When To Check Up On Your Mortgage
You might be wondering what a mortgage check-up is, and how to know whether it will be useful for you. A mortgage check-up is a review of your existing mortgage terms to ensure that they’re not only the best rates available offered by lenders, but also to see if the terms of your mortgage still meet your needs. Think of checking in on your mortgage like a method of preventative care; the earlier you catch anything that might become a problem, the more you can prepare for it down the line.
Time for Renewal:
If your mortgage is going to be renewed this year, then it’s absolutely time for a mortgage check-up. You want to give your mortgage broker enough time to shop your mortgage around to different lenders and compare different mortgages, which means not waiting around until the last minute. Depending on your lender, you can start the mortgage renewal process as early as six months before the expiry of your current mortgage. It’s not always beneficial to lock in that rate early, or to stay with your current lender, but if you can at least get a rate from your current lender, you’ll know how it compares to others in the marketplace.
You Want to Lock in your Rate:
Performing a mortgage check-up isn’t just about you and your personal finances (although that’s a big part of it). It’s also about relating your personal situation to what’s happening in the marketplace. If interest rates are starting to creep up and you think they’re going to start edging even higher, look and see when you can lock in your current rate in order to avoid paying a higher interest rate than is necessary. This is especially true if you have a convertible mortgage that allows you to switch to a long-term, closed mortgage at any time.
Your Life has Changed:
If you received your mortgage six months ago, then reevaluating it might not be necessary. But if you negotiated your mortgage three years ago, a lot may have changed between now and then. You may have switched to a more stable career or gotten a salary bump, in which case you may be more willing to take on a bit of risk with a variable rate mortgage and the lower interest rates that may accompany it. If you think that your income or employment prospects may take a downturn, you might want to do the opposite and lock in your mortgage just so you know exactly how much your payments are going to be and that they won’t change for the set term. Any big life change could have an impact on your finances – and, as a result, your mortgage – so it’s a good idea to reevaluate after each one takes place.
You Need to Break your Mortgage:
Most homeowners don’t plan to break their mortgage before the term has expired, but the fact remains that hundreds of thousands of mortgage holders will end up breaking their mortgage before the first term has ended. Sometimes breaking your mortgage is unavoidable or preferred compared to the alternative, like a big life change that renders you unable to make your mortgage payments. Another consideration is whether you are planning on selling your home in the near future. You may have bought the home with the intention of staying there until retirement, but a birth, a death, a divorce, or a job transfer could have you needing to leave your home earlier than planned. If renting isn’t a viable option because your home is in a soft rental market (or if you just don’t want to be a landlord), then breaking your mortgage may be your best option. If you see the writing on the wall in advance, talk to your mortgage broker and discuss timing. If you can swallow the penalty costs, then it may not be a bad idea, but you could save thousands if you could work out an arrangement to get you to the end of your term.[/vc_column_text][vc_column_text]You Want to Refinance:
People refinance for all types of reasons. It does count as breaking your mortgage, but breaking your mortgage isn’t always a bad idea; in fact, most people break their mortgage to refinance and take advantage of lower interest rates than those that they received when they first got their mortgage. Other homeowners break their mortgages in order to tap into their home equity and make home repairs or improvement. Some people refinance in order to finance a higher-level degree or consolidate debt. Whatever your reason for refinancing, timing is key, just like with any time you break your mortgage. If you refinance and rates are low, then you can make up what you’re going to pay in penalties in just a few years. If rates are about the same and you’re only a year away from renewal time, then it might be best to hold off on that home renovation until then, when you can act without penalty fees. On the other hand, if you have a special offer on a credit card that’s about to expire and you’re going to end up paying 21% interest on a credit card, then now may be the time to get your hands on some of that cash to end up saving you money at the end of the day.
Generally speaking, unless you’ve gotten your mortgage very recently, it’s always worth doing a yearly check to ensure that your mortgage aligns with your personal and financial goals. Even if you decide that your current circumstances don’t require you to change your mortgage at all, or if you decide that whatever issues you wanted to address by changing your mortgage terms can wait until it comes up for renewal, you’re still keeping aware of your options.
Your mortgage professional can help you understand how the mortgage market is changing and how that could affect you now or when your mortgage comes up for renewal.
Source: whichmortgage.ca
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August 2025 GTA Real Estate Market Update | Regan Irish
The August 2025 GTA Real Estate Market Update reflects renewed momentum and affordability in Toronto, Oakville, Mississauga, Burlington, and Muskoka. Thanks to steady interest rates and appealing home prices, July proved surprisingly dynamic. Let’s dig into the numbers and what they mean for you.
Interest Rates Remain Stable — Affordability Fueling Activity
In July 2025, the Bank of Canada maintained its key rate at 2.75%, its third consecutive pause. With lower borrowing costs now more accessible, affordability is encouraging a wave of renewed buyer activity.
