In October, Canadian real estate of all types faced a sharp decline in mortgage interest rates, according to data released by the mortgage rate on Ratedotca.

The data, coming after the sixth overnight interest rate hike this year, shows an increase in interest on short-term fixed-rate mortgages, which may indicate that homeowners and investors are "wandering" to see how market conditions will overcome the last potential interest rate hike of the year on December 7.

Victor Tran, a real estate expert, said in a press release sent to CTVNews.ca: "For those who have reached their maximum home expenses and cannot afford another increase, maintaining a long-term fixed rate might be a better option." "Additionally, short-term fixed rates are currently slightly higher than five-year fixed rates, so consumers will pay more for this strategy."

According to RateSdotca, mortgage rates for primary residences dropped by 59 percent, while rates for vacation properties fell by 64 percent on a monthly basis in October.

Also, after peaking this year in September, mortgage rates for investment properties decreased by 60 percent on a monthly basis in October. Additionally, new mortgage purchase rates dropped by the same percentage (60) in October, and rates for renewals and refinancing decreased by 51 percent monthly.

In the same context, Ratedotca stated that the preference gap between fixed and variable rate mortgages is shrinking, "with only a 56-point difference between the number of quotations for both product types in October."