As the holiday season approaches, you may find yourself facing a familiar slowdown. Home buying activity typically tapers off in November before the market warms up again in February and March. Over the winter months, your clients may be harder to reach, as many wind down to enjoy family gatherings, celebrations, or getaways to a sunnier destination. This means home buying, selling, and financing plans are generally put on hold, leading to a temporary decrease in lending activity.
While it’s important to take some time to unplug and recharge during these quieter months, this slowdown period in the mortgage market doesn’t have to mean a drop in productivity. For home buyers who have been sitting on the sidelines, this winter could offer a unique opportunity to enter the market, as the Bank of Canada continues to make cuts to the benchmark interest rate.
In addition to the potential for unseasonal sales activity this winter, the holiday slowdown provides a chance to focus on preparation, growth, and client engagement—things that can be harder to prioritize during busier times. Here, we’ll share some steps you can take to stay productive, connect with clients, and set yourself up for success in 2025.
Understanding seasonal trends
Historically, the mortgage industry sees a dip in activity around the holidays, mirroring trends in the broader real estate market. Fewer people are actively looking for homes, and many postpone financial decisions until after the new year. As a result, it’s harder to land new leads, existing clients are less responsive, and activity is generally slower.
However, this year, things could look a little different. If interest rates continue to fall, a window of opportunity could open for hopeful home buyers early next year. Over the past couple of years, an elevated interest rates have led to declines in real estate prices in some major markets across Canada. The Bank of Canada recently slashed its benchmark rate by another 50 basis points – the latest in the gradual decline from 5% in June 2023. The rate now sits at 3.25%, with further reductions likely in 2025. These factors could bring potential buyers out of hibernation earlier than expected, while existing homeowners may see an opportunity to secure a better mortgage rate.
Working on other areas of your business
With the potential for an early start to the busy season in the new year, the holidays bring a sense of renewal. If you find yourself with some down time, it’s an opportunity to focus on areas of your business you may have put on the back burner and ensure you are well prepared to deliver exceptional client service in 2025.
Review and update clients profiles
Use this time to review your client profiles, update their information, and reach out to fill in any gaps. If you haven’t already, consider digitizing your records. It’s also a good opportunity to check on clients’ renewal dates. If their mortgage maturity date is six to eight months away, reconnect with them to review their renewal intentions—or exit strategy, in the case of a private mortgage—and create a plan to find the best possible financing solution moving forward. In some situations, you may need to explore alternative financing options, such as a private mortgage, to meet specific client needs.
Reconnect with existing clients
Consider reaching out to clients proactively—it’s a great way to strengthen your relationship, demonstrate that you’re committed to their needs, and remind them that you’re a trusted resource for their mortgage and overall borrowing plan This could be through a holiday greeting, offering non-urgent advice like end-of-year financial tips, or providing an update on their current mortgage to assure them that you’re actively monitoring their situation. These check-ins not only show that you value their business but also reinforce your role as a trusted advisor. There may also be an opportunity to host an event, like a mixer, where you can connect with clients, lenders, and referral sources, deepen relationships, and connect on a more personal level. Plan for your business
During the holiday slowdown, reflect on your business development goals and marketing strategy for 2025. Review your business performance over the past year and assess what worked well and what didn’t. Set clear, measurable objectives to track your progress, such as quarterly goals for growing your client base, acquiring new referral partners, or enhancing your reach out to existing ones. You might also explore ways to expand and optimize your digital presence. Having a clear plan will help you stay focused and organized as you move into the new year.
In addition, take some time to review and evaluate your existing processes. Can you refine your workflows? Are there technologies you can adopt to enhance the client experience? Identifying opportunities for improvement now can help you to take your business to the next level in 2025.
Invest in your education
Staying up-to-date on your industry knowledge is essential. Certain provinces now require brokers to meet specific standards, including continuing education requirements, particularly when providing private mortgage advice. In Ontario, for example, mortgage brokers and agents will have to complete a two-tiered broker accreditation to work with private mortgage lenders. Additionally, British Columbia’s new mortgage services act has introduced stronger regulations for mortgage brokers, lenders and administrators, along with new licensing requirements
Private mortgage lenders like CMI also offer valuable resources and learning opportunities on topics like how to position and sell private mortgages, and how to close more deals. CMI also offers resources on how to structure deals to give your clients the best chance at securing financing.
Strengthen industry partnerships
The holiday slowdown period is a good time to review your lending partnerships, assess which ones have been the most supportive and productive, and strengthen your most valuable relationships. It’s also a great opportunity to network, nurture new connections, and build future referral opportunities.
If you don’t have a private lending partner, now is a good time to explore your options. Private mortgages have become an essential financial tool for many Canadians. Some private mortgage lenders, like CMI, have worked to enhance and elevate the industry. With 20 years’ experience in the Canadian private mortgage lending landscape, CMI is a leading private mortgage lender with access to over $1 billion in capital and a reputation for fair, ethical, and transparent business practices.
Enjoy the break!
In today’s competitive mortgage industry, downtime can be hard to come by. This holiday season, we hope you can find the right balance between being productive and taking the time to rest and recharge. Use the slowdown to plan for the year ahead, while also making time re relax, spend time with loved ones, or enjoy a favourite hobby. By embracing both productivity and self-care, you can help prevent burnout and start the new year with renewed energy, an optimistic outlook, and a strong foundation optimism to meet the demands and opportunities of 2025.
