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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Source: CTVCalgary - 🏆 26. / 68 Read more »