Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
Mortgage debt taking up a record share of income Mar 17th
Borrowers are now spending roughly $1 out of every $13 of their disposable income on servicing their mortgages. That’s according to Statistics Canada’s fourth-quarter national balance sheet and financial flow accounts. The data shows Canadians are spending 7.66% of their household dispos.... More »
Despite Uncertainty, Canadians Are Keeping Up With Mortgage Payments + MORE Oct 5th
You might have heard some sensationalist news stories over the past year about Canadian homeowners over-borrowing. With the employment rate so low, and mortgage debt so high, how could Canadians possibly keep up with their payments? Headlines spewed dire warnings that once payment deferrals expired,.... More »
Q4 Earnings Mortgage Morsels: Scotiabank & RBC + MORE Dec 5th
A reduction in provisions set aside for potential credit losses boosted fourth-quarter earnings results for both Scotiabank and RBC this week..... More »
Q2 2020 Bank Earnings – All About Provisions and Mortgage Deferrals + MORE Jun 19th
For the second-quarter earnings season, all eyes were on the Big 6 banks’ credit loss provisions and mortgage payment deferral programs. With the onslaught of COVID-19, the banks granted payment deferrals to more than 700,000 Canadians to help prevent a wave of defaults. In their second-quarte.... More »
Lauren van den Berg named new MPC CEO + MORE Aug 12th
Mortgage Professionals Canada announced today that Lauren van den Berg will take over as President and CEO of the association starting next month. Van den Berg will fill the position left vacant by former MPC CEO Paul Taylor. The change in leadership comes as the association recently achieved the mi.... More »
Home Capital strikes $1.2-billion mortgage sale to bolster finances
– theglobeandmail.com
Lender will sell portfolio of commercial mortgages to KingSett Capital
Home Capital inks deal to sell $1.2B of mortgage assets to KingSett Capital
– canadianbusiness.com
Home Capital Group is selling $1.2 billion in mortgage assets to real estate-focused private equity firm KingSett Capital as it looks to stabilize its position following a flood of customer withdrawals from their savings accounts.
The deal will allow Home Capital (TSX:HCG) to reduce its debt, after taking on an emergency $2-billion line of credit with onerous terms from the Healthcare of Ontario Pension Plan.
The alternative mortgage lender says it expects to lose approximately $15 million on the transaction.
Home Capital says KingSett will buy the portfolio for 99.61 per cent of its outstanding principal value, less a share of future credit losses.
The company will initially receive 97 per cent of the outstanding principal value of the mortgages. The remainder will be subject to any credit losses in the portfolio.
“This transaction will help the company further stabilize its liquidity position and highlights the flexibility and options created by the quality of our assets,” Bonita Then, Home Capital’s interim president and CEO, said in a statement…
The deal will allow Home Capital (TSX:HCG) to reduce its debt, after taking on an emergency $2-billion line of credit with onerous terms from the Healthcare of Ontario Pension Plan.
The alternative mortgage lender says it expects to lose approximately $15 million on the transaction.
Home Capital says KingSett will buy the portfolio for 99.61 per cent of its outstanding principal value, less a share of future credit losses.
The company will initially receive 97 per cent of the outstanding principal value of the mortgages. The remainder will be subject to any credit losses in the portfolio.
“This transaction will help the company further stabilize its liquidity position and highlights the flexibility and options created by the quality of our assets,” Bonita Then, Home Capital’s interim president and CEO, said in a statement…
Home Capital Group Inc. said Tuesday it has struck a deal to sell a portfolio of commercial mortgage assets valued at $1.2 billion to private equity real estate investment firm KingSett Capital.
Is the Bank of Canada signalling that more mortgage rule changes are coming?
– canadianmortgagetrends.com
Recently, the Bank of Canada released its semi-annual Financial Systems Review (PDF document), which identifies some of the major risks that the Bank foresees on the economic horizon. Unsurprisingly, the Bank pinpoints increased levels of Canadian household debt and rapidly increasing prices in Toronto and Vancouver as vulnerabilities to the financial system. The good news is […]
Canada Housing Market Update: Sales Drop, Some Mortgage Rates Increase
– ratesupermarket.ca
Last month we reported that Canadian real estate sales slipped slightly, yet prices had increased. The Canadian Real Estate Association (CREA) just released their May numbers and let’s just say things have escalated quickly.
The Toronto region saw sales drop 25.3 per cent from April to May. Nationally, there was a 6.2 per cent decline – the largest month-to-month drop in five years.
Why did this drop happen? It could be that the Ontario government’s 16-point Fair Housing Plan played a role. It’s likely many sellers were looking to cash out quickly so they listed their homes, while the 15 per cent tax on foreign buyers in Ontario may have scared off some potential buyers.
The current real estate trend in Canada
You’ve likely noticed that trends can change quite quickly in the Canadian housing market. As I write this post, the real estate market across the country appears to be cooling, but prices have yet to drop. Nationally, prices were actually up 4.3 per cent compared to a year ago, as the average price of homes sold in May 2017 was $530,304…
