In October, Canadian properties of all types faced a steep drop-off in interest for mortgage quotes, according to data released from Ratesdotca’s mortgage quoter.
The data, which follows the sixth overnight rate hike of the year, comes as interest in shorter-term fixed-rate mortgages has increased. This may indicate that homeowners and investors are hunkering down to see how market conditions weather the last potential rate hike of the year on Dec. 7.
“Locking into a one-or two-year fixed-rate mortgage with the intention of riding out the current volatility in the mortgage market is a strategy that might work for some and not for others,” said Victor Tran, a RATESDOTCA mortgage and real estate expert, in a news release sent to CTVNews.ca.
“For those who are maxed out on their home expenses and can’t handle another increase, locking into a longer-term fixed rate might be a better option,” Tran says. “Additionally, short-term fixed rates are slightly higher than five-year fixed rates at the moment, so consumers would be paying more to be on this strategy.”
According to Ratesdotca, mortgage quotes for primary properties fell by 59 per cent and vacation properties plummeted by 64 per cent month-over-month in October.
After peaking for the year in September, mortgage quotes for investment properties dropped 60 per cent month-over-month in October. Additionally, new purchase mortgage quotes dropped the same percentage (60) in October, and quotes for renewals and refinancing dropped 51 per cent month-over-month.
Ratesdotca also said that the preference gap between fixed and variable-rate mortgages is narrowing, “with only a 56-point difference between the number of quotes for both product types in October.”
Three bodies recovered in an area of Baja California are likely to be those of the two Australians and an American who went missing last weekend during a camping and surfing trip, the state prosecutor’s office said Saturday.
A lockout notice issued by WestJet to a union representing aircraft maintenance engineers could result in a work stoppage next week.
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
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Quebec provincial police handed out hundreds of fines to Hells Angels members and other supporting motorcycle clubs who met for their 'first run' in a small town near Sherbrooke, Que.
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Russia has put Ukrainian President Volodymyr Zelenskyy on its wanted list, Russian state media reported Saturday, citing the interior ministry’s database.
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Almost a week after all London Drugs stores across Western Canada abruptly closed amid a cyberattack, they began a "gradual reopening" on Saturday.
Ottawa Fire Services say crews battled a fire that broke out in the bedroom of an Overbook highrise on Friday evening - less than 48 hours after a fire in the same building displaced hundreds of residents and sent three people to hospital in critical condition on Thursday.
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A Montreal man is warning Tesla drivers about using the Smart Summon feature after his vehicle hit another in a parking lot.
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RCMP closed a stretch of Highway 21 near New Sarepta on Saturday afternoon.
A man is dead after an assault Friday morning near Alberta Avenue.
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Nova Scotia's NDP leader announced a program aimed at easing the cost of housing during a rousing campaign-style speech before the party's annual convention in Halifax today.
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A plane bound for Juno Beach in France took off from the Prairies on Friday with a piece of military history.
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Threads of Life held its 16th annual Steps for Life fundraiser walk for the London, Ont. region at Springbank Park.
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