many Ontario homeowners will renew in 2024–2025—and those renewals will often come with higher interest rates than they secured in 2020 or 2021. This is one of the biggest reasons consumer budgets are tightening.

If your mortgage is coming up for renewal in the next 12–24 months, let’s talk now. Planning ahead can save you thousands.

Your Takeaway

Whether you’re:

  • Renewing soon and want to explore ways to lower your payments

  • Thinking about buying while prices are adjusting

  • Or just trying to make sense of what all of this means for your financial plan…

I’m here to help you navigate it with confidence.

Let’s connect and create a strategy that fits your life. Book a time here

📞 Let’s review your mortgage solutions—it just makes “cents”!

Talk soon,

Ana

Mortgages can be complicated; we are here to help you make “cents” of it.

We focus on Mortgage Solutions, Period!

To learn more connect with Ana Cruz 905.870.0513 or email at ana@askanacruz.ca