If all things remain equal (Ceteris Paribus), interest rates are expected to decline through 2024/25. The extent of this decline is the trillion-dollar question.
Meanwhile, 60% of property owners will be refinancing their mortgages. The newly posted rates are anticipated to increase a family’s monthly mortgage payments by at least 40%. Additionally, 20% of these new mortgages will require independent secondary financing.
Parents who have supported their children’s journey into homeownership should pay close attention to the new esoteric mortgage requirements of Canada’s primary lenders—specifically, co-signing.
For a fresh financial perspective, HCR & AA’s seasoned professionals can provide insightful advice. Feel free to contact any of our three offices at your convenience for a confidential conversation.