2023’s Top Mortgage Headlines

As we enter 2024, let’s dive into the top mortgage headlines influencing homeowners and prospective buyers in Canada.

Interest Rate Rollercoaster: One of the top mortgage headlines in 2023 was the unpredictable swings in interest rates. The Bank of Canada increased the overnight lending rate from 4.25% to 5%, leaving it unchanged in the last four announcements. Here’s where the prime lending rate left off>> 

Affordability Challenges Persist: Housing affordability remained a significant concern. A surge in home prices, intensified by limited inventory, made it challenging for prospective buyers to enter the market. Here’s what Edmonton has planned to make buying a home more affordable>>

Mortgage Renewal Rule Updates: As Canadian homeowners geared up to renew their mortgages in 2023 and now into 2024, recent renewal updates outlined in the Liberals’ fall economic statement could offer potential relief and increased flexibility in navigating the process. Here’s a simplified breakdown of the proposed Canadian Mortgage Charter>> 

Home Savings Account: New programs aimed at supporting affordable housing gained attention. Check out the details on the Home Savings Account and see if you qualify for this incentive>> 

Rent Increases: Mortgage interest cost and rent remain the main inflation drivers. The latter is more of a troublemaker than the former, given that rates should be on the downswing (infamous parting words.) Here’s what we saw this past year with rent increases>> 

Stay informed, stay ahead, and let’s navigate the Canadian mortgage scene in 2024 together!

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