Fewer Canadians are signing up for new mortgages.
According to insights in Equifax Canada’s quarterly Market Pulse report, new mortgage growth fell 8.1 per cent between Q4-2020 and Q4-2021. The largest drops in new mortgages were detected in some of the country’s most expensive housing markets, according to a press release. In Toronto and Hamilton, for instance, new mortgages were down 16.1 per cent and 18.7 per cent year-over-year in Q4-2021.
“There’s no question that sky-rocketing house prices have decreased housing affordability across all segments,” said Rebecca Oakes, assistant vice-president of advanced analytics at Equifax Canada, in the release.
“In addition to high house prices, lenders have also started to move interest rates up in anticipation of rate rises from the Bank of Canada. This could also be limiting the purchasing capacity of many consumers,” she added.
Read More: https://www.livabl.com/2022/03/new-mortgages-dropped-equifax-canada.html