Bank of Canada | Humber Bay Mortgages https://humberbaymortgages.ca Simplify Your Mortgage. Maximize Your Wealth. Fri, 07 Aug 2026 16:03:06 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://humberbaymortgages.ca/wp-content/uploads/2026/06/cropped-humberbaymortgages-32x32.jpg Bank of Canada | Humber Bay Mortgages https://humberbaymortgages.ca 32 32 Canada Adds 75,000 Jobs, GTA Listings Tighten, and Mortgage Arrears Hit a Decade High – Mortgage Minute August 7, 2026 https://humberbaymortgages.ca/canada-adds-75000-jobs-gta-listings-tighten/?utm_source=rss&utm_medium=rss&utm_campaign=canada-adds-75000-jobs-gta-listings-tighten Fri, 07 Aug 2026 16:03:06 +0000 https://humberbaymortgages.ca/?p=3927

CANADA ADDS 75,000 JOBS, MAKING A RATE CUT LESS LIKELY

Statistics Canada reported the economy added 75,000 jobs in July, far outpacing forecasts of roughly 15,000. The unemployment rate ticked down to 6.4 percent.

A jobs report this strong gives the Bank of Canada little reason to cut. The overnight rate has been held at 2.25 percent for six consecutive decisions, and this data reinforces that stance heading into the next announcement on September 2.

What this means for your mortgage: if you’re on a variable rate or carrying a HELOC, don’t plan around a rate drop this year. Today’s rate is likely the rate you’ll be living with for a while yet.

GTA NEW LISTINGS FELL 18 PERCENT IN JULY WHILE SALES HELD STEADY

New listings across the GTA fell 17.8 percent year over year in July, according to the Toronto Regional Real Estate Board, while total sales dipped just 0.9 percent. Active listings also declined, down 12.1 percent. The average selling price still came in lower year over year, down 4.5 percent to just over $1 million.

With fewer homes coming onto the market but sales holding relatively steady, the balance is beginning to shift back toward sellers, even though pricing hasn’t caught up yet.

What this means for your mortgage: if you’re planning to buy this fall, tightening inventory could mean less room to negotiate on price than earlier in the year, even with rates unchanged.

MORTGAGE ARREARS HIT A DECADE HIGH, WITH ONTARIO NOW LEADING THE COUNTRY

The Canadian Bankers Association reported 14,061 bank mortgages were 90 days or more past due in May, the highest count in more than a decade, up 27.2 percent from a year earlier. Ontario’s delinquency rate has climbed to 0.23 percent, surpassing the national average for the first time since at least 2012.

This is squarely a renewal story. Pandemic-era buyers who locked in five-year fixed rates in 2021 are now renewing into materially higher payments, and that pressure is showing up most clearly here in Ontario.

What this means for your mortgage: if your renewal is coming up in the next year, don’t wait for the letter to land. Look at your numbers now, while there’s time to plan.

WHERE THINGS STAND

Variable rate holders, expect the Bank of Canada to stay parked at 2.25 percent on September 2. Anyone renewing this year, take a hard look at your numbers before signing, the arrears data shows real pressure building.

Call or text 249-480-1249. HumberBayMortgages.ca.

Simon Browning | Mortgage Agent Level 2 | BRX Mortgage 13463

Sources: CTV News / The Canadian Press, August 7, 2026 – “Canada adds 75,000 jobs in July as unemployment rate ticks down”; Canadian Mortgage Professional, August 6, 2026 – “GTA listings fall as housing market tightens in July”; Canadian Mortgage Professional, August 4, 2026 – “Canada’s mortgage arrears near a decade high”

]]> Bank of Canada Holds at 2.25%, Toronto Mortgage Arrears Climb, and Ontario’s HST Rebate Boosts New Builds – Mortgage Minute July 17, 2026 https://humberbaymortgages.ca/bank-of-canada-holds-at-2-25/?utm_source=rss&utm_medium=rss&utm_campaign=bank-of-canada-holds-at-2-25 Fri, 17 Jul 2026 21:11:15 +0000 https://humberbaymortgages.ca/?p=3848

BANK OF CANADA HOLDS AT 2.25%, BUT FIXED RATE PRICING IS DRIFTING

The Bank of Canada held its overnight rate at 2.25% on July 15, the sixth consecutive hold since the cutting cycle ended last October. Prime rate stays at 4.45%. The decision was widely expected. Annual inflation reached 3.2% in May, above the Bank’s comfort zone, driven mostly by higher gas prices tied to the conflict in the Middle East. The Bank is treating that as a temporary pressure rather than a reason to move.

What’s changed is on the fixed rate side. Government bond yields, which are what lenders use to price fixed mortgages, have edged higher over the past few weeks on the same oil price story that’s been driving inflation. That’s a separate mechanism from the Bank’s policy rate, and it moves independently.

What this means for your mortgage: if you’re on a variable rate or a HELOC, nothing changes this week, since variable and HELOC rates track prime. If you’re shopping a fixed rate or coming up on a renewal, the pricing environment has gotten slightly less favourable than earlier this year. Worth a conversation before you lock anything in.

TORONTO MORTGAGE ARREARS CLIMB AS ONTARIO OVERTAKES THE NATIONAL AVERAGE

Mortgage arrears across Canada have climbed to 0.28% of all outstanding mortgages, up from a pandemic-era low of 0.14%. Ontario’s delinquency rate has now overtaken the national average for the first time in more than a decade. In Toronto specifically, the rate climbed from 0.15% to 0.24% year over year, an increase of roughly 60%.

The context matters here. Most borrowers who locked in ultra-low rates back in 2020 and 2021 have already gone through their renewal. Economists tracking this data point out that the sharpest part of the payment shock may already be behind us rather than still ahead.

What this means for your mortgage: if you’re coming up on a renewal and you’re worried about your number, this is exactly the kind of situation where getting ahead of it, rather than waiting for the renewal letter, makes a real difference.

ONTARIO’S HST REBATE IS PULLING BUYERS BACK INTO TORONTO NEW BUILDS

Ontario’s removal of the 13% HST on new homes, worth up to $130,000 on homes up to $1.5 million, is starting to show up in new home buyer interest across the GTA, particularly for buyers who previously wouldn’t have qualified for the rebate because their new home was priced over $1 million.

Brokers are noting a pickup in interest, particularly toward pre-construction, since it stretches out the time buyers have to save their down payment while locking in today’s price.

What this means for your mortgage: if a new build is on your radar, the rebate changes the cash you need at closing, which can change what you qualify for and when you should start the mortgage conversation.

WHERE THINGS STAND

Variable rate holders, nothing changes this week. If you’re renewing soon, plan early. If a new build is on your radar, it’s worth running the numbers. And if you renewed in 2023 or 2024 at a higher rate, today’s environment makes refinancing worth a second look.

Call or text 249-480-1249. HumberBayMortgages.ca.

Simon Browning | Mortgage Agent Level 2 | BRX Mortgage 13463

Sources: Bank of Canada, Canadian Mortgage Professional, Desjardins Economic Studies

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