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Different times call for different mortgage solutions

Rising rates and their effect on the economy, the housing market, and Canadian household finances, continue to be hot topics in Canada. Mortgage Alliance professionals are playing a key role answering questions and providing expertise and solutions for a wide range of customer unique situations, challenges, and opportunities.

National home sales are down and average home prices declined for the fifth consecutive month according to the latest stats. Canada’s annual inflation rate is finally starting to show signs of deceleration, with July inflation at 7.6% down from 8.1% in June. While the decrease is good news, inflation is still high and the Bank of Canada is expected to announce another rate hike at their upcoming announcement on September 7th.  

National Bank of Canada (NBC) is however calling for a soft landing for the Canadian economy. NBC’s President and CEO Laurent Ferreira stated that “inflation should continue to deaccelerate and interest rates should normalize this fall to just over 3%.” Laurent added that there are several factors that continue to support the Canadian housing market, including strong immigration and low unemployment. 

If you have a variable rate mortgage and are worried about monthly payment increases, or if you are wondering whether it is a good time to get into the market or invest in real estate now that home prices are lower with no bidding wars, or if you’ve incurred some high-interest debt with the increase in the cost of living, now is the time to leverage the services and expertise of a Mortgage Alliance professional! Remember their services are at no cost to you*(OAC). Click here to find a broker in your area.