Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Canadians' Debt Getting Riskier, BoC Warns -- But We're Getting Better At Paying It Off + MORE Jun 8th
The Bank of Canada is yet again raising the alarm about Canadians’ debt levels, but new data from credit ratings agency TransUnion shows Canadians, overall, are getting better at paying off their debts.
The average Canadian now carries $21,696 in non-mortgage debt, a two-per-cent increase from t.... More »
Mortgage growth has slowed… so why are BANKS winning & CONSUMERS losing? + MORE Feb 13th
I reviewed some recent stats that explain how overall mortgage growth has fallen to its lowest level in the past 17 years!
Overall, mortgages outstanding across Canada total more than $1.5 trillion. And, while this total continues to increase year over year, the rate of growth has decreased. We sho.... More »
Latest in mortgage news: Borrowers must adapt to ‘new normal’ of higher rates, says Macklem + MORE Jun 17th
Interest rates may slowly start to be easing around the world, but they won't be returning to pandemic levels and borrowers will need to adjust accordingly..... More »
What to do with a rental property when you owe more than it’s worth + MORE Apr 22nd
Q. I bought a home in Fort McMurray, Alta., for $413,000 in 2007. Five years later, in 2012, I moved out and started renting the property, and it has remained an income property since then.
With the decline in oil prices, the town of Fort McMurray has seen real estate losing value like crazy. After .... More »
Important week for mortgage rates could cost or save you thousands. Oct 31st
Mortgage rates fell by about 1% since January of this year. That rate drop has created a surge in real estate sales across Canada, with September and October seeing a greater than average number of real estate transactions. We also saw consumers taking advantage of these low rates by refinancing .... More »
I have 2.39% for 5 yrs fixed available…but I wont sell it.
– canadamortgagenews.ca
It’s true. I have access to this great rate. It’s around 0.20% lower than the best rate today. And you won’t see me recommending it to my clients. That’s right, I’m recommending they don’t take it. Why? It’s simple. No, I don’t want my clients paying more on their mortgage. I want to see […]
Bank of Canada holds interest rate at 0.5%
– moneysense.ca
The Bank of Canada’s key interest rate will remain at 0.5 per cent, as widely expected.
Even still, economists will be scrutinizing the central bank’s statement for clues about how it views the economy.
The last time the Bank of Canada made a rate announcement it raised its expectations for economic growth in its monetary policy report.
However, the massive forest fire in Alberta that resulted in oilsands production shutdowns earlier this month have cut into expectations for the economy in the second quarter.
The problems are compounded by recent economic data that has suggested the first quarter will end on a weak note.
The Bank of Canada’s target for the overnight rate is a key factor affecting the rates set by Canada’s big banks for variable rate mortgages and lines of credit.
Bank of Montreal senior economist Robert Kavcic wrote in a recent note to clients that the recent run of economic data has been soft, especially the trade figures.
“Look for a relatively straightforward policy statement from the Bank of Canada, with no move on interest rates but a somewhat more cautious tone than in April,” Kavcic said…
Even still, economists will be scrutinizing the central bank’s statement for clues about how it views the economy.
The last time the Bank of Canada made a rate announcement it raised its expectations for economic growth in its monetary policy report.
However, the massive forest fire in Alberta that resulted in oilsands production shutdowns earlier this month have cut into expectations for the economy in the second quarter.
The problems are compounded by recent economic data that has suggested the first quarter will end on a weak note.
The Bank of Canada’s target for the overnight rate is a key factor affecting the rates set by Canada’s big banks for variable rate mortgages and lines of credit.
Bank of Montreal senior economist Robert Kavcic wrote in a recent note to clients that the recent run of economic data has been soft, especially the trade figures.
“Look for a relatively straightforward policy statement from the Bank of Canada, with no move on interest rates but a somewhat more cautious tone than in April,” Kavcic said…
Top Performers: Collin Bruce
– canadianmortgagetrends.com
By Vanessa Chris, Special to CMT Collin Bruce attributes his success in the mortgage brokering industry to one simple element: necessity. When he first started out—following a career in commercial lending, two failed Subway franchises and a stint in house-flipping—he was up to his eyeballs in debt. He needed to start making money…fast. “I had a salaried job lined up at the bank, but there was something about mortgage brokering that appealed to me, even though it was a commissioned job,” he says. “The main issue stopping me was that I simply didn’t have the money to take the mortgage READ MORE
Business events scheduled for the coming month
– canadianbusiness.com
Business events and economic reports scheduled for the coming month:
All times are Eastern.
WEDNESDAY, June 1
WASHINGTON — Institute for Supply Management releases its manufacturing index for May, 10 a.m. Commerce Department releases construction spending for April, 10 a.m.; Federal Reserve releases Beige Book, 2 p.m.
DETROIT — Automakers release vehicle sales for May.
THURSDAY, June 2
WASHINGTON — Labor Department releases weekly jobless claims, 8:30 a.m.; Freddie Mac releases weekly mortgage rates, 10 a.m.
VIENNA — The European Central Bank’s governing council meets to set monetary policy for the 19-country eurozone.
FRIDAY, June 3
WASHINGTON — Labor Department releases employment data for May, 8:30 a.m.; Commerce Department releases international trade data for April, 8:30 a.m.; Institute for Supply Management releases its service sector index for May, 10 a.m.; Commerce Department releases factory orders for April, 10 a.m.
MONDAY, June 6
BERLIN — Germany releases factory orders data for April, a key indicator for Europe’s biggest economy…
All times are Eastern.
WEDNESDAY, June 1
WASHINGTON — Institute for Supply Management releases its manufacturing index for May, 10 a.m. Commerce Department releases construction spending for April, 10 a.m.; Federal Reserve releases Beige Book, 2 p.m.
DETROIT — Automakers release vehicle sales for May.
THURSDAY, June 2
WASHINGTON — Labor Department releases weekly jobless claims, 8:30 a.m.; Freddie Mac releases weekly mortgage rates, 10 a.m.
VIENNA — The European Central Bank’s governing council meets to set monetary policy for the 19-country eurozone.
FRIDAY, June 3
WASHINGTON — Labor Department releases employment data for May, 8:30 a.m.; Commerce Department releases international trade data for April, 8:30 a.m.; Institute for Supply Management releases its service sector index for May, 10 a.m.; Commerce Department releases factory orders for April, 10 a.m.
MONDAY, June 6
BERLIN — Germany releases factory orders data for April, a key indicator for Europe’s biggest economy…
Q1 Broker Lender Roundup
– canadianmortgagetrends.com
Canada’s largest public non-bank lenders have wrapped up their first quarters. Among other trends, two big themes this quarter were the tightening of mortgage spreads and a refocus on improving customer retention. To get colour on those and more, we combed through the transcripts of three non-bank giants, First National, Home Capital and Street Capital. Here are the highlights… Street Capital Notables from its call (Source): Street now has over $25 billion in mortgages under administration. $1.52 billion worth of mortgages was sold during the quarter compared to $1.62 billion the year before. CEO Ed Gettings said that Street’s first objective is to advance READ MORE
