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80,000 variable-rate mortgages will reach their trigger point by year-end: RBC + MORE Aug 27th
Canada's largest bank said about 80,000 of its variable-rate mortgage clients will reach their trigger point with the next "couple of" Bank of Canada rate hikes..... More »
The best five-year fixed mortgage rates in Canada 2022 + MORE Dec 10th
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CMHC’s Siddall Warns Homeownership “Party” Coming to an End + MORE May 12th
The head of the Canada Mortgage and Housing Corporation (CMHC) gave a candid assessment of the country’s housing market, saying the “party” of homeownership as a sole savings vehicle will come to an end. Evan Siddall made the comments during an interview with BNN Bloomberg’s Aman.... More »
Mortgage payments are easing overall, but many face renewal stress, TD says + MORE Jul 11th
High-rate renewals are squeezing budgets, but rate cuts and short-term mortgage resets are easing the burden in aggregate, TD Economics says.... More »
Q1 Earnings Mortgage Morsels: TD + MORE Mar 11th
TD Bank kicked off the first quarter with a 13% increase in net income, while the bank's U.S. division saw a 27% leap in earnings growth..... More »
Q4 2017 Bank Earnings – Mortgage Morsels
– canadianmortgagetrends.com
It was a good year for Canada’s Big 6 banks, which earned a combined $42 billion for fiscal year 2017. As with the rest of the mortgage industry, there was a fair amount of attention this quarter given to the incoming B-20 regulations that take effect January 1, 2018. Overall the big banks expect a […]
CREA cuts 2017, 2018 forecast due to incoming tighter mortgage rules
– canadianbusiness.com
TORONTO _ The Canadian Real Estate Association has cut its home sales forecast for next year due to the impact of tighter mortgage regulations that come into effect New Year’s Day, which are expected to rein in spending for some buyers.
CREA said in an updated projection Thursday the banking regulator’s revised mortgage underwriting guidelines, which include a stress test for uninsured mortgages, will reduce sales activity across the country, particularly in and around Toronto and Vancouver.
The association now forecasts a 5.3 per cent drop in national sales to 486,600 units next year. That new estimate shaves about 8,500 sales from its previous 2018 forecast.
The national home price is expected to slip by 1.4 per cent in 2018 to $503,100.
“With some homebuyers likely advancing their purchase decision before the new rules come into effect next year, the ‘pull-forward’ of these sales may come at the expense of sales in the first half of 2018,” CREA said in a statement…
CREA said in an updated projection Thursday the banking regulator’s revised mortgage underwriting guidelines, which include a stress test for uninsured mortgages, will reduce sales activity across the country, particularly in and around Toronto and Vancouver.
The association now forecasts a 5.3 per cent drop in national sales to 486,600 units next year. That new estimate shaves about 8,500 sales from its previous 2018 forecast.
The national home price is expected to slip by 1.4 per cent in 2018 to $503,100.
“With some homebuyers likely advancing their purchase decision before the new rules come into effect next year, the ‘pull-forward’ of these sales may come at the expense of sales in the first half of 2018,” CREA said in a statement…
Debt to household income ratio rises in third quarter, household net worth
– canadianbusiness.com
OTTAWA _ The amount Canadians owe relative to their income hit a new high in the third quarter.
Statistics Canada said Thursday that household credit market debt as a proportion of household disposable income increased to 171.1 per cent, up from 170.1 per cent in the second quarter.
That means there was $1.71 in credit market debt, which includes consumer credit and mortgage and non-mortgage loans, for every dollar of household disposable income.
Benjamin Reitzes, Canadian rates and macro strategist at the Bank of Montreal, said the upward trend in household debt continues unabated.
“And, with homebuyers rushing to get into the market ahead of the new OSFI rule change that takes effect on Jan. 1, 2018, we could see a further increase in Q4,” Reitzes wrote in a report.
“However, that suggests we could see some flattening out of the ratio in 2018 _ though don’t bet on it as housing has been persistently resilient.”
Household debt is often cited as a key risk to the Canadian economy by the Bank of Canada and others…
Statistics Canada said Thursday that household credit market debt as a proportion of household disposable income increased to 171.1 per cent, up from 170.1 per cent in the second quarter.
That means there was $1.71 in credit market debt, which includes consumer credit and mortgage and non-mortgage loans, for every dollar of household disposable income.
Benjamin Reitzes, Canadian rates and macro strategist at the Bank of Montreal, said the upward trend in household debt continues unabated.
“And, with homebuyers rushing to get into the market ahead of the new OSFI rule change that takes effect on Jan. 1, 2018, we could see a further increase in Q4,” Reitzes wrote in a report.
“However, that suggests we could see some flattening out of the ratio in 2018 _ though don’t bet on it as housing has been persistently resilient.”
Household debt is often cited as a key risk to the Canadian economy by the Bank of Canada and others…
Housing market to slow in 2018 but prices to rise
– moneysense.ca
TORONTO — New stricter mortgage rules are expected to slow the housing market next year, but prices are still expected to rise about five per cent, according to a report by Royal LePage.
In its market survey forecast, the real estate firm says its house price composite, which measures prices in 53 Canadian cities, is expected to increase 4.9 per cent next year to $661,919.
A new stress test for homebuyers who don’t need mortgage insurance will be required starting next year.
The new rules are expected to reduce the maximum amount buyers who have a down payment of 20 per cent or more will be able to borrow starting Jan. 1.
The Royal LePage report suggests home prices in the Greater Toronto Area are expected to increase 6.8 per cent in 2018, while the Greater Montreal Area is expected to see an increase of 5.5 per cent.
Greater Vancouver is expected to increase 5.2 per cent in 2018.
The post Housing market to slow in 2018 but prices to rise appeared first on MoneySense.
In its market survey forecast, the real estate firm says its house price composite, which measures prices in 53 Canadian cities, is expected to increase 4.9 per cent next year to $661,919.
A new stress test for homebuyers who don’t need mortgage insurance will be required starting next year.
The new rules are expected to reduce the maximum amount buyers who have a down payment of 20 per cent or more will be able to borrow starting Jan. 1.
The Royal LePage report suggests home prices in the Greater Toronto Area are expected to increase 6.8 per cent in 2018, while the Greater Montreal Area is expected to see an increase of 5.5 per cent.
Greater Vancouver is expected to increase 5.2 per cent in 2018.
The post Housing market to slow in 2018 but prices to rise appeared first on MoneySense.
