2022 is coming to an end and we are all looking forward to welcoming the new year. This past year has been a year of uncertainty, higher interest rates and a slowing down of real estate prices and activity to more normal levels.
Interest rate hikes aimed at curbing high inflation have increased the cost of borrowing for many while more of the impact is yet to come as mortgages are renewed at current rates. Despite the affordability challenges caused by high rates, the demand for homeownership remains strong.
To help with affordability and ensure the housing market remains available to Canadians, the Government of Canada has passed a new law, preventing non-Canadians and corporations controlled by non-Canadians from purchasing residential property in Canada for 2 years effective January 1st, 2023.
As always, I’m here to keep you informed and answer any questions you might have. With the beginning of a new year now is a great time to assess your financial situation and review your mortgage to avoid financial stress in 2023. Please feel free to reach out to me for a free consultation.
Wishing you a happy and prosperous new year and look forward to assisting you, your family and your friends in 2023.