403 – What's Happening to Mortgages Now That Rates Are Up? with Ron Butler

Real estate prices are down in many parts of Ontario after record increases. Not surprising since the Bank of Canada has indicated it will raise rates again. But what has this done to mortgages? What's happening when people renew? How has mortgage qualification changed? Enter Ron Butler, mortgage broker extraordinaire. On today's podcast, Ron is back to give us an update on what he's seeing on the ground with respect to mortgages. He also shares whether now is even a good time to buy. You won't want to miss this discussion – lots of insight and great advice. Tune in!

Links:

Butler Mortgage website: https://www.butlermortgage.ca/

Ron Butler on Twitter: @ronmortgageguy https://twitter.com/ronmortgageguy

Average Toronto house prices: https://wowa.ca/toronto-housing-market

Butler Mortgage (mortgage rates): https://www.butlermortgage.ca/mortgage-calculator/

Podcast 293 Debt, HELOCs, and The New World of Mortgage Lending with Ron Butler https://www.youtube.com/watch?v=VDSd6z5EJzA

Podcast 334 Mortgages & Home Equity Refinancing: What Are The Risks in 2021? https://www.youtube.com/watch?v=-CSt5J7CIQ0

Podcast 376 Should You Help Your Child Get a Mortgage? with Ron Butler https://www.youtube.com/watch?v=INc3t7ikv-w

Time Stamps:

4:43 When did the real estate market start to soften?

7:49 How are you supposed to afford a house in this market?

9:28 What is going on right now with the market?

13:49 How much more expensive is it to get a mortgage today?

19:20 What happens if you back out of a purchase?

26:03 This is the initial phase of a downturn

28:39 Should you buy now or rent?

32:10 Patience is a virtue – pause before you buy