What a year it’s been!! Here is my 2022 Round Up of the 5 Top Mortgage Stories as I see it and what could be in store for 2023.
1) BOC raises rates 400 basis points, the steepest rise in one year since 1936
2) Variable Rate Mortgage Pain, Trigger Rates and Higher Payments
3) Inflation and higher cost of living
4) Good bye low rates! We won’t see those low rates again
5) Real estate in Metro Vancouver fizzles out with high mortgage rates and unaffordable payments.
What can we expect for 2023??
– Bank of Canada PAUSE with rate hikes? Maybe…but we just don’t know.
– Most likely going into a recession with rate cuts by 2024 expected.
BUT…there’s some light at the end of the tunnel and this will not last forever. FIXED rates are on the way down as I write this and on another positive note, long term prospects for home prices look good due to immigration, strength of mortgage industry and inflation appearing to have peaked so mortgage rates shouldn’t undermine house prices in the long run.
For more information, watch the video below: