2026 we will see the 1st wave of mortgage renewals from the lowest mortgage rates in history. From the summer of 2020 through most of 2021 borrowers were locking in rates as low as 1.5% while generally in the range of +/-2%. Over the next 18 months, for those who were lucky enough to lock in that rate for 5 years they are in for a renewal rate at least twice their current rate. So what’s the impact?
Before you start driving around looking for the new for sale signs consider this: the average single family sale price in HRM in 2020 was $385,979 and at an interest rate of 2% the homeowner reduced their mortgage principal down to approximately $346,961. In 2025 the average sale price in HRM was $638,170 so that 2020 average Buyer now has almost $300,000 in equity. When was the last time you think the average Halifax resident saved $300,000 over a 5 year period?
So monthly mortgage payments, even on the reduced mortgage balance, will increase. However our guess is those early Buyers are happy with their homes and staying put.
So No Impact? If anything the impact could be most noticeable on investment property owners, especially those who paid aggressive prices of +/-5 cap back in 2020 & 2021. How’s this for series of events impacting your cash flow - if you have the same tenants your rent increases were limited to 2% jumping to 5% meanwhile water bills, tax bills, insurance rates power or oil bills, increased cost for maintenance – most of which are increasing beyond the rental increases you where allowed. Now immigration has been cut back reducing demand for units + there are more units coming to market every month causing downward pressure on rents. And now your mortgage rate could double.
Watch in 2026 for more opportunity to acquire rental units, especially duplex, triplex and 4 plex. More to come on why an owner occupied rental property might be the most in demand product in 2026, stay tuned.
You won't buy a condo because of the fees, really?
When you own a house, you have to budget for - landscaping, snow removal, water and sewer, heat, building insurance, and the inevitable surprises like a new roof, furnace, oil tank, or windows all come out of your pocket.
With a condo, those same costs are determined by the reserve fund study every 5 years budget for bundled into one predictable condo fee—and managed for you. No scrambling for contractors, no surprise invoices, no emergency repairs disrupting your budget.
Either way, you’re paying for maintenance and upkeep. The difference? With a condo, it’s planned, shared, and taken care of—so you can focus on enjoying your home, not managing it. So let me ask, are you having a professional review your property every 5 years to assist you in budgeting for upcoming expenses, then laying out a budget and holding you to it.
