Why is there a lack of new home listings in Canada? - canadianmortgagetrends.com/2023/05/why-is… via @https://twitter.com/cdnmortgagenews
Ellen Roseman
@ellenroseman
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High mortgage rates have reduced the number of potential home buyers who qualify for mortgages. But if you’re a homeowner who obtained a fixed-rate mortgage before early 2022, your mortgage payments are much lower than those seeking to get the same mortgage today. (1)
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If you hold a fixed-rate mortgage arranged before early 2022, you’re less likely to sell a home and buy a larger home or downsize, when a new mortgage would come at a much higher rate than what you currently pay. Hence, a lack of new homes listed for sale.