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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

5 February 2019

Mortgage growth fell to its lowest level in 17 years

In December, mortgage growth went down to its lowest mark in 17 years, putting even more pressure on Canada’s big banks to focus on other business sectors.

The central bank says residential mortgage growth was only 3.1% and reached $1.55 trillion. It’s the slowest result since May 2001, and twice smaller than two years ago.

“The main profit source for Canadian banks will be reduced”, — said Craig Fehr, investment strategist at Edward Jones & Co., whose firm controls $30.8 billion in Canada. “Often, it’s the largest and most profitable business of these big banks”.

4 February 2019

Calls for less strict mortgage stress test are growing

The Office of the Superintendent of Financial Institutions (OSFI) is facing more calls from banks and mortgage industry lobbyists to ease a stress test, created to reduce risky lending. However, according to three reliable sources, the regulator will probably stay put in terms of changes so far, Reuters says.

Supporters of the change say easing the test may restrain the housing slowdown and cut the number of borrowers who have to address private lenders. Nevertheless, one source says the regulator is not eager to interfere with the test, implemented only 13 months ago.

As you know, OSFI introduced the new rules last January, demanding from banks to test borrowers’ ability to pay off mortgages at an interest rate 2% higher than their contract one.

1 February 2019

New home sales in Toronto are falling

It looks like buyers of new real estate have finally reached their maximum financial capacity in Toronto.

Following years of extremely high prices growth, new homes sales in Toronto fell to their lowest mark in 20 years in 2018. Moreover, the supply of unsold condominiums went up, two new reports say.

According to Shaun Hildebrand, president of condo research firm Urbanation, it’s important to be very cautious when investing in new condos, especially in case of the short-term perspective, as we can see a tendency of a slower prices growth now. “The market is normalizing, following recent unprecedented activity,” – he says.

Toronto’s real estate market is cooling sharply after the new mortgage rules were implemented and the interest rates went up. The city now joins London and Sydney where markets are also facing a slowdown, as international investors lower their activity and domestic buyers are scared away by high prices.

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19 March 2019

CMHC may provide 10% of your house purchase price This year’s federal budget includes a tempting plan for potential first-time home buyers. It’s a pl...Read more >>

18 March 2019

It’s time to review mortgage stress test as home sales are dropping sharply Calls for a B-20 review are getting stronger every day. As you know, a we...Read more >>

15 March 2019

What can higher rental demand lead to? As cities become more and more expensive, young families start renting longer, and this may provide landlords ...Read more >>
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