“On average, if a client’s mortgage was above three per cent, then it made sense to pay the penalty to break the mortgage and refinance. We’ve been seeing that category of clients look to take advantage of lower rates.”Article content continued
But rates decreased again in June, and Ratehub.ca data showed renewal and refinance inquiries rising by 18 and 35 per cent, respectively.Tyler Anderson/National Post Jason Davenport, a mortgage broker at a Meridian Credit Union branch in downtown Toronto, said refinances have increased, but the number of people taking out new mortgages has dropped during the past few months.
“Because rates are low, they want to tap the equity they have built up on a home and use it for renovations,” he said. The most recent data from the Office of the Superintendent of Financial Institutions show that residential mortgage credit as of May 2020 had grown by six per cent, year over year, but growth had already begun to pick up in the last three months of 2019.
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