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Posted by: Dean Kimoto
The average asking rent in Canada has increased by about $175 over the past six months, and is now nearly 10% higher compared to a year ago. As of October, the average rent price for all unit types reached $2,178, according to data from Rentals.ca‘s latest monthly data. That’s up 1.4% compared to September, but slower […]
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Equitable Bank has announced that, in partnership with a third-party lender, it is introducing a new 40-year amortization mortgage product. Equitable, Canada’s seventh-largest bank, which provides both prime and alternative lending options, made the exclusive announcement at the National Mortgage Conference that took place in Toronto. By extending the amortization period beyond the standard 25 […]
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Many in the mortgage industry reacted with surprise after learning about a little but very important nugget buried in an OSFI report released earlier this week. In its report on industry feedback concerning its proposed underwriting changes to B-20, Canada’s banking regulator said this: “Insured borrowers…are exempt from the re-application of the MQR (Minimum Qualifying Rate) when […]
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The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The global economy is slowing and growth is forecast to moderate further as past increases in policy rates and the […]
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Canada’s banking regulator confirmed today that it will no longer pursue at least several of the proposed mortgage regulations it had introduced earlier this year after they were met with widespread concern and criticism during its public consultation period. Nine months after the Office of the Superintendent of Financial Institutions (OSFI) unveiled its proposed measure related to […]
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While Canada’s main political Parties have been doing a lot of talking about getting people into homes, actual construction continues to lag. The latest figures from Canada Mortgage and Housing Corporation show housing construction, in the country’s six biggest metropolitan areas, increased by a mere 1.0% in the first half of 2023, compared to a […]
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Real estate listings in the country’s largest metro areas continued to grow in September while buyer demand is trending downward. The shifting market dynamic was so pronounced in the greater Vancouver and Toronto areas that they are now officially in a buyer’s market. New listings in the GTA were up 44% in September to a […]
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An interesting new survey suggests a growing number of Canadians may be getting ready to move back into the housing market. The newly launched survey by Dye and Durham indicates one in ten are looking to sell their primary residence and move into a new one within the next 12 months; double the number who made the […]
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The Bank of Canada says larger and more frequent price increases by businesses have contributed to keeping inflation higher than the Bank would like. The comments were made by BoC Deputy Governor Nicolas Vincent during a speech on Tuesday on the topic of pricing practices and monetary policy. Vincent said the way in which businesses […]
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“It ain’t good.” That’s the assessment from Ron Butler of Butler Mortgage following the latest surge in bond yields this week, and as mortgage providers continue to raise mortgage rates. On Tuesday, the Government of Canada 5-year bond yield jumped to an intraday high of 4.46%, but have since retreated to around 4.32% as of […]
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