B.C. home sales to fall as interest rates rise, but prices stay strong: BCREA + MORE Mar 10th

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How a young couple can kill $142,000 in debt and start investing + MORE Mar 19th

iStock Julie and David live in Calgary with their two daughters, ages 10 and 7. David, 40, is a cable technician earning $150,000 annually while Julie, 37, works part-time at a retail store near home earning $6,000 annually. In 2014, their lives changed when David fell on the job and injured his lef.... More »
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Credit counselling, Consumer proposal or Bankruptcy… Which option is most favourable? + MORE Mar 16th

A couple in their 30s contacts me for a mortgage. They want to buy a new home. She’s a high school teacher and he’s a computer firm manager. Incomes are good. I check their credit. Let’s stop here for a minute… If they have good credit, an approval is simple and we can provi.... More »
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Opinion: S&P Overstates Broker Fraud Driver + MORE Mar 22nd

A few weeks ago, S&P said Canadian bank risk was rising, and it blamed mortgage brokers in the process. The rating agency wrote: “…The growing share of residential mortgages originated via brokers, compound the risks of high household debt and house prices…As brokers do not bear credit ri.... More »

Canadian household debt hits $1.8T as report warns of domestic risk + MORE Mar 13th

TORONTO _ Canadians’ collective household debt has climbed to $1.8 trillion as an international financial group sounds an early warning that the country’s banking system is at risk from rising debt levels. Equifax Canada said in a new report Monday Canadian consumers now owe $1.821 trill.... More »
VANCOUVER _ Real estate experts in British Columbia predict residential home sales will dip this year but remain well above the province’s 10-year average, although they warn rising interest rates could leave some B.C. households “vulnerable.”
The British Columbia Real Estate Association has released its 2018 first quarter housing forecast, showing residential sales are expected to fall 8.6 per cent to 94,855 units this year, with the decline continuing into 2019.
The projected skid follows the 7.5 per cent decrease recorded last year but the association says residential sales in B.C. are still well above the 10-year average of 84,800 units.
Strong employment growth, consumer confidence and more workers moving to B.C. are credited for the booming housing market over the last four years, including 2016, when a record 112,209 homes changed hands.
But the association predicts the pace of sales will cool due to several factors, including a five-year qualifying rate for a mortgage that is forecast to reach 5…

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Yes, you can still buy a home in Canada… Keeping the dream alive
Canada’s a nation of immigrants. It truly is the land of opportunity. Chances are, your parents, grandparents or great grandparents came here from another country.
There are many reasons why people left their homeland. Some left by choice to pursue a better life. Others had to leave for safety reasons. Whatever the reason, most of us have a common goal: A better life.
Homeownership has always been an important part of that dream. We want to own something. We want to plant roots. There’s a pile of statistics to support this claim. In my 28 years in the financial services industry, I can attest to this claim.

Some interesting homeownership facts…

New Immigrants are considered good risks. They’ll do almost anything to ensure they pay their mortgages
In general, homeowners take better care of their homes than renters do thanks to the pride of ownership factor
Buying a home has always been considered good debt and a good investment
Interest rates are still in record-low territory (and expected to rise gradually…

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Q1 2018 Bank Earnings – Mortgage Morsels

– canadianmortgagetrends.com

The first quarter bank earnings season has come and gone with little fanfare, at least on the mortgage front. Earnings reports showed generally subdued mortgage activity at BMO and TD, although TD’s HELOC portfolio grew a full 16% from last year. Meanwhile CIBC reported a 9% annual increase in its mortgage portfolio. Executives touched on […]

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