The March numbers are in for real estate performance in Toronto and Vancouver – and they show home shoppers remain frozen on their buying decisions. The real estate boards of both cities have reported a steep downturn in home sales over last month, compared with last year’s activity.
After a year of trending low mortgage rates, a feeling of uncertainty hangs over the Canadian housing market. With the typically hot spring selling season around the corner, new home buyers can’t help but wonder if rates will be pushed even lower – and headlines muse over the direction markets will take next.
March may signal rising temperatures, but the same cannot be said for fixed and variable mortgage rates as Canadian economic factors show only sluggish improvement.
Recent fluctuations in variable and fixed mortgage rates have left Canadian consumers confused about future mortgage trends. The good news is that February should be less volatile, with RateSupermarket.ca’s Mortgage Rate Outlook Panel anticipating both fixed and variable mortgage rates will remain level during the month.
Despite downward pressure, RateSupermarket.ca’s panel of experts predict flat mortgage rates in October