“Home has been our workplace, our kids’ schools, the gym, the park and more. Personal space is more important than ever,” said Shaun Cathcart, senior economist at CREA. Read more:
Bank of Canada Target Rate Forecast to 2022
Nobody has a crystal ball, but we can listen to educated guesses! Here is a recent article from Mortgage Sandbox on the Bank of Canada target rate forecast to 2022:
https://www.mortgagesandbox.com/mortgage-interest-rate-forecast
When should you break your mortgage for a better rate?
In this recent article, Pattie Lovett-Reid answers this question: When should you break your mortgage for a better rate?
Canada’s mortgage ‘stress test’ level falls for 3rd time since pandemic began
From a recent CBC article.
The bar at which the finances of Canadian mortgage borrowers gets tested has been lowered again, making it easier for would-be homebuyers to reach. In 2017, a stress test was designed during a hot real estate market, to ensure borrowers would be able to pay back their loans if rates rose suddenly. However, the pandemic and historically low-interest rates that are showing no hint at rising have resulted in changes that are making it a little easier for borrowers.
Bank of Canada cuts benchmark mortgage rate, increasing affordability for homebuyers
On August 12, the Bank of Canada lowered its five-year conventional mortgage rate from 4.94% to 4.79% — the second time it’s reduced the qualifying rate in the last three months. Read more here.
2020 rates will likely remain at reasonable levels
In a recent article from Mortgage Broker News, they stated that this year, mortgage rates will most likely remain low and qualification will be easier, real estate information portal Zoocasa predicted.
More millennials worry if they will ever be able to afford a house – poll
In a recent article from Mortgage Broker News, a study from KPMG showed that only 54% of Millennials expect to be able to afford a home. Whether you are a hopeful Millennial, or a Baby Boomer who has been a long-time homeowner, check out this great read.