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Latest News
The State of the Mortgage Market: 2020 + MORE Mar 14th
Mortgage Professionals Canada has released its latest State of the Mortgage Market report today, which is chock full of new stats and insights into the Canadian mortgage market. Despite regular headlines about rising home prices and overvaluation in the country’s largest centres, the report fi.... More »
National Bank says its consumers remain “resilient” with $1 billion worth of excess liquidity Oct 2nd
National Bank reports that its mortgage clients have been resilient in the face of sharply higher interest rates, thanks in part to high levels of liquidity..... More »
CMHC’s Gloomy Outlook: Up to 18% Drop in Home Prices, 20% Arrears Rate + MORE May 23rd
The head of the Canada Mortgage and Housing Corporation delivered a particularly gloomy forecast while testifying remotely before the House of Commons Finance Committee on Tuesday. Among those predictions, CMHC CEO Evan Siddall said: Home prices could fall from their peak by 9% to 18% over the next .... More »
Mortgage insurers clarify qualification rules for VRM applications amid rising rates Jul 22nd
The Bank of Canada's historic 100-bps rate hike last week has led to confusion over how the stress test should be applied to variable rate mortgage applications already in lender pipelines..... More »
Toronto housing bubble: Is it ready to pop? + MORE Nov 25th
The Toronto real estate market has experienced remarkable growth over the past two decades. The average home price in Toronto surged by a staggering 489% from 2000 to 2022, according to the Toronto Real Estate Board (TRREB). This rapid price growth has raised concerns about the future of affordable .... More »
An Ontario woman says she is furious that her bank repeatedly increased the limit on a joint line of credit she had with her then-husband, allowing him to rack up debt for which she is responsible. She wants banks to have to get permission before increasing a customer’s line of credit.
RBC CEO says housing market slowdown a welcome shift in consumer psychology
– canadianbusiness.com
TORONTO _ The chief executive of Royal Bank says the housing market slowdown is a welcome shift in consumer psychology toward more caution.
David McKay told shareholders at the company’s annual meeting Friday that the bank is seeing a more balanced pricing trend after tighter conditions last year.
The Vancouver and Toronto region real estate boards, representing the country’s hottest markets, reported double-digit annual sales declines in March earlier this week.
B.C. and Ontario have introduced a series of measures to cool the housing market, including taxes on non-residents.
Further cooling pressure came from the federal level, including a financial stress test for buyers implemented Jan. 1 for federally-regulated lenders.
Both variable and fixed-rate mortgage rates have also risen as a result of moves by the Bank of Canada and fluctuations in the bond markets.
The post RBC CEO says housing market slowdown a welcome shift in consumer psychology appeared first on Canadian Business – Your Source For Business News.
David McKay told shareholders at the company’s annual meeting Friday that the bank is seeing a more balanced pricing trend after tighter conditions last year.
The Vancouver and Toronto region real estate boards, representing the country’s hottest markets, reported double-digit annual sales declines in March earlier this week.
B.C. and Ontario have introduced a series of measures to cool the housing market, including taxes on non-residents.
Further cooling pressure came from the federal level, including a financial stress test for buyers implemented Jan. 1 for federally-regulated lenders.
Both variable and fixed-rate mortgage rates have also risen as a result of moves by the Bank of Canada and fluctuations in the bond markets.
The post RBC CEO says housing market slowdown a welcome shift in consumer psychology appeared first on Canadian Business – Your Source For Business News.
