realtor Archives - Janice Leffler

When it comes to renewing your mortgage, many Canadians simply sign their renewal letter without asking any questions, and that can be a costly mistake. As a trusted REALTOR® in the Comox Valley with Royal LePage, Janice Leffler encourages homeowners to take the time to review their options and make lenders compete for their business. By understanding your choices and preparing early, you could save thousands of dollars and secure a mortgage that truly fits your needs.

In this article, Janice outlines the key things to consider before renewing your mortgage.

1. Put a Plan in Place

Don’t wait until the last minute to think about your mortgage renewal. The Canadian Real Estate Association (CREA) recommends reviewing your needs at least four months before your renewal date. Early preparation allows you to compare rates, products, and lenders so you can make an informed decision.

When planning ahead:

Research current market trends, interest rates, and lender products.
Learn about available options, including reverse mortgages.
Assess your financial goals, such as savings, education, or debt consolidation.

The more you know in advance, the better positioned you’ll be to negotiate favourable terms.

2. Do Your Research

Before renewing, take time to understand the various products, features, and rates offered by lenders. Compare both fixed and variable rates and learn how current market conditions may affect your decision.

The Financial Consumer Agency of Canada offers an excellent online resource for up-to-date information about mortgage renewals and common questions.

Your REALTOR® can also provide insight into how your mortgage choices align with your real estate goals, whether you’re staying in your current home or planning a move.

3. Request a Lower Rate

Never assume the rate listed in your renewal letter is the best one available. By law, lenders must send a renewal notice at least 21 days before your term ends — but that doesn’t mean you can’t negotiate.

Ask your current lender for a lower rate or improved terms. Mention any offers from other lenders or mortgage brokers to encourage competition. Lenders often have flexibility, but they won’t offer discounts unless you ask.

4. Consider This a Fresh Start

Your financial situation and the market may have changed significantly since you first secured your mortgage. Job changes, children leaving home, or shifting interest rates can all affect your needs.

Mortgage renewals are a chance to reassess your goals and adjust your mortgage to better suit your current lifestyle. Don’t feel obligated to accept the same product — this is your opportunity to reset and save.

5. Expand Your Horizon

Lenders frequently introduce new mortgage products and incentives that could benefit you, such as:

Better prepayment privileges
Cash back programs
Flexible amortization schedules
Accelerated payment options

Exploring new products can open the door to long-term savings and more financial freedom.

6. You Don’t Have to Renew with the Same Lender

Once your mortgage term expires, you’re under no obligation to stay with your existing lender. Shop around and compare offers — other banks or mortgage brokers may offer lower rates or better terms.

Start looking at your options well before your renewal date, so you’re not pressured to accept a less favourable deal at the last minute.

7. Consider Refinancing

Your renewal date can be the perfect time to refinance and access your home’s equity — without paying early repayment penalties.

You might consider refinancing to:

Consolidate high-interest debt
Fund home renovations
Invest in property or other ventures
Support a child’s education

Refinancing strategically can help improve your overall financial position and save on interest long-term.

8. Don’t Be Intimidated by Fees

Switching lenders may involve some additional costs, such as:

Mortgage discharge and registration fees
Transfer or reassignment fees
Appraisal costs (if required)

Be upfront with your new lender about any fees — many will cover part or all of the expenses to earn your business.

Even if some costs apply, the long-term savings in interest often outweigh the short-term fees. Always ask before assuming a fee will apply.

9. Be Prepared for a Bit More Work

Renewing with a new lender is considered a new mortgage, which means you’ll need to complete an application, verify your income, and undergo a credit check. While it requires a bit more effort, the potential savings and improved terms can make it worthwhile.

10. Keep Your Payments the Same

If your previous monthly payments were comfortable, consider keeping them at the same amount after renewal — even if you qualify for a lower rate. This strategy helps you pay off your mortgage faster and build long-term financial security.

Remember: letting your mortgage renew automatically without reviewing your options can cost you thousands. Be proactive, plan early, and take control of your renewal process.

Ready to Discuss Your Mortgage Renewal?

Whether you’re renewing, refinancing, or buying your next home in the Comox Valley, Janice Leffler of Royal LePage can help connect you with trusted mortgage professionals and guide you toward the best decision for your situation.

Reach out to Janice today for expert real estate advice and personalized support throughout your homeownership journey.

