Mortgages rates and sizes have been trending downwards in the last quarter of 2023. Interest in mortgage renewals continued growing but peaked when the BOC (Bank of Canada) announcement stabilized their interest rate increases.

Indeed, according to the data collected of all mortgages issued in the third quarter, as of September 4th,2023, mortgage renewals peaked at 52% of all housing loans, while purchases were at a low of 30%.  By the end of the third quarter 2023, those numbers shifted, with purchase mortgages soaring to over 58% and renewals flagging slightly to 33%.

The average mortgage size has also seen a slight downtick by 0.7% since the 2nd quarter of 2023.  Fixed Rate mortgages were the most popular mortgage products choice with over 94% of homeowners choosing this option when financing 65% or more of their home.  This includes those purchasing, renewing, or refinancing in that range.

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