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, Canada’s mortgage market has seen a significant shift in borrower and lender behaviours. Anticipating a potential rate decline, both parties have adjusted their strategies, leading to increased discounts on“Persisting high inflation and uncertainty around the potential decrease in the Bank of Canada’s interest rate had cooling effects across the country in 2023,” the
The CMHC attributes the slowdown in mortgage growth can be attributed to several factors, including high inflation and speculation about potential interest rate cuts by the. As a result, there has been a softening of resale activity in the housing market and declining home prices in various regions. However, the report suggests a potential reversal of this trend, with expectations of higher home sales and prices in the coming years. The anticipated growth is driven by declining mortgage rates, robust population growth, and increases in real disposable incomes.
In July 2023, the Bank of Canada’s interest rate settled at five per cent, a level it has maintained for five consecutive announcements. The next interest rate announcement is scheduled for June 5.
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