The number of Canadians obtaining mortgage quotes tumbled in July as the effects of rising interest rates continued to be felt.from RATESDOTCA, the number of national mortgage quotes fell 11% from June to July — an indicator that Canadians may be holding off on obtaining or refinancing a mortgage until interest rates begin to stabilize.the Bank of Canada implemented to its overnight lending rate in July.
The decline in mortgage quotes varied by province. Alberta saw a staggering 27% drop, meanwhile the number of quotes in Ontario fell by the average 11%. With home prices falling in markets all across Canada, it’s possible that some mortgage shoppers are waiting for prices to drop even further, the report says.
Although Ontario’s down payments saw a more mild 1% decrease, Canada’s other pricey province, British Columbia, saw down payments tumble 13% to a new average of $214,263. Both provinces, however, remained below the average, something that’s likely attributable to the fact that homes worth more than $1M dominate these markets, thereby requiring larger down payments.
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