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Mortgage News - Last updated - May 24 2023
4. Homebuying activity seems to be gradually rising, though not at the explosive rate observed at the onset of the COVID-19 pandemic【11†source】.
5. In terms of mortgages, the Bank of Canada warns that Canadian mortgage borrowers could see their payments rise by 20%【13†source】.
6. The GTA new home market is starting to return to more traditional levels, with 2,391 new home sales in April, which was down 35 per cent from April 2022 and 30 per cent below the 10-year average【17†source】.
a 20-year high in late 2022, but have fluctuated in the 6% range throughout March and April. If inflation continues to decrease, mortgage rates might decrease slightly in 2023, though not to the extremely low levels seen in 2020 and 2021【26†source】【29†source】.