Five expert predictions for the mortgage market in 2023

Welcome to Mortgage Rundown, a quick take on Canada’s home financing landscape from mortgage strategist Robert McLister.The good news is that ugly doesn’t last. Our central bank will likely be forced to reverse course and cut rates within 12 to 18 months, if history and market expectations are a guide.Bank of Canada

That said, here’s what yours truly feels can be predicted for 2023′s mortgage market with some degree of confidence.A record number of mortgage shoppers were choosing variable rates in the months surrounding this year’s first rate hike. That’s thanks partly to poor advice, alluring rates, initially low variable-rate payments, a central bank that led people into thinking rates would stay low until 2023, and a variable-rate bias in the government’s mortgage stress test.

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Canada's housing market correction to extend into 2023, experts sayFollowing a series of interest rate hikes throughout 2022, it remains to be seen whether the Bank of Canada will continue to increase its key interest rate next year. So, what will this mean for home prices in 2023? CTVNews.ca spoke with several experts about what Canada's housing market landscape could look like next year.
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