adplus-dvertising
Connect with us

Real eState

Real estate: Drop-off in interest for Canadian mortgage quotes

Published

 on

In October, Canadian properties of all types faced a steep drop-off in interest for mortgage quotes, according to data released from Ratesdotca’s mortgage quoter.

The data, which follows the sixth overnight rate hike of the year, comes as interest in shorter-term fixed-rate mortgages has increased. This may indicate that homeowners and investors are hunkering down to see how market conditions weather the last potential rate hike of the year on Dec. 7.

“Locking into a one-or two-year fixed-rate mortgage with the intention of riding out the current volatility in the mortgage market is a strategy that might work for some and not for others,” said Victor Tran, a RATESDOTCA mortgage and real estate expert, in a news release sent to CTVNews.ca.

“For those who are maxed out on their home expenses and can’t handle another increase, locking into a longer-term fixed rate might be a better option,” Tran says. “Additionally, short-term fixed rates are slightly higher than five-year fixed rates at the moment, so consumers would be paying more to be on this strategy.”

300x250x1

According to Ratesdotca, mortgage quotes for primary properties fell by 59 per cent and vacation properties plummeted by 64 per cent month-over-month in October.

After peaking for the year in September, mortgage quotes for investment properties dropped 60 per cent month-over-month in October. Additionally, new purchase mortgage quotes dropped the same percentage (60) in October, and quotes for renewals and refinancing dropped 51 per cent month-over-month.

Ratesdotca also said that the preference gap between fixed and variable-rate mortgages is narrowing, “with only a 56-point difference between the number of quotes for both product types in October.”

Source link

Continue Reading

Real eState

China's real estate crisis isn't over yet, IMF says – CNBC

Published

 on


[unable to retrieve full-text content]

China’s real estate crisis isn’t over yet, IMF says  CNBC

728x90x4

Source link

Continue Reading

Real eState

Toronto Real Estate Prices Rise Despite Weakest January Sales Since 2009 – Better Dwelling

Published

 on


[unable to retrieve full-text content]

  1. Toronto Real Estate Prices Rise Despite Weakest January Sales Since 2009  Better Dwelling
  2. Ottawa real estate: Homes sales down 35 per cent to start 2023 | CTV News  CTV News Ottawa

728x90x4

Source link

Continue Reading

Real eState

This Week’s Top Stories: Canadian Real Estate Correction Only Half Over, & US Prices Slip – Better Dwelling

Published

 on


[unable to retrieve full-text content]

This Week’s Top Stories: Canadian Real Estate Correction Only Half Over, & US Prices Slip  Better Dwelling

728x90x4

Source link

Continue Reading

Trending