Taking Cues from the US
In the US, between 2020 and 2022, homeowners locked in remarkably low sweetheart 30-year mortgage rates ranging from 3% to 4%. With current rates hovering around 7.5%, refinancing has become prohibitively expensive. This has led homeowners to stay put in their existing residences, investing in doing up their homes instead. First-time buyers are also grappling with the challenge of entering the property market. The property market is experiencing a resultant significant decline in secondary home sales.