Get Your Comox Home Ready to Sell

The higher interest rates we’ve been experiencing in recent years have pushed many home buyers to the sidelines. Following a few drops in the Bank of Canada’s benchmark interest rate since last year, some experts are predicting that a resurgence in demand can’t be far away. As a result, this could shape up to be a fantastic time to enter the real estate market, whether you’re a buyer or a seller.

If you’re thinking of listing your property, there are a few simple things you can do to get your home ready. This should help it sell faster, more easily, and at the highest possible price.

The advantages of selling now

With rate cuts in the fall and more expected this year, it could add momentum to the home resale market. Combine lower mortgage interest rates with pent-up demand from waiting in the wings, and the forecast for a rekindling of Canadian housing activity is more than a possibility for 2025. This means that real estate activity this year could start to ramp up any time as people begin to explore the market again.

The question isn’t so much whether buyers will return, but when. Realistically, buyers will come back when they feel conditions are favorable. Sellers should be ready for that outcome. However, there is another factor at play here. It was realized late in December when the Prime Minister announced his resignation. This, of course, has resulted in a leadership race and a change at the helm of the federal government earlier than anticipated.

Nothing puts a damper on a real estate market like a federal or provincial election or a change at that level. It creates uncertainty which often doesn’t lift until after it is over and resolved. Whether warranted or not, it seems to be what has happened in the past.

With all of that in mind, spring, or any time on the west coast, is a good time to sell. When you are ready and have your home ready, we have an active real estate market. It seems there are always people wanting to move to Vancouver Island and the Comox Valley. There is a livability factor that really resonates with buyers.

Spring and fall are generally consistently busy times. Yes, that can mean more competition, but with more eyeballs, your home will benefit from broader exposure. Many Canadians tune out to enjoy warmer weather and go on holidays in the summer. That could change this year because of the state of change in the federal government.

You may want to brace for a summer real estate market in 2025.

How consumers are feeling

The declining interest rate is making approximately 16% of Canadians feel more comfortable about entering the real estate market, according to some reports. Interest rate cuts are also boosting the confidence of potential first-time home buyers, with younger Millennials and Gen Zs already actively saving. They are feeling hopeful they’ll be able to enter the market soon.

In general, however, home buying has taken a backseat for around 25% of Canadians. As expected, day-to-day expenses are taking top billing. Travel, interestingly, is considered the second most important expense for those Canadians.

Affordability across the country still remains a concern for many when it comes to entering the market. It is possible as many as 14% of current homeowners may need to sell their home due to still high interest rates. Another 25% of Canadians are reconsidering their family plans due to the cost of homeownership.

Make a great first impression

Once you’ve decided to sell, work with your REALTOR® to put together a plan. Make sure you put your home’s best foot forward. For example, if there are any reno projects you’ve been putting off, now is the perfect time to get them done. Replace old door knobs, fix that broken step on your deck, or give the interior of your house a fresh coat of paint.

To brighten up the shorter days and darker nights, clean your windows and screens. Add some decorative accent lamps to any dark corners in your home. Open all the blinds, curtains, and window coverings during showings to let in as much light as possible.

You might also want to consider adding some seasonal touches to your indoor décor. To prepare your home for showings, turn your fireplace on if you have one, or add a sweet seasonal scent to your home by baking some cookies or a pie. Consult with your REALTOR®. Overkill can distract buyers or completely turn them off your home.

Stay on top of cleaning and upkeep

If you have a showing or open house coming up, double-check to make sure no one has been tracking in any mud or dirt. To really maximize your curb appeal, don’t forget to consider what’s outside your home as well.

While it may not quite be time yet to plant, yards and gardens can look scruffy at this time of year. Consider adding some decorative outdoor plants that will beautify the entrance and patio or gazebo and manage alright in cooler temperatures.

This is also a good time to ensure your heating system is working properly. There is nothing that will turn off a potential buyer more than a cold house.

Do your research

It is essential to stay on top of what’s happening in the market. This means having your REALTOR® do research on things like comparable listings in your area and trying to track where the local housing market is headed. Changing demand, buyer expectations, and your competition could all have an impact on your timing and strategy. Strategy can change, so it’s always best for you, the seller, to listen to what the market and your REALTOR® are saying.

Ask your REALTOR®

Lastly, when in doubt, ask your REALTOR® for advice. She can track the latest market statistics and keep you informed about any future interest rate changes. Your REALTOR® , Janice Leffler can also walk you through each step in pricing, listing, and getting your home ready to sell. She, like you, wants to help you sell your property quicker, with less stress, and at the best price possible. Get in touch now!

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Things to Consider Before Renewing Your Mortgage