October 27 2021
Over the month of October, the Canadian housing market continued to be red hot despite the rise in fixed mortgage rates. The BoC also just announced its decision to end its quantitative easing program, which means Canadians buyers and existing homeowners can expect higher rates coming next year. Read below to see what else happened over this past month:
The Bank of Canada (BoC) recently announced its decision to hold its benchmark policy rate steady and also end the quantitative easing program. With cost of living rising faster than expected, the BoC has also made it clear that its preparing to raise rates next year, a key consideration for Canadian buyers and existing homeowners.
According to the Canadian Real Estate Association, home sales were up 0.9% between August and September 2021, marking the first month-over-month increase since March of this year. While the number of transactions in September was down year-over-year, it was the second-highest September sales figure by a sizable margin.
As Canada’s housing market remains hot, the individuals rushing to buy are those who already own a home, or in some cases three or four. Rising home prices and falling mortgage rates have accelerated the entry for investors as well as the growth of Canadian borrowers with multiple mortgages.
Our Co-Founder and CEO Jesse Abrams discusses the different ways that home buyers can purchase a home with the help of a family member to increase their overall affordability and enter the market faster.
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