November 2023

Not quite a recession, but Canada sees third-quarter growth turn negative

There was growing talk of the “R-word” (recession) leading up to today’s GDP data release, given the third quarter could have marked the second straight month of negative growth.  There was growing talk of the “R-word” (recession) leading up to today’s GDP data release, given the third quarter could have marked the second straight month […]

Not quite a recession, but Canada sees third-quarter growth turn negative Read More »

Brokers react to the government’s “nonsense” mortgage charter

The Liberal government last week unveiled a “new” Canadian Mortgage Charter aimed at ensuring lenders offer relief to mortgage borrowers who are struggling to make their payments.  The Liberal government last week unveiled a “new” Canadian Mortgage Charter aimed at ensuring lenders offer relief to mortgage borrowers who are struggling to make their payments.  Mortgage Rates

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Scotiabank expects credit losses to worsen with over $200B in mortgages coming up for renewal by 2026

Scotiabank saw a rise in mortgage delinquencies in the fourth quarter, and said it’s bracing for further credit losses due to higher-for-longer interest rates and a wave of upcoming mortgage renewals.  Scotiabank saw a rise in mortgage delinquencies in the fourth quarter, and said it’s bracing for further credit losses due to higher-for-longer interest rates

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Canadian home prices expected to see sluggish growth in 2024, Re/Max says

Home price growth across Canada is expected to remain sluggish in 2024, while the country’s largest housing market—Toronto—is expected to see prices fall, according to a new forecast released today by Re/Max.  Home price growth across Canada is expected to remain sluggish in 2024, while the country’s largest housing market—Toronto—is expected to see prices fall,

Canadian home prices expected to see sluggish growth in 2024, Re/Max says Read More »

Latest in mortgage news: Adult children of homeowners twice as likely to own a home

A key factor in determining whether an individual is likely to become a homeowner is whether or not their parents were property owners, a new study shows.  A key factor in determining whether an individual is likely to become a homeowner is whether or not their parents were property owners, a new study shows.  Mortgage Rates

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Mortgage activity down 25% from 2022 and fixed rates remain top choice, stats show

High interest rates have applied the brakes to Canada’s mortgage market, which saw growth slow to a 22-year low in September.  High interest rates have applied the brakes to Canada’s mortgage market, which saw growth slow to a 22-year low in September.  Mortgage Rates & Mortgage Broker News in Canada 

Mortgage activity down 25% from 2022 and fixed rates remain top choice, stats show Read More »

BoC’s Macklem doesn’t want to repeat the inflation-fighting mistakes of the 1970s

As a teenager growing up in the 1970s, Tiff Macklem said he recognized the impact high inflation was having on everyone: “Inflation made everyone angry.”  As a teenager growing up in the 1970s, Tiff Macklem said he recognized the impact high inflation was having on everyone: “Inflation made everyone angry.”  Mortgage Rates & Mortgage Broker News

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Overview of housing initiatives in the government’s Fall Economic Statement

From a crackdown to short-term rentals to new housing supply incentives, the federal government made housing a key pillar of its Fall Economic Statement released today.  From a crackdown to short-term rentals to new housing supply incentives, the federal government made housing a key pillar of its Fall Economic Statement released today.  Mortgage Rates & Mortgage

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Rate cut odds steepen after weak October inflation data

Following the release of weaker-than-expected October inflation data, markets are growing more confident that the Bank of Canada’s rate-hike cycle is officially over.  Following the release of weaker-than-expected October inflation data, markets are growing more confident that the Bank of Canada’s rate-hike cycle is officially over.  Mortgage Rates & Mortgage Broker News in Canada 

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Three of the big banks have just lowered fixed mortgage rates. Will more follow?

Lenders have been dropping fixed mortgage rates over the past few weeks…except for the Big 6 banks. But that changed this weekend when three of the big banks finally lowered select rates.  Lenders have been dropping fixed mortgage rates over the past few weeks…except for the Big 6 banks. But that changed this weekend when

Three of the big banks have just lowered fixed mortgage rates. Will more follow? Read More »