Market Watch: Higher Borrowing Costs Keep Buyers on Hold

Market Watch: Higher Borrowing Costs Keep Buyers on Hold

Canadians scramble as mortgages set to renew
Market Watch To Your Inbox: October 2023

Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October.

As the prospect of mortgage renewals draws near and concerns regarding interest rates come to the forefront, it’s important to remember that you’re not alone in grappling with this issue. With 100,000 Canadian mortgages up for renewal every month, many people are feeling the impact of elevated rates. However, economists are predicting the potential for a decline in rates around the middle of 2024. It’s important to prepare for the renewal process ahead of time, and to shop around and compare mortgage rates available elsewhere. Renewing with your current lender is generally the path of least resistance, but it’s important to consider all options and negotiate a more suitable arrangement if necessary.

I’m thinking of selling

Explore TRREB’s Market Stats infographic for an easy-to-understand look at the housing market.

Leave a Reply

Your email address will not be published. Required fields are marked *

    Full Name

    Email Address

    Phone Number

    Working with an Agent?

    Household Income

    Credit Score

    Preferred Location

      How much unsecured debt do you have?

      Min $5000

      0%

      Are you behind on payments?

      12%

      How many creditors do you have?

      What types of debt do you have?

      25%

      What is your credit rating?

      37%

      What is your employment status?

      50%

      Are you a home owner?

      62%

      What is your property value?

      Min $5000

      What is your mortgage balance?

      75%

      Are you currently in a bankruptcy or consumer proposal?

      87%

      What is your postal code?

      What is your name?

      What is your email address?

      What is your phone number?

      Briefly describe your debt problem

      100%