Baffled by the Vagrancies of the Mortgage refinancing market? Know that you are not alone!
CMHC has been quoted that their “Mortgage refinances requests have dropped by 32%”. Despite Canadians being personally the most indebted G7 nation.
Combined with mortgage payments skyrocketing because of the 450 basis point hike in rates. Why are people not flocking in droves to the Canada Mortgage and Housing Corporation?
Could we be living in an era where the “Higher for Longer” mantra becomes a Canadian Reality? How will the average Canadian cope with another 25 or 50 basis point hike?
It is estimated that home values in general have dropped by a min. of 20% from the peak of March 2021. Know that Depleted equity is the opposite of doubling down in Black Jack!
How has the pop in entry level housing reverberated through the market place? What are the likely mid to long term effects to be for the residential housing market?
How will the consumer deal with the ever present and stalking Lion called stagflation?
Has 2023 become the year of reckoning?
There is an intellectual hope that the effects of this rigid rates policy will soon push bond yields down there by lowering domestic mortgage rates?
Will this theoretical trade-off happen soon enough for the a fair portion of property owners now being punished by reduced equity and higher rates?
PS: RBC and NBC are the latest big banks to hike fixed mortgage rates.
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