#canadianrealestate #bankofcanada #VariableRateMortgages

Canada’s real estate market prices are set to drop by an additional 10 percent by 2024, according to a new report by Oxford Economics. While National Bank says demographics and supply will put a price floor on housing prices, Oxford contends that higher mortgage rates and tighter credit conditions (not to mention a recession) will put downward pressure on prices.

Links:

National Bank Housing Affordability Monitor:

https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/housing-affordability.pdf

Canada’s Real Estate Correction Is Far From Over: Oxford Economics:

https://betterdwelling.com/canadas-real-estate-correction-is-far-from-over-oxford-economics/

Barrie-area woman watches mortgage payments go from $2,850 to $6,200, forced to sell:

https://www.thestar.com/news/barrie-area-woman-watches-mortgage-payments-go-from-2-850-to-6-200-forced-to/article_89650488-e3cd-5a2f-8fa8-54d9660670fd.html

Bank regulator steps in to deter banks from extending mortgages to as long as 90 years:

https://www.thestar.com/business/bank-regulator-steps-in-to-deter-banks-from-extending-mortgages-to-as-long-as-90/article_f029adb4-5060-5147-92ce-96b9835932bf.html?

Consumer price index portal:

https://www.statcan.gc.ca/en/subjects-start/prices_and_price_indexes/consumer_price_indexes

Policy interest rate:

https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/

Canada's Immigration Strategy Could Widen Housing Supply Gap By Another 500K Units:

https://storeys.com/canada-housing-supply-gap-widen/

Residential Mortgage Industry Report – Spring 2023:

https://assets.cmhc-schl.gc.ca/sites/cmhc/professional/housing-markets-data-and-research/housing-research/research-reports/housing-finance/residential-mortgage-industry-report/2023/residential-mortgage-industry-report-spring-2023-en.pdf?rev=a1b9cec0-0c7b-43af-93ac-3cf72e4eaab3

Inflation climbs to highest in more than 30 years, raising odds of rate hike next week:

https://financialpost.com/news/economy/inflation-hits-highest-level-since-1991

Residential Mortgage Industry Data Dashboard:

https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-data/residential-mortgage-industry-data-dashboard

Bank of Canada – Financial System Review:

https://www.bankofcanada.ca/2022/06/financial-system-review-2022/

OSFI preparing stricter capital requirements for some negative amortization mortgages:

https://financialpost.com/real-estate/mortgages/osfi-negative-amortization-mortgages

Canada regulator proposes banks hold more capital to tackle mortgage risks:

https://www.reuters.com/world/americas/canadas-osfi-proposes-changes-capital-adequacy-guidelines-2023-07-11/

45% with variable mortgages say they would have to sell in under 9 months: Yahoo/Maru poll:

https://ca.finance.yahoo.com/45-with-variable-mortgages-say-they-would-have-to-sell-in-under-9-months-yahoomaru-poll-110037392.html

Mark Mitchell – Mortgage Broker London Ontario
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