2022 Budget: Housing Initiatives
April 8, 2022
Thursday’s federal budget outlined measures to address housing affordability, although it’s unlikely to assist first-time homebuyers, especially given the current market conditions.
May 18, 2022
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BREAKING NEWS
Average Home Price A Whopping $816,720.00
March 16, 2022
The value of Canadian real estate increased again in February, with the average home price selling at $816,720. That figure is up 51% compared to pre-pandemic markets.
Variable Rates, Call or Fold?
January 24, 2022
Borrowers’ confidence in variable/adjustable-rate mortgages will be a conversation they’ll likely have with their broker, as the Bank of Canada’s overnight target rate begins its climb upwards, maybe as early as this week.
Home Price making Records in December
January 18, 2022
As of December, The Canadian Real Estate Association’s House Price Index was up 26% year-over-year, setting a new record.
Average Home Price A Whopping $816,720.00
March 16, 2022
The value of Canadian real estate increased again in February, with the average home price selling at $816,720. That figure is up 51% compared to pre-pandemic markets.
Variable Rates, Call or Fold?
January 24, 2022
Borrowers’ confidence in variable/adjustable-rate mortgages will be a conversation they’ll likely have with their broker, as the Bank of Canada’s overnight target rate begins its climb upwards, maybe as early as this week.
Home Price making Records in December
January 18, 2022
As of December, The Canadian Real Estate Association’s House Price Index was up 26% year-over-year, setting a new record.
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CMHC told to Review Investment Property Down Payments
January 13, 2022
The federal government considers reforms to residential investment or commercial properties to curb house prices.
Housing and Interest Rates: 2022
December 30, 2021
For the second year, and in the face of a continuous pandemic, Canada’s real estate market has continued to grow.
Average resale hits all-time high in Canada
December 15, 2021
Home prices in Canada increased past 25% in November compared to November 2020. The record year-over-year high results from low supply and continuing low-interest rates.
Bank of Canada’s Last Rate Announcement for 2021
December 8, 2021
Today the Bank of Canada held its last scheduled announcement of the year, suggesting no changes to its forecast that its policy rate will increase in the middle of 2022.
Omicron Throws Rate Hike Forecasts into Question
December 7, 2021
While markets are expecting the first Bank of Canada rate increase in early 2022, some financial experts think the unpredictability of the brand-new Omicron Covid-19 variant might delay early hikes.
Equifax Reports Average New Mortgage Size Surges 18%
December 2, 2021
Equifax reports that borrowers, on average, are taking out mortgages to the tune of $360,000 as of the 3rd quarter.
OSFI: Credit Risk Has Risen But Only Slightly
November 26, 2021
Today, the company’s head charged with managing Canada’s federally controlled lending institutions stated that the threat to mortgage credit has increased “just decently.”
Bank of Canada: Rate Hikes Could Come Later Than Expected
November 19, 2021
Financial markets look at pricing in the first rate increase coming March. However, they may be off on the timing.
Time Needed To Save For A Down Payment Increases
November 10, 2021
Even before fixed mortgage rates started rising last month, housing affordability continued to deteriorate in the third quarter, the National Bank of Canada …
House Price Growth Has “Hit A Ceiling,” Says Moody’S
November 2, 2021
Canada’s housing market is showing signs of “returning to earth,” with slower price growth expected for much of 2022, according to a new report from Moody’s …
How A Mortgage Pre-Approval Can Protect You From Rising Rates
November 1, 2021
Over the past month, we have seen several fixed mortgage rate hikes from the banks and other lenders.
Whereas rates below 2% were readily available one month ago…
Parents To The Rescue: Average Size Of Gifted Down Payments Rises To $82,000
October 26, 2021
As home prices have risen sharply in recent years, so too has the amount of down payment assistance parents are willing to give their kids.
For those parent…
Canadians are keeping their purchasing power expectations in check – BoC
October 21, 2021
Amid continuing pandemic impacts, consumer expectations for wage growth and overall purchasing power remain moderate, according to the Bank of Canada.
This is de…
Variable rate mortgages – what’s in store?
October 20, 2021
As 2021 rumbles to a close and mortgage professionals start to look ahead to the next calendar year, one of the big questions ahead will be whether variable-rate …
Mortgage Debt Growing at Fastest Pace in a Decade: CMHC
October 19, 2021
Canada’s mortgage market grew at its fastest pace in over 10 years in the first half of 2021, according to new data released by the Canada Mortgage and Housi…
Rate Hikes Could Start by April as Inflation and Supply Concer…
October 18, 2021
Expectations for the first interest rate hike have moved up to as early as April as inflation concerns grow and supply disruptions persist.
Nearly half of C…
National Home Prices Rose in September as Supply Tightened
October 15, 2021
The national average home price re-accelerated in September, returning to a level last seen in May, housing supply continued to trend down.
