Mortgage rate relief could be on the horizon for Canadians: economists

For $1.4 million you could be the next owner of this downtown Vancouver condo a deal as the city’s normally overheated housing market starts to cool obviously everyone’s aware that the interest rates have completely impacted the market it’s starting to increase now uh but it was definitely the last 3 months have been a

Little bit on the slower side in comparison to previous years it’s not just clients looking to sell the soaring interest rates have katenzaro re-evaluating her own Investments too she had been renting out a revenue property in Calgary but the costs were just too high so as an investor

Personally uh I ended up selling my property in in Calgary just recently just a few months ago mortgage rates for Canadians uh who are trying to pay off their house have climbed dramatically over the last year and a half anyone with a variable rate mortgage knows this

Pain all too well but those with locked in mortgages will come to know it soon in 2021 a 5-year fixed rate could be as low as 1.4% today even a discounted rate is well over five Canadian households are paying uh an additional $65 billion a year already from higher interest rates

And that total will probably grow as more Canadians have their mortgages renewed the interest rate hikes have caused housing costs including rent to soar giving Canadians less money to spend and fuel inflation enough that a growing number of economists now believe we’ve seen High mortgage rates reach

Their Peak and over the next few years some relief is on the way but we’re not going to go back down to levels that we saw early in the pandemic boom and Canadians probably gota H probably got to get comfortable with normal mortgage rates being something around like let’s

Say three and a half or 4% numbers that may put home ownership Out Of Reach for some the days of borrowing debt Dirt Cheap behind us Heather YX West Global News Calgary

Soaring numbers since the end of the COVID-19 pandemic have left Canadians either struggling to pay their mortgages, or simply unable to enter the housing market.

Over in Vancouver on Saturday, Global’s Heather Yourex-West speaks with economists about a potential mortgage rate decrease in the near future, after a what some are calling a “peak” in interest rates.

Though they likely won’t fall as low as they did during the pandemic, relief is supposedly on the horizon.

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