Mortgage Rates Canada – May 2022 Update – Canada’s Real Estate MORE Affordable

Real Estate
#CanadaMortgageRates #CanadianRealEstate #CanadaRealEstate

Canada’s Mortgage Rates continued to rise in March, with the Bank of Canada set to raise interest rates in June. However, the affordability of Canada’s real estate market might be switching as well, as lower housing costs, even with higher mortgage rates, have led to smaller mortgage payments.

Canada’s real estate market prices continue to plunge, with multiple cities reporting buyers’ remorse throughout May, especially Toronto home buyers. Though the statistics are not yet in, we’re likely to see a further slowing of the real estate market once May’s statistics are released in the next few weeks.

April saw the average price of a home in Canada fall by $50,000, down to 746k. Even with higher mortgage rates, this still translates into a lower payment for the average price of a house in Canada.

However, mortgage rates are still rising. The real estate market will most likely continue to flip back and forth, between higher and lower mortgage payments, as mortgage rates rise and home prices fall.

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 Insured Mortgage Rate, Fully Featured in May 2022: 4.19 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 Insurable Mortgage Rate, Fully Featured in May 2022: 4.54 on a Five Year Fixed

Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in March 2022: 3.49 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

Links:

A 50-bps rate hike in June is “virtually guaranteed” after April’s hot inflation reading:

A 50-bps rate hike in June is “virtually guaranteed” after April’s hot inflation reading

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Canadian inflation rises to 6.8%: What you need to know:

https://financialpost.com/news/economy/canadian-inflation-rate-rises-to-6-8-beating-expectations

Bank of Canada rate hikes likely slowing housing demand:

https://calgaryherald.com/life/homes/new-homes/bank-of-canada-rate-hikes-likely-slowing-housing-demand

Bank of Canada says rates are too stimulative, downplays 75 bps hike:

https://www.reuters.com/business/finance/bank-canada-says-rates-are-too-stimulative-may-need-go-above-neutral-2022-05-12/

Canadian Mortgage Rates May Climb Up To 7% By Next Year: Desjardins:

https://betterdwelling.com/canadian-mortgage-rates-may-climb-up-to-7-by-next-year-desjardins/

Greater Toronto Area real estate approaching ‘buyer’s market’: BMO:

Greater Toronto Area real estate approaching ‘buyer’s market’: BMO

Mark Mitchell – Mortgage Broker London Ontario
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