Hey everyone! 📉 Here’s a quick snapshot of today’s mortgage market in Ontario and what it means for homebuyers and homeowners:

Current Interest Rates: The Bank of Canada (BoC) policy rate is at 4.75%, and we’re seeing mortgage rates between 4.8% and over 7.5%. Fixed rates are expected to decline gradually, influenced by a cooling Canadian economy and lower bond yields​(
WOWA
,
True North Mortgage
).

Rate Cuts Expected: BoC is likely to cut rates gradually through the rest of 2024, with a target rate of 4.25% by year-end. Economists expect rates to continue dropping into 2025, which could provide some relief for those renewing mortgages or entering the market​(
WOWA
).

Market Conditions: The housing market has remained relatively stable despite rate cuts, but with over 2 million mortgages set to renew at higher rates in 2024 and 2025, financial stress on households is a key concern. This could impact home prices and demand moving forward​(
True North Mortgage
).

Looking Ahead: The BoC will continue to monitor inflation closely. While the expectation is for rates to continue dropping, external factors like global conflicts, high oil prices, and supply chain disruptions could play a role in future rate decisions.

🏠 What This Means for You: If you’re considering buying or renewing, locking in a rate now might be wise. Get in touch if you have questions or need guidance on the best mortgage strategy during these changing times!

📞 DM me or book a call to discuss your options. Let’s navigate these rates together!

Published by: Gurmaan mortgages
437-484-3273
g.gurjantsingh@dominionlending.ca