Canadian mortgage rates are expected to decline as inflation cools, with the latest figures showing a drop to 2.5%. However, high shelter costs continue to pressure inflation, complicating the Bank of Canada's interest rate decisions. The US Federal Reserve's anticipated rate cuts may influence Canadian rates, as they are closely linked. Despite a decrease in home sales, average mortgage amounts are rising, particularly affecting first-time buyers. Economic uncertainties and high credit card debt are prompting many to consider refinancing as the housing market faces potential corrections.
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