New data reveals a shift in GTA homeowner behavior as interest rate fluctuations and renewal pressures intensify. According to Rates.ca, purchase quotes have decreased significantly, while renewal quotes have surged. Investment property interest is at a low, with many focusing on securing stable, longer-term mortgages. Variable-rate mortgages saw a temporary increase in popularity due to the Bank of Canada’s easing cycle, but fixed rates remain the favored choice for risk-averse borrowers anticipating future rate hikes. This trend reflects uncertainty in the market and a desire for financial security amidst fluctuating economic conditions. For a deeper dive into the numbers and expert analysis, read the full article on mpamag.com.
Read the original story here: https://www.mpamag.com/ca/mortgage-industry/market-updates/canadian-borrowers-turn-defensive-as-variable-rate-interest-and-renewals-surge/560628
