An update provided on CMHC’s website confirms that the incentive is being “discontinued,” and notes that the deadline for new or updated submissions is March 21, 2024.
Mar 01, 2024
"The Bank of Canada’s job is getting inflation under control. When there’s a setback like this, that should realistically postpone any possibility of a rate cut."
Real Estate News
Forecasters say that 2024 will bring long-awaited interest rate cuts, some semblance of mortgage relief, and perhaps a more eventful spring housing market.
While some borrowers will look to extend the amortizations of their mortgages, others will opt to make lump-sum payments — however, both options “come with their own costs,” an expert says.
“Home prices have indeed decreased by a large enough margin to ease [mortgage] qualification for many buyers in October, with affordability improving in eight of the 10 markets studied.”
The worst effects of interest rate hikes may be yet to come for millions of Canadian mortgage holders who face renewal in the next two years, with the potential of 30% to 40% increases in their average monthly payments.
“While non-bank lenders stepped in to help these borrowers earlier this year, they may be less inclined to do so now that falling house prices are further eroding borrowers’ equity and the economy has entered recession.”