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The Bank of Canada held its policy rate at 2.25% this week, but that does not necessarily mean mortgage rates will remain where they are.

Variable-rate mortgages generally move with the Bank of Canada’s policy rate, while fixed mortgage rates are influenced more heavily by government bond yields. In its latest announcement, the Bank noted that long-term bond yields have moved higher both globally and here in Canada. This is putting upward pressure on fixed mortgage rates, and we may begin to see lenders adjusting their offerings accordingly. Read the Bank of Canada announcement

If you are considering purchasing a property this fall, it would be wise to speak with your mortgage broker sooner rather than later. Depending on your lender, you may be able to secure a rate hold while you continue your search. This could be particularly valuable if you prefer the certainty of a fixed-rate mortgage.

The Fall Market Is Underway

Labour Day traditionally signals the unofficial beginning of our fall real estate market. In Southern Georgian Bay, this is typically the second-busiest transaction period of the year, behind only the spring market.

Buyers continue to have plenty of choice, particularly in areas where inventory remains elevated. The question is whether renewed trade tensions with the United States will further affect consumer confidence and keep some buyers on the sidelines. The Bank of Canada acknowledged that new U.S. tariffs, Canadian countermeasures and the possibility of further action have created additional uncertainty around the economic outlook.

For buyers who are prepared to move forward, this fall could represent a significant opportunity. There is room to negotiate on many properties, and sellers are generally more realistic after navigating a slower spring and summer market. Good properties that are priced properly will still attract attention, but buyers have more leverage today than they have had in several years.

For sellers, this is not a market in which to take a passive approach. Pricing needs to be competitive from the outset, and the presentation and promotion of the property must be strong enough to stand out from the available inventory. Professional photography, video, staging, digital advertising and direct outreach to qualified buyers are increasingly important.

With continued pressure on prices likely, particularly in some of our higher-inventory communities, the fall market may represent the best opportunity for sellers to maximize their outcome before activity begins to slow later in the year.

The opportunities are there on both sides of the market, but success this fall will require realistic expectations, a clear strategy and a willingness to act decisively.