Hits and misses for May
2026-05-29 | 08:40:15
It’s baseball season! Dedicated sports fans know we must take the good with the bad and the hits with the misses. And there have certainly been several of those lately. Here are a few that stand out to me:
Hits…
A solid step for buyers and builders: Ontario homebuyers eligible for HST rebate on new homes
Premier Doug Ford says the province and federal government plan to temporarily expand the HST rebate for new homes in the province, allowing all buyers a rebate of up to $130,000 from April 1, 2026 to March 31, 2027. According to the Ford government, homes valued at up to $1.5 million would be eligible for a maximum of $130,000 in relief. The premier said he hopes the program will “bring the dream of home ownership in reach for thousands of Ontario families".
Buying or refinancing a home is like stepping up to the plate. Think of a mortgage broker as your catcher behind the plate — seeing the whole field and guiding every pitch. Let’s talk!
Major Investments and New Jobs
Ontario has been attracting large investments in AI, life sciences, nuclear energy, electric vehicles, skilled trades, infrastructure and advanced manufacturing. Our economy is still projected to grow over the next several years, even with trade tensions and high interest rates. Provincial forecasts expect continued GDP growth, stronger job creation, and moderating inflation.
Travel & Tourism
Canadians are traveling within their own country in record numbers, with domestic travel surging. As of early 2026, domestic passenger traffic at Canada's largest airports increased by 10% year-over-year. This trend, marked by over 9.5 million Airbnb domestic arrivals in 2025, reflects a substantial shift away from U.S. travel in favor of local, often regional, destinations. Source: Environics
Key domestic travel trends include surging volume, high hotel occupancy, duration and spend. Source: Statistics Canada
Misses…
Housing affordability and homeownership crisis facing millennials
Younger Canadians are less likely to own a home, more likely to live with their parents, and more likely to settle for smaller properties than either Generation X or Baby Boomers were at the same stage of life. A recently released Statistics Canada report revealed that after accounting for those living with their parents, Millennials had the lowest rate of homeownership (49.9%), compared with Gen-Xers (56.2%) and Baby Boomers (55.9%) when they were aged 25 to 39 years. Read the report https://www150.statcan.gc.ca/n1/pub/46-28-0001/2026001/article/00001-eng.htm
Current Big Picture (2026)
Right now, major U.S. influences on Canada include uncertainty around trade protectionism, high interest rates, slowing economic growth, pressure on manufacturing competitiveness, and do I dare mention gas and grocery prices?
K-Shaped economy
While restaurants of all kinds are feeling pinched, quick-service restaurants are getting hit harder than higher-end ones, according to a report from Restaurants Canada. It's a signal of a K-shaped economy, where those with the most money can still shell out for a nice meal, but those with lower incomes have no option but to cut back, according to Restaurants Canada president and CEO Kelly Higginson. Immerse yourself and read why 81% of surveyed service restaurants reported declining profitability. https://www.cbc.ca/news/business/quick-service-restaurants-struggling-9.7188698
A personal message from Tracy Irwin
I'm here and always available to chat about your current mortgage financing and refinancing needs - and how to navigate the (sometimes) tricky process of buying a home. You don't know what you don't know about mortgage financing. Luckily, I do!
Family Greetings from...
It's been an exciting few months! Enjoy these greetings from around the world.
Running For Rachael – Sunday, September 27, 2026
The race is on! Early bird pricing is in effect until July 1st . Register today!
The starting line is here: https://www.runningforrachael.com/. The goal is 350 participants this year.
Running or walking not your thing? That’s okay! There are lots of ways you can help!
- Help us spread the word through email or social media
- Consider becoming a corporate sponsor
- Volunteer before, during or after the event
We hope to see you on September 27.
Are you interested in participating in a different way? Encourage company/corporate teams. Have a friendly neighbourhood competition.
Remember, no matter what yesterday was like, birds always start the new day with a song.
