During the month of October, the Bank of Canada (BoC) announced its decision to end oneend one of its COVID-19 emergency stimulus measures, which may prompt a rise in mortgage rates. A recent national survey released also confirmed that over half of first-time home buyers require assistance from family to make a home purchase. Check out these articles to read the latest in mortgage news over this past month.
Our CEO and Co-Founder Jesse Abrams discusses the importance of looking at all of the costs that come with buying a home and understanding the financial commitment involved after making the initial purchase.
As of October 26, 2020, the BoC is ending one of its pandemic stimulus measures to support the economy. The BoC will no longer be purchasing Canada mortgage bonds, which means that record-low mortgage rates may be ending, too.
According to the Canadian Real Estate Association, data shows record home sales for the month of September, with a total of 56,422 homes sold nationwide – a 0.9% increase from August.
According to a recent national survey, new home buyers in Canada, more specifically millennials, rely on help from family to buy their first home. As of September 2020, the average home price in Canada is 604,000 (CREA), with first-timers seeking up to $44,500 in assistance.