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  • Writer's pictureRIHANA PEIMAN

Canadian Mortgage Highlights in 2023



  • A decline in home sales leading to a deceleration in new mortgage activity in the first half of 2023;

  • Moving away from shorter mortgage terms;

  • 3-to-5-year terms the most preferred choice;

  • The extension of amortizations beyond 25 years for most newly issued mortgages;

  • A shift towards longer repayment periods;

  • Outstanding mortgage debt continued to rise, particularly for uninsured mortgages;

  • The target rate was held at 5% for the remainder of the year.

  • The Bank of Canada is determined to cool the economy and reduce inflation closer to the 2% range.


Reference:

  • CMHC (2023): Insights from CMHC's Fall 2023 Residential Mortgage Industry Report

  • Altrua Financial

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