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
Alex Irish
CEO & Team Leader - Sales Representative
Alex Irish has been a leading force in real estate for over thirty years, establishing a reputation as one of Oakville’s most respected and successful realtors. Known for her unwavering work ethic and ethical approach, Alex consistently ranks among the top producers in the industry.
Her commitment to client satisfaction is unparalleled, exemplified by her signature concierge service that ensures each client receives personalized and dedicated attention. In late 2016, Alex embraced a new chapter as the Team Leader of Alex Irish & Associates, where she could uphold the high standards of service that have defined her career.
In 2024, Alex expanded her team’s reach by merging with the Regan team to create Regan Irish & Associates, forming a dynamic new firm that blends the strengths of both businesses. This partnership not only enhances their services but also provides clients with greater resources and an expanded network, all while preserving the personal, relationship-driven approach that clients have come to trust.
Alex’s insights on real estate trends are highly sought after, and she has been featured in prominent publications such as the New York Times and Globe & Mail. A certified luxury marketing specialist, she has received numerous accolades throughout her career and frequently speaks at industry conferences.
Every February, Alex and her team at Regan Irish & Associates participate in the Kindness Tour, a tradition launched in 2017. During this month-long initiative, the entire team supports 28 local charities, embodying the company’s commitment to community. In recognition of their efforts, they were nominated for a Community Spirit Award.
At the heart of Alex’s philosophy is the belief in “doing ordinary things extraordinarily well.” She is deeply committed to building lifelong client relationships and takes pride in mentoring a dedicated team of agents while continuing to actively sell real estate.
Related Posts
Rate Cut Ignites GTA Real Estate
Market Snapshot
The Toronto Regional Real Estate Board (TRREB) September 2025 Market Watch report shows early signs of a GTA rebound.
- 5,592 sales, up 8.5% YoY
- 19,260 new listings, +4% YoY
- Average price ≈ $1,059,377, down 4.7% YoY
- MLS® HPI ↓ 5.5% YoY
- Sales up MoM, listings down MoM → tighter market forming
These numbers point to a slow but steady market recovery. But what’s really fueling the conversation now is the Bank of Canada’s latest decision.
Bank of Canada’s October 2025 Interest Rate Decision
On October 29 2025, the Bank of Canada cut its policy rate by 25 basis points to 2.25% — the second consecutive cut and the lowest level since 2022.
The Bank signaled that this may mark the end of its easing cycle unless inflation weakens further.
Why it matters:
- Borrowing costs drop, boosting affordability for buyers.
- Confidence returns to sellers and investors after months of hesitation.
- Refinancing and investment opportunities reopen for savvy property owners.
In short, this move has re-energized housing markets across Toronto, Mississauga, Oakville, Burlington, and even Muskoka, where buyers and investors had been waiting for the right signal.
What Buyers Should Do Now
- Act strategically: With rates lower and listings up, this is a golden moment to negotiate.
- Get pre-approved quickly — competition could ramp up by early 2026.
- Focus on quality locations like south Oakville, Lorne Park (Mississauga), and core Burlington — where long-term equity growth outperforms.
- For investors: Explore Muskoka vacation homes or rental-ready units before rising demand drives prices back up.
What Sellers Should Know
- Sales are rising despite lower average prices — buyers are re-entering the market.
- Presentation and pricing are everything. Professional staging, premium photography, and data-backed pricing attract serious offers.
- Upsizing or downsizing? With lower mortgage costs, you can move equity efficiently while conditions remain favourable.
- Luxury sellers: Demand for turnkey listings is picking up again — especially in Oakville and Mississauga.
Local Insights
Mississauga & Oakville: Still among the GTA’s most resilient sub-markets. Expect balanced conditions through Q4 2025.
Burlington: Family buyers are back — affordability plus lifestyle make it a top performer.
Toronto: Core condos are stabilizing; investors are returning to well-located downtown units.
Muskoka: Cottage and short-term rental demand remains strong — ideal for diversification and passive-income seekers.
Investor Takeaway
With the policy rate at 2.25% and inflation under control, investment real estate looks compelling again. Expect:
- Better cash-flow margins with cheaper financing
- Gradual price stabilization through 2026
- Long-term upside as population growth and housing supply constraints persist
What To Do Next
- Buyers: Review your mortgage options now — lenders are updating rates.
- Sellers: Get a current market evaluation to plan your listing window.
- Investors: Compare cap rates and projected yields across GTA vs Muskoka.
Need a strategy tailored to your goals? Let’s make your next move your smartest yet.
About Regan Irish & Associates
We specialize in luxury homes, resale properties, and investment real estate across the GTA and Muskoka. Our team’s market insight and negotiation expertise deliver results — whether you’re upsizing, downsizing, or investing.
1320 Cornwall Rd Unit 103, Oakville ON L6J 7W5
905-842-7677
reganirish.com
Call to Action
The market has shifted — don’t wait for the crowd.
Contact Regan Irish & Associates today for a personalized market plan that helps you buy, sell or invest with confidence in Mississauga, Oakville, Toronto, Burlington or Muskoka.
FALL MARKET KICKOFF: September 2025 Real Estate Market Update
As summer winds down, the Greater Toronto Area (GTA) real estate market is shifting once again—this time with an important boost from the Bank of Canada’s recent interest rate cut. On September 17, 2025, the Bank lowered its policy interest rate to 2.5%, marking a significant move that is expected to reinvigorate buying activity across the region.
Market Snapshot: August 2025 (TRREB)
According to the Toronto Regional Real Estate Board (TRREB), August brought encouraging signs of stability:
- Sales: 6,232 transactions across the GTA, a 4.6% increase from August 2024.
- New Listings: 13,119, down slightly year-over-year, helping balance supply.
- Average Selling Price: $982,880, nearly flat compared to last year (+0.4%).
- Trend: Balanced conditions are giving both buyers and sellers room to maneuver, with the recent rate cut expected to stimulate fall demand.
City & Regional Highlights
Toronto 
Toronto continues to see steady demand for condos and townhomes, appealing to buyers looking for affordability in the core. Detached homes are moving more cautiously, but price stability suggests confidence returning to the market.
Mississauga 
Mississauga remains a buyer-friendly market, especially in the detached and semi-detached segments. With borrowing costs easing, families upsizing or relocating may find strong value in the fall.
Oakville 
Luxury demand in Oakville is regaining traction. The combination of limited inventory and lower financing costs positions this market for an active fall season, especially for executive homes and lakefront properties.
Burlington 
Burlington continues to attract buyers migrating west from Toronto. The city’s blend of affordability, lifestyle, and community feel has kept prices steady and competitive.
Muskoka 
Cottage country remains strong, with buyers eyeing investment properties and second homes. While activity softened slightly through the summer, the rate drop could encourage more buyers to act before year-end.
What This Means for Buyers & Sellers
With interest rates now at their lowest level in two years, affordability is improving across the GTA and Muskoka. Buyers who were waiting on the sidelines are expected to re-enter the market this fall, while sellers may benefit from increased competition for well-priced homes.
At Regan Irish & Associates, we specialize in helping clients navigate market shifts with confidence. Whether you’re buying a luxury home, selling a family property, or investing in Muskoka, our market insight and negotiation expertise ensure you get the best results.
1320 Cornwall Rd Unit 103, Oakville, ON L6J 7W5
905.842.7677
Visit reganirish.com——
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!