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Posted by: Dean Kimoto
With credit growth grinding to a near halt and delinquency rates on the rise, it’s clear that Canadian borrowers are feeling the pinch of high interest rates and a slowing economy. Yet, CIBC Deputy Chief Economist Ben Tal sees some silver linings amidst these challenges, which he says suggest we’re heading for more of a […]
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Technology is constantly evolving and adapting to our needs as a society and individuals. One of these exciting developments has been the creation and evolution of smart homes. WHAT IS A SMART HOME? A smart home is any home where the homeowners are able to control thermostats, lighting, appliances and other devices remotely over the […]
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While conditions for rate cuts are expected to materialize over the course of the year, the Bank of Canada itself appears divided over when exactly these conditions will be met. That’s according to the latest summary of deliberations from the Bank of Canada’s March 6 monetary policy meeting, where its six-member Governing Council unanimously voted to leave the […]
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It’s been years since you finished paying off your mortgage, so the letter in the mail from a bank saying you’re in default and now owe money comes as a shock. Not only did you not take out another mortgage on your property, you’ve never even dealt with that bank before. Yet the documents you’re […]
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Homebuyer sentiment appears to be improving across the country with major real estate boards reporting an increase in sales activity in February. On an annual basis, February home sales were up by double digits in Toronto (+18%), Vancouver (+14%), Montreal (+30%), Calgary (+22%) and Ottawa (+17%). While Toronto activity was down by 12% on a […]
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National Bank of Canada, the country’s sixth-largest bank, saw a rise in mortgage delinquencies during the first quarter, with the largest increases contained to its insured variable-rate mortgage portfolio. The bank reported the percentage of residential mortgages that are behind on payments by at least 90 days rose to 0.13% in Q1, up from 0.11% […]
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Still no recession in Canada thanks to huge influx of immigrants Real gross domestic product (GDP) rose a moderate 1.0% (seasonally adjusted annual rate), a tad better than expected and the Q3 contraction of -1.2% was revised to -0.5%. This leaves growth for 2023 at a moderate 1.1%. Monthly data, also released today by Statistics […]
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RBC’s executive team today expressed confidence in its due diligence of HSBC Canada’s mortgage portfolio during the $13.5-billion acquisition. The question arose on today’s first-quarter earnings call in the wake of whistleblower allegations of a mortgage fraud scheme at HSBC Canada’s Greater Toronto operations prior to RBC’s acquisition of the bank. The allegations were first […]
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The British Columbia government today unveiled additional details of its proposed house flipping tax that was first introduced in last week’s budget. The government said it plans to introduce the legislation in the spring. If passed, the new tax will take effect starting January 1, 2025. The legislation would impose a tax on any home […]
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The Bank of Canada is still likely to wait until mid-year before delivering its first rate cut, despite January’s downside surprise in inflation, economists say. Headline inflation came in below expectations with a 2.9% reading in January against expectations of 3.3% and December’s 3.4% pace. It’s the first time the headline CPI reading has fallen […]
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