Is the COVID-19 emergency over? An economists prosepective. + MORE Sep 14th

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Big banks originate nearly 7 out of 10 (67%) of new Canadian mortgages, although their market share has fallen slightly from last year, according to CMHC. Of total mortgages outstanding, the big banks hold 72% of those loans, down from 75% in 2018, according to the latest Residential Mortgage Industry Report released by the Canada Mortgage and Housing Corporation (CMHC). Their average loan in 2019 was $220,650, with interest rates ranging from 3.10% to 5.20% and a delinquency rate of […]

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Is the COVID-19 emergency over? An economists prosepective.

I recently participated in a conference call with Scotiabank’s Chief Economist & SVP, Jean-Francois Perrault and John Webster President & CEO Scotia Mortgage Corporation.   It was good to hear real financial experts make sense of what has happened and what will most likely happen.

Here are of some of the highlights:

Back in March, the big question was how long would this last? Having settled into a new normal there is more certainty about future outlook than when  COVID-19 first hit in February and early March.

In an initial response, the government locked down the country to reduce the possible number in covid cases. This created tremendous layoffs… at one point there were over 8 Million Canadians on CERB out of 20 Million workers, I repeat 8 Million out of 20 Million workers. Let that sink in for a minute. It is clear financial support that has been provided to canadians during covid far exceeds anything we’ve ever seen. This has helped to sustain loan and mortgage arrears…

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Mortgage deferral coming to an end? You have other options — but beware of penaltiesThe major Canadian banks are preparing for the end of the deferral period and offering to work with clients to ensure they can continue to meet their financial obligations in a manageable way, Elaine Smith writes.

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