Ontario Mortgage & Real Estate Insights Podcast
We cover the daily developments, trends, and regulatory changes affecting the industry, powered by an AI Steve Hamoen. Get insights sourced from reputable news outlets to help you stay informed and make well-informed decisions.
Interest Rates, Mortgage Renewals, and Market Impacts
In this episode, we begin with a welcome and introduction, followed by a sponsor message from Real Approved Inc. We dive into the topic of mortgage renewals, addressing homeowner concerns and financial adjustments. The discussion shifts to the Bank of Canada's interest rate decision and its implications for the housing market. We explore the federal GST rebate for first-time homebuyers and the challenges associated with downsizing. Employment figures in Canada and the U.S. are analyzed for their impact on the market. The episode wraps up with closing remarks and a sponsor message.
Key Points
- Over half of Canadian homeowners fear upcoming mortgage renewals could impact their living situation, with 45% expecting higher payments.
- Despite the Bank of Canada keeping its overnight rate steady at 2.75%, homeowners face tough financial decisions due to relatively high borrowing costs.
- The federal government's GST rebate for first-time homebuyers is criticized for not significantly impacting affordability in high-priced markets like Toronto and Vancouver.
Chapters
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| 0:22 | |
| 0:40 | |
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| 4:08 | |
| 5:49 | |
| 8:50 |
Transcript
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