a look back of 2020

December 23, 2020

We are getting close to the finishing line for 2020. What an extraordinary year that has been, full of challenges across the globe. Luckily there is light at the end of the tunnel and we can look forward to moving towards a more normal life next year.

On the mortgage front, we have witnessed rates going down to a unprecedent level over the course of the last six months after three aggressive rate cuts by the Bank of Canada. As a result, activity in the real estate market and mortgage lending has been robust after the initial impact of the pandemic. As of today, out lowest 5 year fixed rate is getting close to 1.5%.

On the housing front, Canadian real estate sales had a 32.1% increase on a year over year basis according to Canadian Real Estate Association’s November sales report and the national average price for a home has increased by 13.8% from last November.

As we are looking forward to a fresh start in 2021, we sincerely wish you, your friends and your families a happy holiday season and a safe, healthy and prosperous New Year.


The Smartymortgage Team