86% of Mortgage Renewers Stay With Home Bank: CMHC Mortgage Survey + MORE May 29th

The Canada Mortgage and Housing Corporation (CMHC) has released a comprehensive peek into the mind of Canada’s typical mortgage shopper. Their annual survey of Canadian mortgage borrowers, which polled 3,510 consumers who have made mortgage transactions within the past 12 months, sheds some light on how shoppers are learning about their options, how loyal they are to their banks, and how they value mortgage advice along the way. Here’s our breakdown of the top consumer findings.

Big Numbers 

Over the past 12 months:

58%: Renewed their mortgage

20%: Refinanced their mortgage

22%: Purchased a new home with a mortgage

We Shop For Mortgages Online

When seeking info about mortgage options, Canadians are hitting the web before the branch: 78% of consumers checked out various online sources when getting their mortgage. Once online, 56% go straight to lender websites, 24% check out broker options, while 15% do both.

We Take Advantage of Today’s Low Rates

Homeowners were also keen to stick with the best rates – of those who renewed their mortgages this year, 60% of them did so early because they believed today’s record low rates wouldn’t be available upon their renewal date…

Three of Canada biggest banks reported better-than-expected earnings today.

The Canada Mortgage and Housing Corporation (CMHC) has released a comprehensive peek into the mind of Canada’s typical mortgage shopper. Their annual survey of Canadian mortgage borrowers, which polled 3,510 consumers who have made mortgage transactions within the past 12 months, sheds some light on how shoppers are learning about their options, how loyal they are to their banks, and how they value mortgage advice along the way. Here’s our breakdown of the top consumer findings.

Big Numbers 

Over the past 12 months:

58%: Renewed their mortgage

20%: Refinanced their mortgage

22%: Purchased a new home with a mortgage

We Shop For Mortgages Online

When seeking info about mortgage options, Canadians are hitting the web before the branch: 78% of consumers checked out various online sources when getting their mortgage. Once online, 56% go straight to lender websites, 24% check out broker options, while 15% do both.

We Take Advantage of Today’s Low Rates

Homeowners were also keen to stick with the best rates – of those who renewed their mortgages this year, 60% of them did so early because they believed today’s record low rates wouldn’t be available upon their renewal date…

TORONTO – Scotiabank (TSX:BNS) says profits rose nearly two per cent in the second quarter as it benefited from growth in consumer and business loans and results from its wealth management division.
The bank, which was the last of the five biggest Canadian banks to report its results, says net income attributable to common shareholders was $1.73 billion, or $1.42 per share, an increase from $1.7 billion or $1.39 per share a year earlier.
On an adjusted basis, the results were equal to $1.43 a share.
Revenue grew to $5.94 billion from $5.73 billion.
Domestic banking operations reported net income of $829 million, an increase of $6 million from a year ago, on growth in assets and deposits.
Wealth management operations reported profits of $824 million, rising $77 million from the comparable period, on stronger revenues.
Scotiabank also plans to buy back up to 24 million of its shares, representing about two per cent of its outstanding shares.
The post Scotiabank profits increase two per cent in second quarter appeared first on Canadian Business – Your Source For Business News.

TORONTO – North American stock markets appeared set open lower on tepid gains in commodity prices as the last of the five biggest Canadian banks to reported its quarterly results.
U.S. futures were lower as traders awaited the latest GDP figures for a sign of how the economy fared in the first quarter. Dow futures dropped 0.4 per cent while the S&P 500 futures slipped 0.4 per cent.
The Canadian dollar was down 0.01 of a U.S. cent at 80.41 cents.
In commodities, oil prices got a lift after the latest data showed crude inventory declined more than expected.
The July crude oil contract lifted 66 cents to $58.34 on the New York Mercantile Exchange. June gold weakened 60 cents to $1,188.20 an ounce.
Scotiabank (TSX:BNS) wrapped up Canadian bank earnings by posting a two-per cent increase in its second quarter profits, beating analyst expectations.
The post Stock markets likely to open weaker; crude oil prices modestly higher appeared first on Canadian Business – Your Source For Business News.