One in 10 were having difficulty paying their mortgage today – up by 33% from the same time in 2022 – and 23% said their payments increasing, even by under 10%, would lead to further issues in meeting their mortgage requirements.

The broker share in Canada’s mortgage market jumped to 34%, an increase of five points from 2022, and hit the 45% mark among those who purchased in the last two years.

Clarke said he had noted growing dissatisfaction with bank options among mortgage borrowers. “The trust that clients have in their banks, it seems like it’s pretty gone,” he said.

 Unsurprisingly, growing affordability challenges mean plenty of clients are choosing to refinance rather than switch, getting other debt requirements in order as they wait for the market to turn.

Priorities for borrowers have changed recently, Clarke said, from mapping out a 10-year plan to putting together a strategy for the next three years. “Life here got really expensive very quickly,” he said. “I [say], ‘What do you think your house needs? What do you think your car needs?’ And we’re just trying to make a plan and see if they have the ability to even go through that.

Houses for Sale Ottawa under $400 000

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