News

Scotiabank says variable-rate mortgage clients “showing signs of stress”

Scotiabank says high interest rates are increasingly weighing on consumers, resulting in a credit deterioration among its variable-rate mortgage customers.  Scotiabank says high interest rates are increasingly weighing on consumers, resulting in a credit deterioration among its variable-rate mortgage customers.  Mortgage Rates & Mortgage Broker News in Canada 

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Residential mortgage debt hits $2.16 trillion amid slowest growth in 23 years: CMHC

CMHC says the country’s total residential mortgage debt totalled $2.16 trillion as of February this year, up 3.4% year-over-year and representing the slowest growth in 23 years.  CMHC says the country’s total residential mortgage debt totalled $2.16 trillion as of February this year, up 3.4% year-over-year and representing the slowest growth in 23 years.  Mortgage Rates

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More Canadians only making minimum payment on credit cards: TransUnion

An increasing number of Canadians are seeing their credit card balances balloon as the cost-of-living crisis and higher interest rates eat into household budgets.  An increasing number of Canadians are seeing their credit card balances balloon as the cost-of-living crisis and higher interest rates eat into household budgets.  Mortgage Rates & Mortgage Broker News in Canada 

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First National sees residential mortgage originations fall 20% in Q1 as commercial volume rises

Canada’s largest non-bank lender continued to see a slowdown in its residential mortgage originations in the first quarter, which were down 20% from last year.  Canada’s largest non-bank lender continued to see a slowdown in its residential mortgage originations in the first quarter, which were down 20% from last year.  Mortgage Rates & Mortgage Broker News

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OSFI says mortgage payment shock poses a key risk to Canada’s financial system

Canada’s banking regulator says high borrowing costs and a wave of expected renewals pose a key risk to Canada’s financial system.  Canada’s banking regulator says high borrowing costs and a wave of expected renewals pose a key risk to Canada’s financial system.  Mortgage Rates & Mortgage Broker News in Canada 

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Banks to report second-quarter results as credit concerns persist

While there’s still room for surprises, Canadian banks are set to report results after a second quarter that was notable for its economic steadiness.  While there’s still room for surprises, Canadian banks are set to report results after a second quarter that was notable for its economic steadiness.  Mortgage Rates & Mortgage Broker News in Canada 

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Teranet-National Bank composite house price index held steady in April

The Teranet-National Bank composite house price index which tracks home prices in 11 of Canada’s largest cities remained stable from March to April.  The Teranet-National Bank composite house price index which tracks home prices in 11 of Canada’s largest cities remained stable from March to April.  Mortgage Rates & Mortgage Broker News in Canada 

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2024 recession now expected to be “shallower and shorter,” says Oxford Economics

While Canada’s economy is still expected to enter a technical recession this year, Oxford Economics now believes the downturn will be less severe than initially thought.  While Canada’s economy is still expected to enter a technical recession this year, Oxford Economics now believes the downturn will be less severe than initially thought.  Mortgage Rates & Mortgage

2024 recession now expected to be “shallower and shorter,” says Oxford Economics Read More »