#CanadaMortgageRates #CanadianRealEstate #CanadaRealEstate
Canada’s Mortgage Rates are rising faster with the Bank of Canada raising rates 50bps and signaling jumbo rate hikes to come in the future. With Canada’s Real Estate market already starting to cool these rate hikes are likely to have a significant impact on the housing market.
With Canada’s inflation rate at 6.7 percent the Bank of Canada is set to continue to raise rates in June, with some predicting 75-100bps rate hikes at June’s meeting alone.
Mortgage payments on Canada’s average house price have gone up significantly in the past three months – with payments for the average property rising by roughly $400.
With mortgage affordability decreasing and real estate prices already showing signs of cooling we could be in big changes in Canada’s housing market.
Mortgage Rates:
Best Insured Mortgage Rate, Fully Featured in March 2022: 3.39 on a Five Year Fixed
Best Insured Mortgage Rate, Fully Featured in April 2022: 3.99 on a Five Year Fixed
Best Insurable Mortgage Rate, Fully Featured in March 2022: 3.59 on a Five Year Fixed
Best Insurable Mortgage Rate, Fully Featured in April 2022: 4.19 on a Five Year Fixed
Best Uninsurable Mortgage Rate (30 Year AM, Mortgage Refinancing), Fully Featured in March 2022: 3.49 on a Five Year Fixed
Best Uninsurable Mortgage Rate (30 Year AM, Mortgage Refinancing), Fully Featured in April 2022: 4.29 on a Five Year Fixed
Links:
Bank of Canada increases policy interest rate by 50 basis points, begins quantitative tightening:
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Big 5 banks raise prime rate to 3.20% after Bank of Canada hike:
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Market bets on another jumbo interest rate hike in June:
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Higher rates start to cool Canada's hot housing market:
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Average Canadian home price hits record $816K in February, rising 20% since last year:
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As inflation ticks ever higher, Macklem won't rule out super-sized rate hike:
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Tiff Macklem acknowledges inflation is running hotter than expected:
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Mark Mitchell – Mortgage Broker London Ontario
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London, Ontario N5Z 3J1
Phone: (519)860-2102 (Call or Text)
MarkMitchell@LondonOntarioMortgages.ca
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Broker Lic: M16001479
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Commentary on this Channel should not be considered financial advice.
