Home sales slipped in May and listings continued to build as prospective homebuyers largely remained on the sidelines. Existing home sales in the month were down 0.6% from April and are down 5.9% from year-ago levels, according to data from the Canadian Real Estate Association. Sales of existing homes are...
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CMHC says annual pace of housing starts in May up 10% from April
The annual pace of housing starts in May climbed 10% compared with April, helped by gains in Montreal and Toronto, Canada Mortgage and Housing Corp. said. The housing agency said Monday the seasonally adjusted annual rate of housing starts in May amounted to 264,506 units, up from 241,111 in April....
RBC reports rise in delinquency rates as “pockets” of stress appear in the portfolio
RBC acknowledges that some borrowers are experiencing stress despite the fact they have higher rates of interest and increased payments. RBC's mortgage 90+-day delinquencies increased to 0.20% during Q2, compared with 0.19% for Q1 and 0.12% at the same point last year. Chief Risk Officer Graeme Hepworth said that the...
Latest in mortgage news: Borrowers must adapt to ‘new normal’ of higher rates, says Macklem
Interest rates may slowly start to be easing around the world, but they won’t be returning to pandemic levels and borrowers will need to adjust accordingly. That’s according to Bank of Canada governor Tiff Macklem, who made the remarks during a Montreal speech last week. “Interest rates may be easing...
OSFI Doubles Down on Maintaining Stress Test for Uninsured Mortgage Switches
The chief of Canada's Banking Regulator rejected the renewed call to eliminate the stress test for uninsured switch mortgages. Peter Routledge of the Office of the Superintendent of Financial Institutions, (OSFI), said in testimony to a parliamentary finance committee that the regulator does not plan on changing the stress test...
Survey: Younger home owners more likely to experience financial stress
Six in ten Canadians who have a mortgage experience financial stress, and younger home owners are more susceptible to this. According to a recent Leger study, 68% respondents aged 18-34 with mortgages are either very stressed or slightly worried about the financial burden of their mortgages. This compares with only...
Canadians are leaving money on their table when they do not negotiate the renewal rate of their mortgage
More Canadians face higher prices Change your grocery habits, Hunting for bargains You can also find out more about the following: Switching to cheaper brands Many people are still wasting money when they make their largest purchase. A recent survey Mortgage Professionals Canada conducted a survey that found homeowners haggling...
Report
: New housing starts means $100,000 per house needed to fund infrastructure You can also contact us by clicking here. Sammy Hudes A new report by the Canadian Urban Institute states that both public and private sector will have to increase spending on municipal infrastructure if Canada is to achieve...
Exclusive: MPC Survey: 76% mortgage holders anxious about renewal
Mortgage Professionals Canada's latest survey shows that mortgage owners and non-owners are both experiencing increasing financial anxiety. According to the Association's survey, 76% of mortgage holders who will be renewing their loans in the next 12 months are worried about the renewal process. This is a 10% increase over last...
Homebuyers are avoiding the spring housing market
. The spring Canadian housing market, which is usually very busy, stalled because homebuyers chose to remain on the fence until the Bank of Canada confirmed its first interest rate reduction. According to preliminary data, home sales in May were lower than expected on an annual basis in Toronto (+12.7%),...