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.
New Mortgage Rules, Housing Affordability, and Market Trends in Episode 99
In this episode, we delve into Canada's new mortgage rules with insights from JP Boutros, exploring homeownership benefits and recent changes in mortgage caps. We address financial challenges for single Canadians and evaluate government measures on housing affordability. The impact of new construction and commercial real estate on Ontario's market is analyzed, along with high interest rates on housing starts. We discuss the stagnation in rental housing supply, the private sector's role, and CMHC recommendations. The episode concludes with trends and predictions in mortgage rates and their economic impacts, plus a preview of the next episode.
Key Points
- The Canadian federal government's new mortgage rules, including expanded access to 30-year amortizations and the removal of stress testing for uninsured mortgage holders switching lenders, aim to ease affordability challenges but are not seen as a complete game-changer for all buyers.
- High interest rates have significantly impacted new housing starts in Canada, leading to a reduction of approximately 30,000 units in 2023 and highlighting the challenges faced by the market due to increased borrowing costs and decreased demand for homeownership.
- Despite the potential for the Bank of Canada to lower its policy interest rate, which could stimulate new housing supply, the private sector remains crucial for meeting long-term housing demand and improving affordability in Canada.
Chapters
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| 0:24 | |
| 1:15 | |
| 2:28 | |
| 3:17 | |
| 4:25 | |
| 5:15 | |
| 6:10 | |
| 7:28 | |
| 8:31 | |
| 10:14 |
Transcript
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