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
Renewal Rate Shock Diminishing, Says BoC + MORE Nov 9th
Falling mortgage rates over the course of 2019 have reduced the rate increase shock for those renewing a mortgage. While those renewing a mortgage this year are still locking in at a rate higher than their previous rate, that increase is quickly declining, according to data from the Bank of Canada. .... More »
TD launches agentic AI for mortgage and HELOC applications + MORE May 24th
The bank says its first autonomous AI model is already reducing parts of the pre-adjudication process from an average of 15 hours to less than three minutes..... More »
CMHC-Backed Report Calls for Annual Surtax on Homes Valued at $1M+ + MORE Jan 7th
A new report backed by Canada's national housing agency is calling for a home equity tax on houses valued at $1 million and more..... More »
Ontario review recommends expanding lender access for Level 1 mortgage agents + MORE Feb 7th
Finance ministry report adopts key industry recommendations and could expand where Level 1 agents can place insured mortgages.... More »
Latest in Mortgage News: Toronto Home Prices Set July Record Aug 9th
The rebound for Toronto home prices continued in July, with the average selling price reaching a record $943,710. That’s a 16.9% increase compared to a year earlier, according to the Toronto Regional Real Estate Board (TRREB). Home sales in the Greater Toronto Area were up 29.5% in July compar.... More »
Scotiabank Launches eHOME; Moving Entire Mortgage Application Process Online
– ratesupermarket.ca
As banks and financial institutions are looking for new ways to simplify daily banking and provide access to more products and services online, Scotiabank recently launched an online mortgage service called eHOME.
The new service allows Scotiabank customers to fill out a mortgage application online and track it in real-time as it goes through the review process. Mortgage applicants can also complete closing with a lawyer online, without having to book an in-person appointment with a mortgage specialist or financial advisor. Supporting documents can be uploaded to the service through a secure online portal and customers can call a team of specialists if they have any questions or concerns.
“It’s simplicity, security, transparency in the process, and the ultimate convenience to apply anytime, anywhere, on any device. It’s truly your mortgage on your time,” says Janet Boyle, Senior Vice President, Real Estate Secured Lending.
Home buyers can apply for a mortgage through eHOME if they are a Canadian citizen or permanent resident, they’ve already signed a Purchase and Sale Agreement on a property (so not for mortgage pre-approvals or rental properties), and there are no more than two borrowers applying for the mortgage…
Lender Calls – Q4 Roundup
– canadianmortgagetrends.com
Fourth-quarter earnings for the country’s key broker channel lenders wrapped up another tumultuous year that delivered a mixed bag of results. Street Capital President and CEO Duncan Hannay summed up 2018 as a “challenging year, driven by disruptive regulatory and competitive forces in the mortgage market.” All three lenders continued to report strong renewal rates, […]
Is Common-Sense Lending Making a Comeback?!
– canadamortgagenews.ca
I’d like to think the Total Net Worth Program reintroduced by a lender recently is an indication of what’s to come!
I’m excited about this program. It allows borrowers with good net worth to gain access to money. This is old-school lending – nothing new – but it’s a comeback worth celebrating!
The program’s designed to provide additional mortgage solutions to Canadians with moderate incomes who have a significant amount of verifiable liquid assets and strong credit scores. The maximum amortization is 30 years, which is also promising.
This is long overdue. The program was brought back thanks to a shrinking mortgage market. In other words, there are less mortgages up for grabs and heated competition. The lender is being proactive because it believes these types of borrowers are low-risk, and it wants more business.
This is good news for those who are coming up for renewal as well, since the government stress test has posed issues when a mortgage term expires even though they qualified for the initial mortgage on the property under previous rules…
The Latest in Mortgage News – An Eye on Real Estate
– canadianmortgagetrends.com
A number of reports this month have provided some insight into the latest movements in Canada’s housing market. New data shows that home sales and prices continue to fall in Toronto and Vancouver, with the exception of Toronto condo sales, which have reached a new high. RBC also came out with its latest affordability report, […]
