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March 2024: First-Time Home Buyer Incentive Discontinued, Down Payment Hurdles, and BOC Mortgage Rate Announcement Predictions

March 1, 2024 | Posted by: Matt Broom-Hall

Alberta Mortgage Market Insights 
March 1, 2024

This week, Alberta's real estate sector faces pivotal changes and anticipations, from policy shifts to economic indicators affecting mortgage rates and market dynamics. Here's the latest roundup of essential insights:

CMHC Ends First-Time Home Buyer Incentive

CMHC Ends First-Time Home Buyer Incentive

The Canadian Mortgage and Housing Corporation (CMHC) has announced the discontinuation of the First-Time Home Buyer Incentive, effective March 21, 2024. This program, which offered 5% to 10% for new or resale home purchases to reduce monthly mortgage payments, will no longer accept new or resubmitted applications after this date. This policy shift marks a significant change for first-time buyers, underscoring the need for alternative strategies in homeownership. READ MORE

Down Payments Over Interest Rates

Down Payments Over Interest Rates

A recent analysis highlights that for many Canadians, the challenge isn't just the interest rates but accumulating sufficient down payments. With home prices unlikely to decrease despite potential shifts in interest rates, prospective buyers must navigate the complexities of saving for substantial down payments across different provinces. READ MORE

Next Week: Bank of Canada's March Interest Rate Decision

Anticipation builds around the Bank of Canada's upcoming interest rate decision on March 6, 2024. While no changes are expected immediately, economic forecasts suggest potential rate cuts by summer, contingent on inflation trends and economic performance. This decision will be crucial for mortgage rate directions and market sentiment.  READ MORE

Mortgage Renewals Amid High Interest Rates

Mortgage Renewals Amid High Interest Rates

For Canadians facing mortgage renewals, navigating the landscape of elevated interest rates presents a formidable challenge. Strategies such as shopping for better rates, debt consolidation, and increasing down payments are advisable to mitigate the impact of renewals at higher rates. READ MORE

Market Predictions Post-Rate Decision

Market Predictions Post-Rate Decision

As the Bank of Canada's rate decision looms, mortgage markets are poised for a 'whole bunch of nothing,' with expectations set for a steady course in the short term. However, financial markets anticipate a series of rate cuts within the year, offering a glimmer of hope for those grappling with high mortgage payments. READ MORE

Looking Ahead:

With the First-Time Home Buyer Incentive coming to an end and the Bank of Canada's critical interest rate decision, Alberta's real estate market is at a crossroads. Prospective buyers and current homeowners must stay informed and prepared for various outcomes. Whether it's strategizing down payments, renewing mortgages, or anticipating rate adjustments, understanding these dynamics is key to navigating Alberta's ever-evolving housing market.

Stay informed and ahead of the curve with Alberta Mortgage Market Insights, your go-to source for the latest in mortgage and real estate news across Alberta and Canada.


As a top-rated mortgage broker in Alberta, I prioritize staying ahead of market trends and fluctuations. This dedication means my clients benefit from expert insights and strategies tailored to navigate the ever-changing real estate landscape effectively. My proactive approach ensures you're always positioned to make informed decisions, whether it's locking in favourable mortgage rates or optimizing your mortgage strategy, ultimately providing you with peace of mind and a competitive edge.

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