Lender Calls – Q3 Roundup + MORE Dec 21st

Canada’s biggest non-bank lenders have all reported third-quarter earnings. In their earnings calls they outlined how they’re coping with Ottawa’s recent changes to the mortgage qualification and insurance rules. Per usual, we’ve combed through their transcripts in order to see what they’re telling investors. Here’s a rundown of it all, with highlights in blue. Street Capital Notables from its call (source): Street sold a record $2.85 billion in mortgages in Q3 2016 compared to $2.28 billion in the same period last year. Gains as a percentage of mortgages sold were 184 bps in the quarter, above its traditional range of 178 to 182 bps. “We expect READ MORE

Toronto StarHome ownership costs remain sky high in Vancouver: RBC reportCityNewsTORONTO – The latest report on housing trends and affordability from RBC Economics Research says owning a home in Canada is less affordable now than at any time in nearly eight years. The report shows that a dip in home resale activity could not stop …Vancouver home affordability hits record low but may be at a turning point: RBCBusiness in VancouverTransportation costs add second mortgage to Metro Vancouvers suburban housingMetroNews CanadaFleeing Million Dollar Vancouver? Your Suburban Life May Cost Just as MuchTheTyee.caGlobalnews.caall 50 news articles »

By Lydia McNutt

Skyrocketing home prices dominated the headlines in 2016, and it’s no surprise that housing unaffordability remains the news of the day as we wrap up the year. Affordability has hit an eight-year low in the third quarter of 2016, according to the latest Housing Trends and Affordability Report issued today by RBC Economics Research.

Despite the new mortgage qualification rules and policy changes in B.C., which had an overall cooling effect on Canada’s housing markets, RBC reports that housing affordability has continued to deteriorate.

RBC’s housing affordability measure rose for the sixth consecutive quarter nation-wide — up 1.3 percentage points to 44.3 per cent. The higher the measure, the worse the affordability. Leading the pack once again, single-detached homes rose by 1.3 percentage points to 49.4 per cent, followed by condos, up 0.8 percentage points to 35.6 per cent.

Vancouver still takes top spot on the unaffordability scale (up 2.2 percentage points to 92 per cent) but for the first time in two years it has been surpassed by the Greater Toronto Area, where affordability deteriorated by 3…

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They say we don’t read emails or articles anymore.. we just skim through them.   But some things can’t be understood with a quick glance.  The new mortgage rules will impact EVERYONE! If you want to understand how they impact you, continue reading… If you don’t care or want to be oblivious, take the blue […]