The average sell…
Bond Yields Surge, Big Banks and Other Mortgage Lenders Raisin…
October 12, 2021
A growing number of lenders have been raising interest rates over the past week in response to rising bond yields, including RBC, BMO and National Bank of Ca…
The Bank of Canada on economic recovery
October 8, 2021
Bank of Canada Governor Tiff Macklem stated the financial healing is on track despite…
Sales Up in Most Cities with Busier Fall Homebuying Season Und…
October 7, 2021
Following a summer slowdown in home sales, activity started to pick up again in the country’s largest cities as the typically busier fall homebuying season k…
Buying vs. Renting: Homeowners Come Out Ahead, Study Says
September 30, 2021
Despite higher home prices and larger mortgages, monthly housing costs are currently lower for homeowners—on average—compared to renters…
CMHC Raises National Housing Market Risk to “High”
September 28, 2021
High home prices and buyer expectations of continued price growth have put the country’s housing market at increased risk of a correction, Canada’s housing a…
Canada’s housing market overheated, highly vulnerable – CMHC
September 28, 2021
A potent combination of factors including home price growth acceleration, continued overvaluation, and stagnant labour incomes has introduced a high degree of vul…
Bond Yields Are Rising. Are Fixed Mortgage Rates Next?
September 27, 2021
Some of Canada’s Big 6 banks made headlines last week by lowering fixed mortgage rates, but might they soon have to pull a U-turn?
Bond yields rose sharply …
Largest banks’ ability to hike mortgage rates might be limited…
September 24, 2021
With Canadian Prime Minister Justin Trudeau’s re-election to a third term, the Big Six banks will likely see several of their income streams (including more expen…
East Coast Mortgage Brokers – CMP’s Top Brokerages in 2021
September 23, 2021
“CMP celebrates 38 brokerages that have established themselves as the finest in the Canadian mortgage industry.”
Pension fund to acquire reverse mortgage giant’s parent company
September 22, 2021
Ontario Teachers’ Pension Plan Board has announced that it will be acquiring HomeQ Corporation, the parent company of reverse mortgage industry leader HomeEquity …
Home Prices Post Monthly Gain as Supply Tightens
September 15, 2021
National home prices posted their first monthly increase since February as housing inventory tightened further to “extremely low” levels, the Canadian Real E…
Top Risks and Trends in Canada’s Mortgage Market
September 14, 2021
From rising inflation and falling consumer confidence to changing lifestyle choices, Canada’s mortgage market impacts from multiple fronts…
BoC’s Macklem Lays Out Plan to Wind Down Bond-Buying
September 10, 2021
Since the start of the pandemic, the Bank of Canada has been buying up billions of dollars worth of bonds each week, which has helped keep borrowing costs, including…
Who pays bills more regularly? Homeowners or non-homeowners?
September 10, 2021
While Canadian homeowners have on average $359,597 in mortgage debt, they are still generally dealing better with the costs of living than non-owners, according to a…
How are first-time buyers getting the money they need?
September 9, 2021
Comparing 2020 to 2021, the share of first-time buyers using windfalls as home down payments was higher for each month and has kept increasing, according to online…
Bank of Canada Keeps Status Quo, Rate Hikes Still on the Table for Next Year
September 8, 2021
The Bank of Canada delivered a status quo rate decision today, keeping its target rate and bond purchases unchanged.
This was expected, in part due to the Bank’s…
Weak GDP, Unaffordable Housing and the Bank of Canada Decision
September 7, 2021
Weaker-than-expected economic data may have thrown a splash of cold water on Canada’s current economic recovery, but isn’t likely to figure into the Bank of Canada’s…
Housing Market Risks are Easing: RBC
September 1, 2021
After reaching overheated territory earlier this year, risks to the country’s housing market are now easing as prices and activity moderate…
Record Mortgage Growth and Higher HELOC Usage in Q2
August 31, 2021
Driven by a strong housing market and low interest rates, mortgages saw record growth across the country in the second quarter.
Nationwide, volume was up 60.2% comp…
Summary of Housing Promises from Canada’s Main Political Parties
August 30, 2021
Canada’s main political parties have been unveiling housing promises over the past couple of weeks, each outlining how they plan to tackle the predominant housing…
What Does High Inflation Mean for Mortgage Rates?
August 24, 2021
Canada’s inflation rate came in above expectations last week, rising to its highest level in more than a decade.
If above-target inflation persists, it could have…
Mortgage Borrowing Grew at its Fastest Monthly Pace Ever in June
August 20, 2021
Mortgage debt in Canada soared above $1.7 trillion in June, growing at a monthly pace never before seen, according to Statistics Canada.
The new figures show mortgage…
Home Prices Mark Fourth Consecutive Monthly Decline From March Peak
August 16, 2021
Real estate activity and home prices across Canada continue to retreat from their March peak, but record-low inventories are keeping many local markets “extremely…
Latest in Mortgage News: Housing Affordability Back on the Decline
August 12, 2021
Following improvements in 2020, housing affordability worsened in the second quarter of this year by its widest margin in 27 years.
The main culprit was due to rising…
How many older millennials currently have mortgages?
August 6, 2021
With housing having shaped up into being a top investment choice for millennials, an estimated 35% of Canadians age 30-39 currently hold a mortgage, according to…
How long do Canadians need to save for a down payment?
August 5, 2021
On average, Canadian households would need at least five years of savings to begin buying a home in a metropolitan market during the second quarter, according to a new…
CHBA releases first ever construction industry sentiments survey
August 4, 2021
The Canadian Home Builders’ Association has launched the first ever edition of its industry sentiments indicator focusing on the residential construction industry…
Majority of Canadian Buyers Borrowing Their Maximum Approved Mortgage
July 20, 2021
Soaring home prices over the past year have forced a majority of today’s homebuyers to use the maximum mortgage amounts they’ve been approved for…
Canada’s Housing Market “Slowly Getting Back to Normal”
July 15, 2021
Home prices are down for the third consecutive month since reaching a peaking in March, according to the Canadian Real Estate Association.