Deal expected to close by end of year
Total value of mortgages held by non-bank lenders was $325.5 billion in Q4
Luxury homes sales in the Greater Toronto Area (GTA), Oakville and Hamilton-Burlington have fallen short of last year's record-breaking pace.
Canada's largest real estate board says home sales in the Greater Toronto Area fell nearly 35% year-over-year in February, as selling prices dropped.
One in four Canadians say that if interest rates continue to rise, they'd struggle to pay their mortgages
Mortgage brokers say the borrower rejection rate from large banks and traditional monoline mortgage lenders has gone up as much as 20% after Canada’s banking regulator imposed a new stress test for homebuyers who don’t need mortgage insurance. Read: Toronto home sales to slip, prices to climb As a result, alternative lenders are seeing an […]
Construction of new homes increased 3.3% in November, with the gain largely coming from single-family houses being built at the strongest pace in more than a decade. Read: Snapshot: U.S. economic data The Commerce Department said Tuesday that builders broke ground on homes last month at a seasonally adjusted annual rate of 1.3 million units. […]
Homeownership in Canada is at 67.8%, down from 69% in 2011.
For coverage and cost, clients can probably do better
Canada’s banking regulator has published the final changes to its guidelines for residential mortgage underwriting, including a financial stress test for buyers who don’t need mortgage insurance. The Office of the Superintendent of Financial Institutions (OSFI) says Tuesday the changes will come into force by January 1, 2018. Read: How to holistically stress test client […]