Mortgage Rates Canada June 2022 Update Canadian Real Estate LESS Affordable HD

#CanadaMortgageRates #CanadianRealEstate #canadarealestate Canada’s Mortgage Rates shot up last week, with the best mortgage rates approaching 5%. With Canada’s real estate market already down 13% since February and more rate hikes on the way, downward pressure continues on the housing market. In May we saw that mortgage payments on the average price of a home in Canada had actually decreased from the previous month, with the average payment shrinking by almost $160. That trend has reversed, with payments up by close to $150 on the average home in Canada. The affordability of Canadian real estate is going to ebb and flow as housing prices continue to fall and the Bank of Canada continuing to raise interest rates. Mortgage Rates: Best Insured Mortgage Rate, Fully Featured in April 2022: 3.99 on a Five Year Fixed Best Insured Mortgage Rate, Fully Featured in May 2022: 4.19 on a Five Year Fixed Best Insured Mortgage Rate, Fully Featured in June 2022: 4.99 on a Five Year Fixed Best Insurable Mortgage Rate, Fully Featured in April 2022: 4.19 on a Five Year Fixed Best Insurable Mortgage Rate, Fully Featured in May 2022: 4.54 on a Five Year Fixed Best Insurable Mortgage Rate, Fully Featured in June 2022: 5.39 on a Five Year Fixed Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in April 2022: 4.29 on a Five Year Fixed Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in May 2022: 4.74 on a Five Year Fixed Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in June 2022: 5.39 on a Five Year Fixed Links: Brace yourself: Top Bay Streeter sees giant BoC rate hikes ahead: https://www.bnnbloomberg.ca/brace-yourself-top-bay-streeter-sees-giant-boc-rate-hikes-ahead-1.1773651 Fed Hikes 75 Basis Points; Powell Says 75 or 50 Likely in July: https://www.bloomberg.com/news/articles/2022-06-15/fed-hikes-rates-75-basis-points-intensifying-inflation-fight Housing market slowdown continues, with average selling price down 13% since February: https://www.cbc.ca/news/business/crea-housing-may-2022-1.6489200 Home Prices in Canada Fall Again as Mortgage Pain Intensifies: https://ca.finance.yahoo.com/news/home-prices-canada-fall-second-133230631.html Lenders hiking fixed mortgage rates again as bond yields hit a 13-year high: https://www.canadianmortgagetrends.com/2022/06/fixed-mortgage-rates-rising-again-as-bond-yields-hit-a-13-year-high/ Housing is still unaffordable for most despite declining sales as rising inflation takes its toll: https://financialpost.com/real-estate/mortgages/housing-is-still-unaffordable-for-most-despite-declining-sales-as-rising-inflation-takes-its-toll High inflation expectations raise stakes for Bank of Canada ahead of CPI data: https://www.ctvnews.ca/business/high-inflation-expectations-raise-stakes-for-bank-of-canada-ahead-of-cpi-data-1.5953722 US inflation hits 40-year high of 8.6% as food, gas and shelter costs rise: https://www.theguardi