Housing market to slow in 2018 but prices to rise + MORE Dec 13th

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TORONTO _ Quebec credit union Desjardins Group is partnering with five credit union centrals across the country and insurer Cumis Group Ltd. to form Aviso Wealth, with over $55 billion in combined client assets.
The new wealth management company will bring together the businesses of their subsidiaries, Credential Financial Inc., Qtrade Canada Inc. and NEI Investments.
Leading the new organization as chief executive will be Bill Packham, CEO of Qtrade Canada Inc. It will have its main offices in Toronto and Vancouver.
Aviso Wealth will be jointly owned by Desjardins and a limited partnership including the Atlantic Central, Central 1 Credit Union, the Credit Union Central of Manitoba, the Credit Union Central of Saskatchewan, the Credit Union Central of Alberta and Cumis.
The credit union centrals represent approximately 300 credit unions across Canada. Ontario-based Cumis is owned jointly by Co-operators Life Insurance Co. and Central 1 Credit Union.
The transaction is expected to close in the first quarter, subject to regulatory approval and customary closing conditions…

Continue Reading On canadianbusiness.com »

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.
 
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