Why Ontario’s market dip may not be the reprieve buyers hoped for
The lowest rates Zlatkin is currently seeing run approximately 4.24% for a three-year fixed and 4.39% for a five-year fixed on uninsured mortgages, with insured equivalents at 4.24% and 4.29% respectively.
Those rates are accessible primarily through lesser-known lenders; the majority of lenders in the market are priced closer to 5%.
“Buyer confidence is shaky right now,” Zlatkin said.
“There’s a lot of uncertainty around the economy, the cost of living and what comes next, and that’s making people more cautious about making a major purchase.”
The timing question no one can answer
The broader context reinforces Zlatkin’s read on the market. Jason Mercer, Chief Information Officer at the Toronto Regional Real Estate Board (TRREB), noted in the board’s August Market Watch that while housing has remained relatively accessible compared to recent years, “the main hold-back for many households has been concerns around trade with the United States and the potential for higher inflation and borrowing costs in the future.”
