​Refinancing your home depends on many factors, and in some cases it is a wise decision.

Because you already own the property, refinancing is easier than securing a loan as a first-time buyer, but the number of years you will owe on your mortgage may increase.

If your current interest rate is 1% or more higher than the rate you want, refinancing makes sense. Also, if your loan term is 15 years, refinancing can shorten the term.

For a falling-interest-rate environment, an adjustable-rate mortgage is a good choice. For a rising-interest-rate environment, converting to a fixed-rate mortgage makes more sense.

In order to reduce your monthly payments, you must cover all the closing costs involved in the refinancing, including lawyer fees, an appraisal, taxes and any mortgage penalties. 

If interest rates fall, your monthly payments could drop from $1,257 to $1,130, saving you $127 per month or $1,524 annually.

A lender can calculate your total closing costs for a refinance. If you plan to stay in your home for one-and-a-half years or longer, refinancing makes sense.

Canadian housing prices rose by 33 percent from March 2020 to November 2021, according to CREA. Conservative finance critic Pierre Poilievre said that Canada's housing bubble is set to burst if the government does not make changes to its policy.

A report released by Generation Squeeze called on Statistics Canada to change the way it calculates inflation, by including housing prices.
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Generation Squeeze said rising home prices create wealth windfalls for some, but create un-affordability for others. Change in how housing prices are calculated could help policymakers improve affordability.

​https://www.cbc.ca/news/politics/housing-inflation-conservatives-1.6335633