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December Caps off Blockbuster Year for Canadian Housing
Despite a global pandemic that ravaged the Canadian economy early in the year, the housing market came back with a roar and ended the year by shattering records in December.
The average home sale price in the month rose to $607,280, up 17.1% comp…
Q4 2020 Bank Earnings – The End of Mortgage Deferrals
When 2020 came to an end, so too did the vast majority of mortgage deferral programs offered by the Big 6 banks and other Canadian lenders.
And, despite forecasts from early last year that arrears could skyrocket as a result of the pandemic, all …
2020 – Year in Review
Now that the page has finally been turned on 2020, we wanted to take a look back at how mortgage rates fared over the course of what was a tumultuous year.
It’s safe to say that COVID-19 stole the show in terms of the year’s biggest newsmaker. On…
Tight Market Conditions Keep Home Sales and Prices at Historical Highs
Canada’s average home price remained at a historical high in November as housing inventory remains at historical lows.
The average sale price in the month was $603,000, 13.8% from a year earlier, according to data released by the Canadian Real Es…
Purchasing
First-Time Home Buyer Incentive to Become More Useful in Select Markets
First-time homebuyers in three of Canada’s most expensive housing markets will soon have an easier time qualifying for the First-Time Home Buyer Incentive (FTHBI).
The government’s recent Fall Economic Statement included changes that will ease el…
New hope for first-time homebuyers? Tenants can now use rent payments to bolster credit reports
It’s a refrain Mortgage Broker News readers will be all too familiar with: “Why isn’t my credit score better? I pay my rent every month. How can that not matter?”
Renewing
What is Mortgage Payment Shock, and how do you prepare for it?
Payment Shock is a nasty surprise that many people are not prepared for, simply because no one is telling them about it.
THE MORTGAGE PROFESSIONAL (Secret 5 of 5)
Make sure you’re working with an experienced professional mortgage planner. The largest financial transaction of your life is far too important to place into the hands of someone who isn’t capable of advising you properly and troubleshooting the issues that may arise along the way.
Real Estate
Record-low Supply and Interest Rates Fuel Record October Home Prices
The average home price in Canada continued to trend higher in October as housing supply fell to a fresh record low.
The Canadian Real Estate Association reported the average sale price at $607,250 for the month, an increase of 15.2% from a year e…
Renewing
Other Stores
How Canada’s Mortgage Lenders Adapted to the ‘New Normal’
The COVID-19 pandemic and the resulting nationwide lockdown forced the country’s mortgage lenders—like many businesses across the country—to adjust their operations in this unprecedented and brave new world of conducting business.
They were faced…
First-Time Home Buyer Incentive to Become More Useful in Select Markets
First-time homebuyers in three of Canada’s most expensive housing markets will soon have an easier time qualifying for the First-Time Home Buyer Incentive (FTHBI).
The government’s recent Fall Economic Statement included changes that will ease el…
Q3 Lender Earnings: The Unexpected Recovery
The country’s key mortgage lenders recently released their third-quarter earnings, and it’s safe to say results were better-than-expected all around.
Equitable Bank had its best-ever third quarter, while First National had its own record quarter….
Latest in Mortgage News – Industry Announcements
There’s been a number of big mortgage industry announcements in recent weeks, ranging from reverse mortgage offerings to a new broker tech partnership and a key appointment at one of the country’s top brokerages.
Here’s a look at each…
Equitable…
Record-low Supply and Interest Rates Fuel Record October Home Prices
The average home price in Canada continued to trend higher in October as housing supply fell to a fresh record low.
The Canadian Real Estate Association reported the average sale price at $607,250 for the month, an increase of 15.2% from a year e…
Optimism Returns to the Markets. Could Fixed Rates Start to Rise?
Bond yields in both Canada and the U.S. jumped on news that Pfizer’s COVID-19 vaccine has proven more than 90% effective in its trials.
Following the announcement on Monday, the all-important 5-year bond yield is now hovering around 0.50% for the…
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East Coast Mortgage Brokers is Newfoundland and Labrador’s premier mortgage company. Founded in 2010, we work with Canada’s top lenders to ensure our clients get the best deal for their mortgage.