Play Video
“We’re starting to see some power in sales in the marketplace in the GTA, and we are also starting to see some people defaulting on some private mortgages as well,” Leah Zlatkin, mortgage broker and expert at lowestrates.caSign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
While higher interest rates have taken some of the heat out of the country’s real estate market, economic readings are coming in stronger than expected. Consumer price growth has slowed, but it’s still near seven per cent. The unemployment rate is at 5.2 per cent, a level most economists deem full employment — meaning anyone who wants a job has one or can get one — at a time when demand for labour hasn’t let up.
“We’re seeing inflation numbers still very high and we’re still seeing a lot of Canadians well-employed and recession clearly hasn’t hit,” Zlatkin said. “At this point, the Bank of Canada may have no choice but to increase rates again in the new year.” That could cause further troubles for the country’s rate-sensitive housing market and people with home equity lines of credit and uninsured mortgages might want to consider speaking with a broker to discuss refinancing, Zlatkin said, adding she’s seeing more people hit their trigger rates.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What mortgage brokers are seeing following Bank of Canada’s final 2022 hike - BNN BloombergFollowing this months interest rate hike from the Bank of Canada, some mortgage brokers say variable rate products are still popular despite the risk of further increases. In 2023 Bank of Canada will likely raise interest rate by another 2.25% before pausing for couple years. Imagine what that will do to variable rate mortgages payments and home prices. It is not too late to sell real estate and stop the bleeding. Never believe what realtor and mortgage broker says and also don’t look at the news in media from realtor board everybody playing game My variable went from 23 years to 85 years to pay it off. Not popular.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Calgary senior concerned she won't be able to afford mortgage come her renewalCalgary senior Brenda Willy is still living in the house she bought 36 years ago, but now she's worried she might have to sell. RedDeerNewsArea 36 years though and hasn't paid it off... Guess things happen in life... But still.... How is it possible she has lived there for 36 years and still has a mortgage? Genuinely confused how this woman has had a mortgage for 36 years and needs to extend another 30 years to afford her home. Maybe selling and renting would actually be the more prudent financial option.
Source: CTVCalgary - 🏆 26. / 68 Read more »
Mortgage stress tests unchanged amid housing headwinds - BNN BloombergCanada’s banking regulator and the federal government maintained requirements that homebuyers are able to qualify for their mortgages at rates higher than what banks are offering them, prioritizing financial stability over helping the country’s declining housing market. Oh yeah… except for the part where they weren’t thinking about financial stability when home values were jumping by 100k per week. 🤔 The drug fueled housing market. Support 81 lol They’re coming for you
Source: BNNBloomberg - 🏆 83. / 50 Read more »