As we turn the page on yet another tumultuous year headlined by Covid and its emerging variants, we wanted to take a look back at some of the top mortgage-related stories of 2021 and how mortgage rates fared.
Consumers grappled with rising prices in all aspects of the economy, including, of course, in Canadian real estate. As of November, the average price hit a record-high of $720,854, up over 20% from a year earlier. Rising prices led to record growth in mortgage credit over the year as homebuyers were forced to take out ever-growing mortgages.
And while fixed mortgage rates rose in 2021, they still remain low historically. That’s even more true for variable mortgage rates, which became the mortgage product of choice for a growing percentage of borrowers this year. But all eyes are looking ahead to 2022, with speculation abounding as to when and by how much the Bank of Canada will raise lending rates.
Here’s an overview of some of the year’s top stories, rate movements and mortgage-related stock performance.