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.
Feeling stuck with a ‘forever mortgage’? We want to hear how rising debt is affecting you
In this episode, we start with a welcome to the Ontario Mortgage & Real Estate Insights Podcast, followed by a sponsor message from Real Approved Inc. We delve into the challenges of 'forever mortgages' and the rising homeowner debt, examining how central bank policies are affecting mortgage payments and contributing to financial strain. Equifax Canada's report on the high cost of living and its impact on mortgages is discussed. We explore strategies for mortgage renewals and refinancing in 2024. The episode concludes with encouragement and resources for homeowners, along with a closing sponsor reminder from Real Approved Inc.
Key Points
- Many homeowners in Ontario are struggling with 'forever mortgages' due to rising debt and financial pressures, despite several interest rate cuts.
- The central bank's policy rate remains steady at 2.75%, but missed mortgage payments in Ontario have nearly tripled compared to two years ago, indicating deeper financial strain.
- Over fifty percent of new mortgage originations in late 2024 were due to renewals and refinancing, impacting many homeowners who initially locked in low-interest rates during 2020.
Chapters
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Transcript
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