Mortgage Market Minute

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October

  • October 9, 2024 rates bounce as middle east tension drives up oil prices and insured refinances making a limited return

September

  • September 25, 2025 default mortgage insurance price cap increases to $1.5 million effective Dec 15
  • September 4, 2024 the question is how fast will the Bank of Canada drop rates this fall?

August

  • August 7, 2024 Let’s look at the new 30 year amortization option
  • August 21, 2024 new inflation numbers pushes the door wide open for future mortgage rate reductions!

July

  • July 31, 2024 the future rate environment is looking very good - don’t wait for home pricing to increase with anticipated growing demand.
  • July 24, 2024 - “Tricky Tiff” did not disappoint which is good news for variable rate mortgage holders.
  • July 10, 2024 - latest forecasted rate chart shows quicker projected reductions in fixed rates

June 2024

  • June 19, 2024 - bond rates foretell dropping fixed mortgage rates
  • June 5, 2024 - could our dreams, hopes and prayers finally be answered today?

May 2024

  • May 22, 2024 - stats continue to trend lower - fixed mortgage rates soon to follow!
  • May 15, 2024 - Buying sooner is almost always better than waiting to save more.
  • May 8, 2024 - Expected BoC policy rate drops doesn’t mean variable is the right option

April 2024

  • April 17, 2024 - Don’t wait to purchase this spring!
  • April 10, 2024 - Are 30 yr mortgages coming back for minimum down payment borrowers?
  • April 3, 2024 - More businesses are expecting inflation under 3% than over - a trend reversal and positive news for those expecting lower Primes rates by summer.

March 2024

  • March 27, 2024 - The uber-conservative central bank of Switzerland just broke ranks and reduced its policy rate by 0.25%. Could this be the start of global easing in rates?
  • March 20, 2024 - StatCan reports lower than expected inflation numbers, raising expectations for lower rates in early summer 2024.
  • March 13, 2024 - Federal government announces that the First Time Home Buyer Incentive (FTHBI) program is being cancelled - it never really was much to begin with.
  • March 6, 2024 - 56% of potential home purchasers have paused their buying plans due to interest rates. That is a lot of pent up demand waiting in the wings.

February 2024

  • February 28, 2024 - No email this week - I’m walking in sunshine and white sand.
  • February 21, 2024 - January CPI is down and a BMO report suggests we need 500,000 home completions this year to meet demand. We have never exceeded more than 250,000 in a year.
  • February 14, 2024 - Strength in the US economy is starting to impact perceptions in Canada, which would push any rate reductions later into 2024.
  • February 7, 2024 - While changes in interest rates is rarely linear, we continue to forecast reductions starting summer 2024.

January 2024

  • January 31, 2024 - BMO returns to the Broker Channel, meaning Brokers now have access to 3 of the 4 top banks in Canada.
  • January 24, 2024 - Bank of Canada’s Monetary Policy Report shows Shelter (housing - rent and mortgage) Costs still a major contributor to inflation in Canada.
  • January 19, 2024 - Jim launches the Mid-Week Mortgage Market email looking at rate trends, forecasts and other items impacting the mortgage marketplace.