GTA Market Overview: Sales Surge, Prices Slightly Dip
- Home Sales: 6,100+ transactions region-wide, marking a 10.9% increase YoY and the strongest July since 2021.
- Month-over-Month: Seasonally adjusted sales rose 13% from June to approximately 5,744 units, the biggest monthly gain in nine months.
- New Listings: Up 5.7% YoY, totaling 17,613 new offers.
- Price Trends:
- The MLS® Home Price Index (HPI) Composite Benchmark fell 5.4% YoY.
- The average GTA selling price dropped 5.5% YoY to around $1,051,719.
- Word on the street indicates the HPI drifted slightly lower—about $979,000, down 0.2% from June.
What It Adds Up To: Buyers are back in force—sales are outpacing new listings while prices softened, creating renewed market opportunities.
City Highlights
Toronto
A more balanced landscape—but some segments remain soft. Condos and detached homes see inventory rising; semis are steadier.
Oakville, Mississauga, Burlington & Muskoka
While TRREB doesn’t break down by city in these reports, regional trends suggest:
- Mississauga & Burlington: Strong rise in listings and dipping average prices give buyers leverage.
- Oakville: Stability in demand for luxury keeps discounts modest.
- Muskoka: Continued strong interest in sub-$2M waterfront properties should benefit from broader GTA momentum.
What This Means for You
- For Buyers:
Renewed affordability, rising inventory, and favorable interest rates make August a prime time to move. - For Sellers:
A more balanced market—strategic pricing and quick response will be key to success. - For Investors & Cottage Buyers:
Strong July sales in the GTA point to increasing investor interest; Muskoka remains a high-value lifestyle and investment destination.
Work With the GTA Real Estate Experts
Whether you’re planning to buy a Muskoka cottage, invest in a luxurious Oakville property, or explore options across Toronto, Mississauga, or Burlington, now is the time to act.
Regan Irish & Associates specializes in luxury, resale, and investment properties across the GTA and Muskoka. Our market insight and negotiation skills help you get the best results—whether buying, selling, or investing.
1320 Cornwall Rd Unit 103, Oakville, ON L6J 7W5
905.842.7677
Visit reganirish.com
Let’s make today’s market your opportunity—contact us today!
Ultimate Guide to Downsizing Your Home in Canada
Alex Irish & Associates and The Regan Team Announce Strategic Merger
Two of the most respected names in real estate, Alex Irish & Associates and The Regan Team, are excited to announce a strategic merger that will combine their expertise, resources, and market reach. This partnership of Regan Irish & Associates brings together the strengths of both firms, offering an enhanced real estate experience for clients across Southern Ontario, including expanding into new regions like Collingwood and Muskoka. The merger reflects both brokerages’ long-standing commitment to providing high-quality, relationship-focused service while leveraging new technologies and business strategies to ensure their clients receive unparalleled support.
“Alex is the consummate professional,” said Matthew Regan, CEO of The Regan Team. “She embodies the qualities of a person I would trust with my own home sale, and I am excited to partner with her to combine the best of both our brokerages. Our goal is to create a work culture that allows our agents to thrive, while being confident and equipped to provide the service our clients deserve. Our clients are going to benefit immensely with a wider and deeper net of potential buyers and an even further reach in marketing and advertising.”
Alex Irish, Founder of Alex Irish & Associates, emphasized that this partnership is the next natural step for her business. “By combining our resources and efforts we knew we’d be able to create a better real estate experience for our clients, our agents and business partners.” she explained. “This merger allows me to focus more on client relationships while also mentoring our agents who can continue to offer that same high level of service. Matthew has built a business model that aligns with my long-term vision, allowing us to scale while still maintaining the personal touch. Simply put, we are better together.”
Alex has built her brand over decades, particularly in the Oakville area, where her name is synonymous with excellence in real estate. Her personal approach, based on referrals and repeat business, has earned her a loyal clientele. Matthew has focused on recruiting top agents and scaling his business, growing The Regan Team to one of the top brokerages in Canada. This merger offers an exciting opportunity to grow into new territories. Together, the merged brokerage will have 15 offices spanning from Niagara to Toronto to Muskoka. This expanded presence means more resources for clients, from enhanced marketing capabilities to a wider net of potential buyers.
The merger will officially take effect on October 31, 2024, and the new branding and operations will be rolled out in the coming months.
About Alex Irish & Associates
Alex Irish & Associates, led by Alex Irish, is a highly respected name in Oakville, known for its personalized, referral-based business model and long-standing relationships with clients. Alex has built her brand on trust, excellence, and attention to detail, qualities that will remain at the forefront of the merged firm.
About The Regan Team
The Regan Team has a long-standing reputation for innovation, process-driven operations, and a focus on agent recruitment and development to provide the highest level of service for their clients. Under Matthew’s leadership, the brokerage has expanded its presence across Ontario, providing agents with the tools and support needed to succeed in a competitive market. For more information on this exciting merger, please contact Matthew Regan.