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.
Mortgage Originations Surge, Condo Market Challenges, and Rate Decisions
In this episode, the introduction and welcome set the stage, followed by a sponsor message from Real Approved Inc. The discussion delves into the surge in Canadian mortgage originations and the impacts of pre-construction deals. Broader economic implications are considered alongside the challenges facing Toronto's condo market. Current mortgage rates and recent decisions by the Bank of Canada are examined to provide a comprehensive view of the market. The episode wraps up with closing remarks and a sponsor reminder.
Key Points
- Mortgage originations surged to $40.7 billion in June, primarily due to pre-construction deals from the 2020-2022 investor boom now reaching completion.
- Toronto's condo market faces significant challenges, with prices declining for four consecutive months and new condo starts down by 60% year-over-year.
- As of late August, mortgage rates have remained relatively stable, with brokerages offering three- and five-year fixed rates around 3.9%, while rates at major banks generally exceed 4%.
Chapters
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| 0:21 | |
| 0:41 | |
| 1:48 | |
| 3:38 | |
| 6:17 |
Transcript
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