OTTAWA, ON, Nov. 30, 2022 /CNW/ – Canada Mortgage and Housing Corporation just released its Fall 2022 edition of the Residential Mortgage Industry Report. This latest report provides insights into the evolving mortgage industry landscape and mortgage market trends using the most recent available data (as of Q2 and Q3 2022).
In today’s Residential Mortgage Industry Report we find the following:
Mortgage market trends
- Mortgage growth slowed down as interest rates hiked in the second quarter of 2022.
- Since June, mortgage consumers are increasingly turning back to fixed rates as interest rates rapidly increase and the discount on variable interest rates vanishes.
- Declining ratios of mortgage loan approvals to applications in the first two quarters of 2022 show it is increasingly difficult for potential borrowers to get qualified for loans subject to the stress test.
- At the end of the…