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See also: Mortgage Tidbits below.
Fresh numbers suggest that more buyers may finally catch a break:
- National benchmark home prices are 18% off their peak
- Weekly paycheques have climbed 18% in 48 months
- Mortgage insurance rules are their loosest in years, and
- Mortgage rates are flirting with three-year lows.
Mortgage affordability is suddenly on a hot streak, with #GDS# ratios crashing to a 52-month low, according to MLN's calculations.
Indeed, MLN's data suggest the national average GDS ratio now sits at just 35.6% (see chart below). We're talking levels not seen since January 2021.
If you use today's leading contract rates instead of OSFI's #MQR#, GDS is even lower at 30.6%.
Better buying power should add more grease to the wheels, boost transaction flow and deliver welcome tidings for the mortgage sector. But when’ll this party kick off?
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