Good news for Ontario homeowners—mortgage rates are easing, and new policies make renewing simpler.

Current Mortgage Rates (February 2025)
Thanks to recent Bank of Canada rate cuts, mortgage rates have dropped slightly:

1-year fixed: ~5.84%
3-year fixed: ~4.64%
5-year fixed: ~4.29%
5-year variable: ~4.45%
New Policies Helping Borrowers
✅ No Stress Test for Renewals – Switching lenders at renewal? No need to requalify if your loan amount and term stay the same.
✅ 30-Year Amortization – First-time buyers and new-build purchases now qualify for longer repayment terms, reducing monthly payments.
✅ Higher Insured Mortgage Cap – The limit has increased from $1M to $1.5M, allowing more buyers to access mortgage insurance with lower down payments.

What This Means for You
🔹 Easier lender switching – No stress test means better rate options.
🔹 Lower payments – Falling rates and longer amortizations improve affordability.
🔹 More flexibility – New policies offer better financial planning options.

Take advantage of these changes to secure the best mortgage renewal deal in 2025.