It’s looking like we’re going to be seeing similar real estate trends in 2023 compared to last year.
Following a year defined by market highs and lows, experts are forecasting a gradual return to a more balanced market towards the end of 2023. However, with inflation remaining more or less unchanged at the tail-end of 2022, last year’s trend of diminished purchasing power seems likely to persist.
As for what that means for mortgage lending, Shaun Cathcart, Senior Economist at the Canadian Real Estate Association (CREA), predicts primary-based mortgage payments will continue to rise dramatically until the Bank of Canada (BoC) reaches its terminal rate.
Variable rate mortgages will hit their ‘trigger rate’
“The ‘terminal rate’ as it’s…
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