Bank of Canada won’t hike mortgage-influencing policy rate ‘by much and not anytime soon,’ says economist
The unexpectedly weak Canadian housing market is one factor making it likely Bank of Canada Governor Stephen Poloz will take a less aggressive approach to interest rates this year, notes an economist with one of the country’s biggest banks.
Higher interest rates and new lending rules have curbed Canadians’ appetite for taking on mortgage debt, a new report suggests.
Technology has, indeed, begun transforming the mortgage industry, and if Homewise is any indication, the change is momentous.
The housing declines observed nationwide last month might be a disturbing indicator that the current mortgage rules are actually too heavy-handed, according to Ryerson University associate professor Murtaza Haider and real estate industry veteran Stephen Moranis.
Researchers predict Canadian home price gains will grind to a halt in the coming years — and when values do get on the road to recovery, the pace of growth won’t be anything like the last price runup.
For prospective homebuyers, there are several financial hoops to jump through on the way to property ownership: growing a healthy downpayment, securing a preapproval, and finding a home that fits within budget, to name a few.
Study after study highlights how long it takes households to scrape together a downpayment in markets like Toronto and Vancouver (spoiler, it’s 102 months for the former and 340 months in the latter) So what chance does a single person have?
The trend for Canadian housing starts was steady in January with 208,131 units improving on December’s 207,171 units.
Young Canadians are facing difficult financial decisions with the cost of living increasing and the cost of becoming a first-time homebuyers unaffordable for many.
2018 could have been the hottest year on record for Canadian home sales (if not for this policy change)
The Canadian housing market had a rough year in 2018: sales dropped by 11 percent while the 4.1 percent decline in average price was the worst performance seen since 1995.
An analysis from LowestRates.ca has found that, in 2018, Canada’s largest banks – RBC, TD, BMO, Scotiabank, CIBC, and National Bank of Canada – were consistently the most expensive options.
Why do we stay with them? Complacency is a big reason. A lack of knowledge is another.
According to a Mortgage Professionals Canada study, there was an 8% decline in new home construction investment through the first quarter of 2019 when compared to the average between 2015 and 2017.
The challenges for Canada’s homebuyers will be the focus when mortgage professionals meet with officials in Ottawa this week.
National Bank’s latest study of 10 major Canadian housing markets suggests affordability improved in the first quarter of the year as income growth outpaced home prices — and it looks like more relief is on the way.
A panel of leading Canadian economists have opposing views on longer-term and shared equity mortgages.
According to data compiled by Ratehub.ca, the spring buying season is the best time of year to get a competitive rate from A lenders.
At long last the Canadian housing market appears to be shaking off the effects of the mortgage stress test.
The Bank of Canada will make two interest rate cuts during 2019 according to Capital Economics.
Builders across Canada reported flat or declining prices for new homes according to Statistics Canada.
If you’d asked a big bank economist last year where interest rates were headed in 2019, they’d probably have said they were going up.
Earlier this week Bank of Canada Governor Stephen Poloz called on banks and other lenders to offer more innovative mortgage products, namely longer-term mortgages.
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