Loan to value is a % based on the mortgage loan amount you require compared to the value of the home you are considering purchasing. This number is not fixed! Keep in mind the fact that as you pay down your mortgage monthly, the LTV will decrease. Additionally, as your property rises in value, the LTV decreases.

Canada’s market is strong! Canadian buyers are more qualified than a decade ago as a result of qualifying processes. There is a significant reduction in the number of buyers with credit scores under 660 in the past 10 years. Mortgage delinquency rates have also fallen in most markets across Canada, particularly in Ontario, where the delinquency rate is below 0.08.

The prediction for 2023: population growth is expected to continue in the years ahead, given the federal government’s commitment to increase immigration levels. The interest rates will remain relatively high in the foreseeable future.

The takeaway is that once the BOC has signaled that it is done with quantitative tightening, the market is expected to return to normal levels of homebuying activity overall.

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Canada Housing Market Risk Low, Despite Short-Term Contraction (remax.ca)