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Navigating the Economic Impact: How Canadian Homeowners Can Protect Their Mortgages Amid Tariff Uncertainties

Writer's picture: tonia503tonia503


The recent imposition of 25% tariffs by the U.S. on Canadian imports, effective February 4, 2025, has significant implications for Canadian homeowners and prospective buyers. In response, Canada has announced equivalent tariffs on U.S. goods.

Potential Impacts on Mortgages:

  • Interest Rate Volatility: The Bank of Canada may adjust interest rates to counteract economic uncertainties arising from these tariffs. Such changes could affect your mortgage payments, particularly if you hold a variable-rate mortgage.

  • Inflation Concerns: Tariffs often lead to increased costs for imported goods, contributing to higher inflation.This escalation in living expenses might impact your ability to manage mortgage payments.

    Protective Measures:

  • Evaluate Mortgage Options: Consider whether transitioning from a variable-rate to a fixed-rate mortgage could offer greater stability during this period. Contact a mortgage broker for advise.

  • Establish an Emergency Fund: Aim to save three to six months' worth of living expenses to safeguard against potential financial challenges.

  • Limit New Debt: Exercise caution when considering additional debt, as rising interest rates could increase repayment obligations. Try not to use credit cards or lines of credit unless you can pay the balance monthly.

  • Seek Professional Advice: Consult with a mortgage broker and/or a financial advisor to develop strategies tailored to your specific circumstances.

  • Support Local Products: Purchasing Canadian-made goods can help support the local economy and may mitigate the impact of rising prices on imported items. Staying informed and proactive can help you navigate these economic changes effectively. Check out the links below to products and services in NL and Canada.


    • Guide to the Good: A platform that brings local companies together in one easy location, allowing users to search for local businesses by keyword, theme, or category. https://www.guidetothegood.ca/buy/

    • Newfoundland and Labrador Farm Guide: Managed by the provincial government, this guide provides a comprehensive directory of farms across the region, detailing the products they offer. https://www.gov.nl.ca/farm-guide/farm-directory/all-farms/

    • Live Rural Newfoundland & Labrador Business Directory: This directory lists various local businesses and organizations, offering connectivity to Live Rural NL's social media channels and featuring businesses across multiple categories. https://liveruralnl.com/support/business-directory/

    • East Coast Trail Business Directory: While primarily focused on supporting hikers, this directory includes local businesses offering accommodations, dining, and other services along the East Coast Trail. https://eastcoasttrail.com/business-directory/

    • Made in CA: A resource to quickly find Canadian products, services, and retailers, helping you support the Canadian economy. https://madeinca.ca/

    • Ontario Made: A directory showcasing quality Ontario-made products, supporting local businesses in the province. https://supportontariomade.ca/

    • Made in Canada Directory: A comprehensive directory featuring thousands of Canadian-owned businesses that proudly produce their products domestically. https://madeincanadadirectory.ca/

    • Buy Canadian First: A platform dedicated to promoting Canadian-made products across various categories. https://www.buycanadianfirst.ca/




Contact The Mortgage Missus Inc. today to learn more!


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Tonia Mercer | The Mortgage Missus Inc.



About the author,

Tonia Mercer is an independent mortgage broker. She has been in the industry for 17 years, in 2021 she launched her own brokerage The Mortgage Missus Inc. 

Tonia is passionate about financial education and believes that working with independent experts is the best way to get unbiased, professional advice. She has joined forces with local independent home and auto, financial advisor, legal, appraiser and real estate service providers.Effectively creating a concierge service for all things financial and real estate.

Tonia donates a portion of all mortgage revenue to Mercer's Mission, a street dog and cat feeding mission in the Dominican Republic. https://www.facebook.com/mercersmission 

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