{"id":26066,"date":"2025-07-04T11:11:55","date_gmt":"2025-07-04T18:11:55","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=26066"},"modified":"2025-06-25T11:42:00","modified_gmt":"2025-06-25T18:42:00","slug":"renewing-mortgages-at-higher-rates-low-affordability-weight-on-canadian-housing-market-prospects","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2025\/07\/renewing-mortgages-at-higher-rates-low-affordability-weight-on-canadian-housing-market-prospects\/","title":{"rendered":"Renewing Mortgages at Higher Rates &#038; Low Affordability Weight on Canadian Housing Market Prospects"},"content":{"rendered":"<p style=\"text-align: justify;\">Fitch Ratings has sharply downgraded its outlook for Canada\u2019s housing market, citing a weakening economic environment and expectations for a softer job market.<\/p>\n<p style=\"text-align: justify;\">In its mid-year global housing market update, the ratings agency cut its Canadian home price growth forecast to just 0% to 3% for 2025, a significant drop from the previously projected 7% to 10%.<\/p>\n<p style=\"text-align: justify;\">\u201cRising unemployment and prospective buyer caution compound the effect of low affordability on demand,\u201d Fitch said in its latest report.<\/p>\n<p style=\"text-align: justify;\">The agency\u2019s revised outlook comes as approximately 60% of Canadian mortgages set to renew this year will do so at higher interest rates, further intensifying affordability concerns among homeowners and prospective buyers.<\/p>\n<p style=\"text-align: justify;\">Despite a more pessimistic view on home prices, Fitch does not expect a spike in mortgage delinquencies.<\/p>\n<p style=\"text-align: justify;\">\u201cDelinquencies should remain stable, supported by wage growth and borrower home equity,\u201d the agency noted. This resilience is attributed to continued wage increases and the strong equity position of many Canadian mortgage holders.<\/p>\n<p style=\"text-align: justify;\">Canada\u2019s downgrade was the most severe among the countries reviewed in Fitch\u2019s assessment. The agency also revised its home price forecasts downward for the US, Mexico, and the Netherlands, reflecting broader global economic headwinds. However, Fitch maintains that the global housing market will see \u201cbroad home price growth and low arrears for the second half of 2025.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cHousing supply constraints are driving price growth, and stable-to-declining mortgage rates are helping sustain demand despite slowing global economic growth,\u201d Fitch said.<\/p>\n<p style=\"text-align: justify;\">Still, the agency warned that \u201cdownside risks persist\u201d as higher tariffs and trade disruptions weigh on the global outlook.<\/p>\n<p style=\"text-align: justify;\">\u201cConcerns about deteriorating macroeconomic conditions may keep potential homebuyers on the sidelines. This hesitation could weigh on home prices,\u201d Fitch said.<\/p>\n<p><a href=\"https:\/\/www.mpamag.com\/ca\/mortgage-industry\/market-updates\/fitch-slashes-canadas-home-price-forecast-amid-economic-strain\/540423\" target=\"_blank\" rel=\"noopener\">Fitch Slashes Canada&#8217;s Home Price Forecast Amid Economic Strain<\/a> by Candyd Mendoza | CMP<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fitch Ratings has sharply downgraded its outlook for Canada\u2019s housing market, citing a weakening economic environment and expectations for a softer job market. In its mid-year global housing market update, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2025\/07\/renewing-mortgages-at-higher-rates-low-affordability-weight-on-canadian-housing-market-prospects\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-26066","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Renewing Mortgages at Higher Rates &amp; Low Affordability Weight on Canadian Housing Market Prospects &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2025\/07\/renewing-mortgages-at-higher-rates-low-affordability-weight-on-canadian-housing-market-prospects\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Renewing Mortgages at Higher Rates &amp; Low Affordability Weight on Canadian Housing Market Prospects &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Fitch Ratings has sharply downgraded its outlook for Canada\u2019s housing market, citing a weakening economic environment and expectations for a softer job market. 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