Canadian real estate prices vs income have hit an all time high difference.
See more: https://twitter.com/unusual_whales/status/1667955102743957505
Meanwhile, the Bank of Canada shared its findings regarding the financial situation of the country in its Financial System Review - 2023 report. The bank detailed what fixed-rate and variable-rate mortgages were experiencing.
Canadian real estate prices vs income have hit an all time high difference
6/11/2023
It was reported that for variable payments, these buyers already experienced close to a 50% increase, with most of this happening during 2022. For fixed payments, buyers were said to need to increase payments by around 40% to keep their original amortization schedule.
For fixed payments, this came with the assumption that there would be a renewal in 2025 or 2026. This came as the bank was trying to determine how mortgage payments were affected by higher interest rates.
In order for the Bank of Canada to conduct the study, they had to use data from institutions that were federally regulated and anonymize the loan-level data. The simulation found that mortgages have either already or are still expected to register higher payments compared to the numbers during February 2022.
Read more: https://unusualwhales.com/news/canadas-mortgage-payments-could-spike-up-to-40
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