Some owners might have to sell their homes when it's time to renew their mortgage, while others will get by with extended amortizations. yxe realestate
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“In fact, a lot of people who are going to renew, they won’t even have the option of being able to shop around. They won’t qualify at the posted rate.”“A lot of my variable clients are really feeling the pinch,” she said. “I’m fielding calls: does it make sense to lock in? What do we do?” The prime lending rate was 6.45 per cent as of Dec. 14, putting an average variable rate at about 5.55 per cent.“If we’ve taken anything out of these last three years, who knows? We’ve never lived through a pandemic like this, nor inflation like this.
“At the end of the day, people are going to make it work,” MacDonald said, noting these interest rates are not the highest in history, nor even the past two decades. “When I go back to 15 years ago, the best rate I could get was 5.89.”nstituted in 2016 has also protected people from rising rates, she noted.
But between $300,000 and $350,000 there were 67 sales and 57 listings, for a 2.6 month ratio; and in the $350 to $400 range, 48 listings were significantly surpassed by 90 sales, for a 1.6 month ratio.Apartment supply is somewhat less dire, but“Four to six months is balanced where neither buyer nor seller has the advantage,” Fisher said.Article content
Meanwhile, although not surprising as the market approached the end of the year, November inventory fell to the lowest level in over a decade.Article content
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