Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Mortgage brokers are slowly embracing AI tools like ChatGPT + MORE Jul 15th
AI is creeping into every industry imaginable, from oil and gas to fintech, and the mortgage industry is no exception..... More »
Mortgage Market & MBS Nuggets + MORE Sep 22nd
Bank of America Merrill Lynch put out a fantastic primer on mortgage-backed securities (MBS) last week. Here’s a small sampling of its notable factoids: ******* Securitization versus the U.S. Risky mortgage securitization was blamed for feeding the U.S. housing crisis. In comparison, not only is C.... More »
Rising expenses driving Canadians to offload U.S. real estate + MORE Sep 19th
While politics play a role, brokers say rising costs, currency pressures and mortgage realities are the real forces driving Canadians to sell U.S. property — with many looking to reinvest at home..... More »
Annual pace of housing construction slips more than expected last month Jun 11th
The annual pace of Canadian housing construction slipped more than expected last month as builders in Ontario broke ground on fewer new homes following changes in the province’s real estate rules.
The Canada Mortgage and Housing Corp. said Thursday the seasonally adjusted annual rate of housin.... 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 »
Radius Financial
– canadianmortgagetrends.com
Company: Radius Financial Position: Regional VP, Ottawa-Atlantic Region Location: Ottawa, ON Regional Vice-President, Ottawa-Atlantic Region Radius Financial, a growing Canadian mortgage company is seeking a skilled sales person to further build & develop the broker network in the Ottawa/Atlantic region. The successful candidate will bring previous lending and strong sales experience within the residential mortgage lending/brokerage industry. Job Description Establish, maintain & manage key business relationships with mortgage brokerage firms, brokers & agents Use sales & service principals, practices & techniques to generate residential mortgage business Plan and implement effective business & marketing plans and sales & communication strategies to achieve required READ MORE
It’s getting harder to buy mortgage insurance in Alberta
– moneysense.ca
(Getty Images)TORONTO – Mortgage insurer Genworth (TSX:MIC) is making changes to its underwriting practices in Alberta as it braces for an increase in delinquencies in the region.
President and chief executive Stuart Levings said Genworth is exercising “heightened vigilance” in underwriting home purchases in Western Canada in light of the sharp decline in oil prices.
“We haven’t pulled out of the market by any means,” Levings told an investor conference hosted by National Bank on Tuesday.
“What we’re doing is we’re looking at the stacked risk factors a lot closer — so people that have higher debt service ratios, that are employed in the oil and gas sector, that may be dependent on one income versus two, that are buying a home with five per cent down — we’re going to take a lot closer look at that deal.”
Levings said deals with multiple risk factors represent about 10 per cent of the business that Genworth does in the region.
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Mortgage defaults, which have been at all-time lows in recent years thanks to fairly stable home prices and employment figures, are expected to rise “modestly,” Levings said…
Broker Market Share – Q4 2014
– canadianmortgagetrends.com
We just got our paws on year-end market share data for lenders in the broker channel. One stat jumped out in big neon lights. According to D+H data obtained from a source, the mortgage broker channel funded about 25% more volume in the fourth quarter of 2014 than one year prior. That’s a massive swing. What accounts for this surge, we can only speculate. Playing at least some role is the fact that broker rates were exceptional vis-à-vis the banks. Just as notable, banks took only 33.6% of the broker market in Q4. That’s down from 51.8% three years ago, when CIBC READ MORE
The Lowest 5 Year Fixed Mortgage Rate Ever: 2.48%
– ratesupermarket.ca
Great news for western Canadian home buyers: you now have access to a 2.48 per cent mortgage rate, the lowest five-year fixed pricing in history. This rate is currently offered by MortgagePal in British Columbia, Alberta, Manitoba and Saskatchewan for high-ratio buyers and competition in the region is down to a hair, with other small lenders and brokers offering between 2.49 – 2.50 per cent for the term.
2015 is shaping up to be one of the most competitive spring mortgage markets in memory; just last week, BMO and TD made headlines by setting a precedent among big bank lenders with a 2.79 per cent five-year fixed rate, available nationwide.
At press time, here’s where you can get a 2.50%-or-lower five-year fixed mortgage rate in Canada:
Alberta
British Columbia
Manitoba
Northwest Territories
Nunavut
Saskathchewan
Click here to see the best mortgage rates today in your region>
Rate Details:
2.48%
Term: Five-year fixed
Lender: MortgagePal
Availability: Alberta, British Columbia
High Ratio-Eligible: Yes – this rate is available only to buyers who plan to pay less than 20 per cent on their home purchase…
Verico Homeguard Funding Ltd.
– canadianmortgagetrends.com
Company: Verico Homeguard Funding Ltd. Position: Mortgage Underwriter Location: Newmarket, Ontario Mortgage Underwriter Full time, salaried position 2 years+ experience No Licence or designation required Homeguard Funding Ltd. is a very well established and respected mortgage brokerage with over 30 years in business. We are looking for an experienced full time mortgage underwriter to join our growing team to assist with a very large book of business. The underwriter will be responsible for packaging applications originated by brokers and agents to our lender partners. Experience with prime and alternative business is a must and experience with private READ MORE
