Q3 2017 Bank Earnings – Mortgage Morsels + MORE Sep 16th

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New Year, New Mortgage Rules: Why You’ll Soon Have a Harder Time Qualifying for a Mortgage + MORE Dec 21st

Come January 2018, new Ontario mortgage applicants likely won’t be able to afford the same home they’ve set their eyes on this year, as they will be subject to new and stricter mortgage rules, posed by the Office of the Superintendent of Financial Institutions Canada (OSFI) and published in the.... More »

BREAKING NEWS: M3 Mortgage Group Acquires VERICO + MORE Sep 22nd

It’s one of the biggest broker channel acquisitions in Canadian history. M3 Mortgage Group is buying broker network VERICO Financial Group. M3, which already owns Multi-Prêts, Mortgage Alliance, Invis and Mortgage Intelligence, will control an estimated 40+% of the broker market when this is done.... More »
 bank mortgage

Is this part-time teacher on track to retire in 9 years? + MORE Dec 18th

Sarah Press is 41 years old and working as a part-time teacher in Toronto. She also has what she calls some “side gigs” cleaning houses so that she can earn additional income that she hopes will allow her to retire at 50 on a reduced pension. “My true retirement age with the school board is 5.... More »
 home equity

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 »

Lendesk Offers Documentation Collection Solution Feb 10th

For mortgage brokers looking to automate the tedious process of down payment verification, Lendesk’s release of Level in early December was something of an early Christmas gift. It is touted as the only product on the Canadian market that automates the collection of client bank statements on t.... More »
Household debt climbs to 167.8 per cent, says StatsCan(Shutterstock)
OTTAWA – Statistics Canada says the amount Canadians owe compared with their disposable income climbed higher in the second quarter.
The agency says household credit market debt as a proportion of household disposable income increased to 167.8 per cent, up from 166.6 per cent in the first quarter.
That means for every dollar of household disposable income there was $1.68 in credit market debt.
The increase came as household income increased 1.2 per cent while household credit market debt rose 1.9 per cent.
Total household credit market debt, which includes consumer credit, mortgage and non-mortgage loans, totalled nearly $2.08 trillion in the second quarter.
Mortgage debt increased 1.6 per cent to $1.36 trillion, while consumer credit grew 2.4 per cent to $609.6 billion.
The post Household debt climbs to 167.8 per cent, says StatsCan appeared first on Macleans.ca.

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Housing Market Digests: August 2017

– canadianmortgagetrends.com

Will Dunning, Chief Economist for Mortgage Professionals Canada, has released his Housing Market Digests for August 2017, both for Canada and the Greater Toronto Area. Each report summarizes key trends in the housing market and the economy. CANADA GREATER TORONTO AREA   * NOTE: Buttons will download/open PDF files.

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Q3 2017 Bank Earnings – Mortgage Morsels

– canadianmortgagetrends.com

Canada’s Big 6 banks wrapped up another earnings season with another $10.69 billion in total net profit. Earnings were fuelled by strong mortgage growth for at least several banks, notably CIBC, which saw its mortgage volume shoot up 13% from last year, and RBC, with mortgage balances up 6%. During the shareholder conference calls executives […]

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