The average Canadian home is approximately 70% paid off. While this is great news for current homeowners, there are still plenty of people out there who would love to buy their own home one day. One source to always pay attention to is the CMHC, or Canadian Mortgage and Housing Corp. Whether you’re a homeowner that may be thinking about refinance mortgage rates, or you want to own a home in the future, there are a few mortgage rate trends for 2014 that you’ll want to be aware of.
Taking in a few helpful tidbits now and preparing yourself, you could have a much easier time navigating learning how to refinance mortgage rates, no matter where in Canada you may live or what kind of home you may own.
- The CMHC Fears a Condo Bubble Bursting
The Canadian Mortgage and Housing Corp is afraid of having the housing bubble burst in 2014. While condominium housing construction has surged over the past few years, population growth has kept the oversupply largely in check. The market on condos has largely cooled off, and is now becoming a weak spot in the Canadian economy. Experts are predicting that 2014 could either find the Canadian housing market faced with dropping condo prices, or a stagnated “soft landing” scenario.
- The CMHC Has Cut the Number of Housing Starts for 2014
If you’re ready to start your search for the best mortgage rates Canada has to offer, you’ll also want to be aware of how the CMHC has cut its estimated number of new homes for next year. While 2012 showed an initial estimate of 214,827 housing starts, 2014 shows a revised estimate of 184,700. To many, this signals a sharp downturn in the housing marketing. In the future, it could make receiving the lowest mortgage rates possible much more difficult.
Whether you’re a first time homeowner or you’re looking to refinance mortgage rates, you have the right to learn as much as you can about the subject. The more prepared you are, the better off you and your family will be when it comes time to decide on a plan of action. Not having access to all pertinent information could lead you towards a decision that could leave you in a home you’re not satisfied with, which is something no family should have to deal with.