they would trim benchmark rates only if inflation slows further, and even floated the possibility of rate hikes if inflation data continues to disappoint. Rising mortgage rates had an immediate impact on homebuyers sensitive to financing costs, hindering purchase activity in an already hampered market.
At the current average rate, a homebuyer would pay $1,600 monthly on a $300,000 home with a 20% down payment, according to the April's active listings are 30% lower than the same month in 2019 and sit at about a 3.5-month supply, according to the NAR. A market with six months' supply is considered balanced. Meanwhile, the share of homes sold above asking price reached nearly 35% in April,
OTTAWA — Canada Mortgage and Housing Corp. says the country’s total residential mortgage debt totalled $2.16 trillion as of February this year, up 3.4 per cent year-over-year and representing the slowest growth in 23 years. The federal housing agency says in a new report that higher mortgage costs and uncertainty around the Bank of Canada potentially lowering its key interest rate led to softer home sales and prices across many regions in the second half of 2023.
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