Mortgage Rates Canada June 2022 Update Canadian Real Estate LESS Affordable

Real Estate
#CanadaMortgageRates #CanadianRealEstate #canadarealestate

Canada’s Mortgage Rates shot up last week, with the best mortgage rates approaching 5%. With Canada’s real estate market already down 13% since February and more rate hikes on the way, downward pressure continues on the housing market.

In May we saw that mortgage payments on the average price of a home in Canada had actually decreased from the previous month, with the average payment shrinking by almost $160. That trend has reversed, with payments up by close to $150 on the average home in Canada.

The affordability of Canadian real estate is going to ebb and flow as housing prices continue to fall and the Bank of Canada continuing to raise interest rates.

Mortgage Rates:

Best Insured Mortgage Rate, Fully Featured in April 2022: 3.99 on a Five Year Fixed
Best Insured Mortgage Rate, Fully Featured in May 2022: 4.19 on a Five Year Fixed
Best Insured Mortgage Rate, Fully Featured in June 2022: 4.99 on a Five Year Fixed

Best Insurable Mortgage Rate, Fully Featured in April 2022: 4.19 on a Five Year Fixed
Best Insurable Mortgage Rate, Fully Featured in May 2022: 4.54 on a Five Year Fixed
Best Insurable Mortgage Rate, Fully Featured in June 2022: 5.39 on a Five Year Fixed

Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in April 2022: 4.29 on a Five Year Fixed
Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in May 2022: 4.74 on a Five Year Fixed
Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in June 2022: 5.39 on a Five Year Fixed

Links:

Brace yourself: Top Bay Streeter sees giant BoC rate hikes ahead:

https://www.bnnbloomberg.ca/brace-yourself-top-bay-streeter-sees-giant-boc-rate-hikes-ahead-1.1773651

Fed Hikes 75 Basis Points; Powell Says 75 or 50 Likely in July:

https://www.bloomberg.com/news/articles/2022-06-15/fed-hikes-rates-75-basis-points-intensifying-inflation-fight

Housing market slowdown continues, with average selling price down 13% since February:

https://www.cbc.ca/news/business/crea-housing-may-2022-1.6489200

Home Prices in Canada Fall Again as Mortgage Pain Intensifies:

https://ca.finance.yahoo.com/news/home-prices-canada-fall-second-133230631.html

Lenders hiking fixed mortgage rates again as bond yields hit a 13-year high:

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Lenders hiking fixed mortgage rates again as bond yields hit a 13-year high

Housing is still unaffordable for most despite declining sales as rising inflation takes its toll:

https://financialpost.com/real-estate/mortgages/housing-is-still-unaffordable-for-most-despite-declining-sales-as-rising-inflation-takes-its-toll

High inflation expectations raise stakes for Bank of Canada ahead of CPI data:

https://www.ctvnews.ca/business/high-inflation-expectations-raise-stakes-for-bank-of-canada-ahead-of-cpi-data-1.5953722

US inflation hits 40-year high of 8.6% as food, gas and shelter costs rise:

https://www.theguardian.com/business/2022/jun/10/us-inflation-rate-may-2022-four-decade-high

Yellen Says High Inflation Locked In for the Rest of 2022:

https://www.bloomberg.com/news/articles/2022-06-19/yellen-says-elevated-us-inflation-locked-in-for-the-rest-of-2022

Mark Mitchell – Mortgage Broker London Ontario
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