MLN NewsStream

BMO came out last week saying 67% of Canadians are waiting for lower rates before buying a home. It's like a newbie poker player convinced they'll be dealt a royal flush if they wait just long enough.

But is this collective hesitation economic brilliance, or merely financial wishful thinking?

Apart from the facts that...

• market timing is a crapshoot
• rates could escalate in the meantime, and
• holdouts might find themselves in a bidding frenzy with fellow hesitators when sentiment shifts...

...there's another vital truth people are missing.

The bad news: Mortgage renewals in 2025-26 are set to deliver a financial sting, as outlined in the BoC's latest Financial Stability Report (FSR).

The good news: In most cases, it'll sting more like a red ant than a bullet ant. ← Click here to see a not-so-smart man challenge a bullet ant.

The FSR gave us six mortgage tidbits worth chewing on. Here they are:

The Donald won't be happy. As almost unanimously expected, the FOMC left its target rate at an average of 4.375%.

Trump and Carney's much-anticipated first encounter is over. In a display of diplomatic restraint, the two leaders managed a meeting that was both productive and devoid of verbal fireworks, so that's a positive.

Here are some of the highlights, complete with mortgage implications:

There's been quite a lull on the national rate leaderboard, but a pulse was detected on Monday. There were four moves among the rate leaders, the most in two weeks.

Among the notable changes: