Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
HomeEquity Bank raises $200M through CHIP Mortgage Trust note sale May 3rd
Oversubscribed issuance underscores investor demand for reverse mortgage-backed funding.... More »
Canadian home sales will fall to 9-year low next year, CREA forecasts Dec 18th
National home sales are projected to fall to a near decade low in 2019, as rising interest rates and strict mortgage stress-test rules continue to put a damper on homebuyer sentiment, according to the Canadian Real Estate Association..... More »
Oil shock could keep rates higher for longer, analyst warns + MORE Mar 19th
A prolonged Middle East conflict could push oil prices higher, adding to inflation pressures and raising risks for mortgage rates and household affordability..... More »
We made money on the Toronto housing market. Now what? Nov 4th
We had a plan. We considered the bank’s low interest rates, the rising real estate prices and record low inventory and thought it was the perfect time to cash in on the Toronto real estate market by moving out of the city. My husband and I were going to move from Ontario to Manitoba, selling our E.... More »
Ottawa to allow 30-year amortization for first-time buyers’ mortgages on new homes + MORE Apr 12th
Some advocates are praising Ottawa’s move to lengthen the amortization period on insured mortgages for certain home buyers, but say expanding the policy to all Canadians would help make home ownership more affordable.
Speaking in Toronto on Thursday, Finance Minister Chrystia Freeland announced.... More »
Sad but true: Prudent savers are getting hit with the highest mortgage rates
– theglobeandmail.com
The best available mortgage rates are in some cases going to those with smaller down payments, and the potential to take on more debt
Q1 2017 Bank Earnings – Mortgage Morsels
– canadianmortgagetrends.com
Q1 bank earnings season came and went with less fanfare than usual, at least on the mortgage front. Executives’ mortgage commentary focused primarily on conditions in Canada’s two hottest housing markets and on strong credit quality. Earnings reports show continued robust mortgage activity at CIBC and National Bank, with both reporting a 12% year-over-year increase in mortgage volumes. We also saw stronger-than-expected mortgage volumes at Scotiabank. As we do every quarter, we’ve picked through the Big Banks’ quarterly earnings reports, presentations and conference calls, and compiled all the mortgage notables right here. Key tidbits are highlighted in blue. ********* Bank of Montreal Q1 net income: $1.49 billion (+39% READ MORE
Manulife Bank Lands Mark Squire
– canadianmortgagetrends.com
Manulife Bank keeps padding its leadership roster. And its latest signing should get it to the playoffs. Former National Bank broker channel head, Mark Squire, is now Manulife Bank’s Head of Mortgage Broker Services. Squire, one of the channel’s more respected and broker-friendly executives, helped lead NBC from less than 2.2% market share in the broker channel in 2009, to 6.1% in Q2 2014. NBC peaked at #6 in the top 10 broker lenders. That, of course, was before National’s HQ pulled the carpet out from under the broker channel by starting to favour its internal sales forces. At Manulife, we suspect Squire will look to build READ MORE
What is Causing House Prices to Rise in Toronto?
– ratesupermarket.ca
A recent report suggests it might be time to put the “foreign buyer blame game” to rest in Toronto. According to the Toronto Real Estate Board (TREB), foreign homebuyers made up less than five per cent of home purchases in the Greater Toronto Area (GTA) in 2016. This figure further validates a report by the Canada Mortgage and Housing Corporation (CMHC), which found that foreigners made up a “miniscule” amount of homeowners in the condo market. The report also pointed out that the majority of these foreign buyers purchased a home as their primary residence or for family members to live in, and not just as an investment property.
The possibility of a special tax being placed on foreign buyers in Toronto – similar to the tax recently introduced in British Columbia – has been a concern for quite some time. However, if the number of foreign buyers in the GTA remains low, a tax is presumed to have minimal impact on the market and house prices.
This has led many to wonder, if this group only made up a small percentage of overall buyers, who is driving house prices?
It may not be a specific “who” – but many “whats”:
What #1: First-time buyers
The TREB report reveals that first-time buyers made a solid portion (51 per cent) of homes sales in the GTA last year…
