And they were right to take the Bank of Canada at its word.
With the Bank of Canada’s agenda in mind, mortgage renewals in June stood at 36.1 per cent, up from 29.8 per cent in May and six per cent higher than Nesto’s previous high of 30.03 per cent in April.“This shows that people are realizing now is the time to renew or lock in their low rate before another hike takes hold,” the Nesto report said.
The company found that purchases represented 52.1 per cent of activity in June, down from 58.5 per cent in May, reflecting the deceleration in housing sales that has been reported across major cities in Canada. For example, in the Greater Toronto Area, home sales were down 41 per cent year over year in June.
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