Financial Post ~ September 20th, 2024
They say good news comes in threes. I don’t know if that’s true or if it’s from the same school of science as astrology, but it happened this week with mortgages.
First, Ottawa announced a bombshell loosening of mortgage insurance rules. Second, inflation stunned economists by undershooting the two per cent target. Third, the United States Federal Reserve threw a party for the markets with a jumbo rate cut.
All of the above went down in the short span of 75 hours.
Here’s a quick peek at how this trifecta of bullishness could awaken Canada’s real estate market.
Mortgage insurance easing
Out of nowhere, the government decided that Canada’s default insurance market needed stimulation. Starting December 15, for those seeking insured mortgages, the government will allow:
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