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Latest News
How much income do I need to qualify for a mortgage in Canada? + MORE Aug 20th
The first two rate cuts from the Bank of Canada (BoC) are finally making a mark on housing affordability.
According to the latest monthly affordability report from Ratehub.ca (Ratehub Inc. owns both Ratehub.ca and MoneySense), it became easier to qualify for a mortgage for the average-priced hom.... More »
Mortgage Insurance To Get Costlier As CMHC Hikes Rates + MORE Jan 17th
OTTAWA — Canada Mortgage and Housing Corp. is raising the cost of mortgage loan insurance effective March 17.
The Crown corporation estimates the increases will add about $5 to a monthly mortgage payment for its average homebuyer.
CMHC says the changes reflect new regulatory requirements that ca.... More »
Mortgage Brief…Bank of Canada doesn’t change rate.. + MORE Jul 17th
This week, the Bank of Canada Governor, Stephen Poloz, held rates steady. No increase or decrease. click here for BoC report. The Bank of Canada meets 8 times a year, at preset meeting dates. The Target Rate is used by Canadian Banks to set their Prime rate. This also affects Variable rate mo.... More »
The $90-million lesson: Why relationships, not tech, drive mortgage success + MORE Mar 19th
A lender friend of mine, Shane Lapointe, retired last week and I could not be happier for him. Forty-nine years in the industry, 36 of them in the brokering space. I can only imagine the rule changes and lender switch-ups that he has seen since 1989. .... More »
New Mortgage Prepayment Stats + MORE Jun 21st
Manulife released new data this week on homeowners’ tendency to prepay their mortgages, as well as their ability to withstand interest rate hikes. Here’s what those numbers revealed. Prepayment Trends Mortgages with big prepayment allowances save a small fraction of the population a l.... More »
Lender Market Share – Q4
– canadianmortgagetrends.com
Lenders, especially banks, have been enjoying wider-than-normal spreads on fixed-rate mortgages (as measured by their discounted rates minus the 5-year government bond yield). In fact, their spreads have probably been too wide, such that they’ve lost some competitiveness. That and more conservative lending guidelines are two reasons why banks gave up ground to competitors in 2014. For the 12 months ending December 31, 2014, banks lost 2.43% in overall mortgage market share “mainly to credit unions and non-banks like First National,” says market analyst and McVay & Associates founder David McVay. Below is how things shook out in 2014 for the largest federally regulated lenders (based on mortgages READ MORE
US home sales rise modest 1.2 pct. in Feb.; tight inventory and affordability hurt buying
– canadianbusiness.com
WASHINGTON – Slightly more Americans bought homes in February, but tight inventories, affordability problems and nasty winter weather point to sluggish sales in the coming few months.
Sales of existing homes rose 1.2 per cent last month to a seasonally adjusted annual rate of 4.88 million, a slight rebound after plunging in January yet still underperforming by historical standards, the National Association of Realtors said Monday.
The real estate market has hibernated through the first two months of 2015, creating the potential for a second straight year of weak buying activity.
Strong job growth and relatively low mortgage rates have failed to awaken buyers. Meanwhile, relatively few homes are being listed for sale and builders are mostly catering to the wealthiest slivers of the market. Sales are running below last year’s pace of 4.93 million, which represented a 3.1 per cent drop from 2013.
Despite February’s uptick, buying activity appears to have been slow coming into March because of a series of harsh winter storms…
Sales of existing homes rose 1.2 per cent last month to a seasonally adjusted annual rate of 4.88 million, a slight rebound after plunging in January yet still underperforming by historical standards, the National Association of Realtors said Monday.
The real estate market has hibernated through the first two months of 2015, creating the potential for a second straight year of weak buying activity.
Strong job growth and relatively low mortgage rates have failed to awaken buyers. Meanwhile, relatively few homes are being listed for sale and builders are mostly catering to the wealthiest slivers of the market. Sales are running below last year’s pace of 4.93 million, which represented a 3.1 per cent drop from 2013.
Despite February’s uptick, buying activity appears to have been slow coming into March because of a series of harsh winter storms…
