HomeMortgageMortgage demand slows and refinancings dry up

Mortgage demand slows and refinancings dry up

‘The only people refinancing today are the people who really need to’

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Canada’s housing market has been on a roll for years, but the Bank of Canada’s aggressive path of interest rate hikes and the possibility of a recession are ushering in a new economic reality that is beginning to weigh on mortgage demand, industry watchers say.

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David Larock, a mortgage broker and president of Toronto-based Integrated Mortgage Planners Inc., said he is definitely seeing a drop-off in business in light of the new conditions,…

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