
2022 Budget: Housing Initiatives
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.
Getting Started
HomeBUYERS Start Here!
The Broker Advantage
Why Use a MB?
Tools
Mortgage Resources
Getting Started
HomeOWNERS Start Here!
The Broker Advantage
Why Use a MB?
Tools
Mortgage Resources
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.
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.
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.
As of December, The Canadian Real Estate Association’s House Price Index was up 26% year-over-year, setting a new record.
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.
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.
As of December, The Canadian Real Estate Association’s House Price Index was up 26% year-over-year, setting a new record.
The federal government considers reforms to residential investment or commercial properties to curb house prices.
For the second year, and in the face of a continuous pandemic, Canada’s real estate market has continued to grow.
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.
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.
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 that borrowers, on average, are taking out mortgages to the tune of $360,000 as of the 3rd quarter.
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.”
Financial markets look at pricing in the first rate increase coming March. However, they may be off on the timing.
Even before fixed mortgage rates started rising last month, housing affordability continued to deteriorate in the third quarter, the National Bank of Canada …
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 …
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…
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…
Amid continuing pandemic impacts, consumer expectations for wage growth and overall purchasing power remain moderate, according to the Bank of Canada.
This is de…
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 …
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…
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…
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…
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…
Bank of Canada Governor Tiff Macklem stated the financial healing is on track despite…
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…
Despite higher home prices and larger mortgages, monthly housing costs are currently lower for homeowners—on average—compared to renters…
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…
A potent combination of factors including home price growth acceleration, continued overvaluation, and stagnant labour incomes has introduced a high degree of vul…
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 …
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…
“CMP celebrates 38 brokerages that have established themselves as the finest in the Canadian mortgage industry.”
Ontario Teachers’ Pension Plan Board has announced that it will be acquiring HomeQ Corporation, the parent company of reverse mortgage industry leader HomeEquity …
National home prices posted their first monthly increase since February as housing inventory tightened further to “extremely low” levels, the Canadian Real E…
From rising inflation and falling consumer confidence to changing lifestyle choices, Canada’s mortgage market impacts from multiple fronts…
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…
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…
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…
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…
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…
After reaching overheated territory earlier this year, risks to the country’s housing market are now easing as prices and activity moderate…
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…
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…
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 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…
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…
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…
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…
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…
The Canadian Home Builders’ Association has launched the first ever edition of its industry sentiments indicator focusing on the residential construction industry…
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…
Home prices are down for the third consecutive month since reaching a peaking in March, according to the Canadian Real Estate Association.