The landscape of Canadian homeownership is evolving, and with it comes the Canadian Mortgage Charter, a bold initiative by the government to reshape how Canadians qualify for mortgages and access lower rates. This charter aims to bridge the gap between rental payment history and mortgage eligibility, while also providing relief for insured mortgage holders looking to switch lenders.

In its recent announcement, the Bank of Canada has opted to maintain its target for the overnight rate at 5%, keeping the Bank Rate at 5¼% and the deposit rate at 5%. The central bank is steadfast in its commitment to the policy of quantitative tightening.

Welcome to the new year of 2024, where the landscape of mortgage rates continues its unpredictable journey, akin to a roller coaster ride through economic twists and turns. Attempting to predict mortgage rates has become a strategic challenge, and even seasoned economists find themselves navigating uncertain waters. However, if trends continue as anticipated, 2024 may witness a promising descent in mortgage rates, a potential reason for celebration.