Tag: CMHC

Latest in Mortgage News CMHC to Get New Name, Maybe “Housing Canada”

Latest in Mortgage News: CMHC to Get New Name, Maybe “Housing Canada”

What’s in a name? Well, in the case of the Canada Housing and Mortgage Corporation, “mortgage” likely won’t for much longer. The housing agency announced last week that it will be undergoing a rebranding in the coming months to better reflect its mandate. CEO Evan Siddall says the current name overemphasizes homeownership financing and doesn’t highlight the agency’s work related to housing affordability. The name “Housing Canada” has already been floated, but federal legislation would be needed for an official […]

Big Banks Still Dominate Mortgage Market Share, Says CMHC

Big Banks Still Dominate Mortgage Market Share, Says CMHC

Big banks originate nearly 7 out of 10 (67%) of new Canadian mortgages, although their market share has fallen slightly from last year, according to CMHC. Of total mortgages outstanding, the big banks hold 72% of those loans, down from 75% in 2018, according to the latest Residential Mortgage Industry Report released by the Canada Mortgage and Housing Corporation (CMHC). Their average loan in 2019 was $220,650, with interest rates ranging from 3.10% to 5.20% and a delinquency rate of […]

Home Sales & Prices Won’t Fully Recover Until 2022, Says CMHC

Home Sales & Prices Won’t Fully Recover Until 2022, Says CMHC

Significant drops in employment in Canada’s major cities will keep downward pressure on housing demand, with sales and home prices not expected to rebound to pre-COVID levels until 2022, according to CMHC’s latest Housing Market Outlook. “Short-term uncertainty will lead to severe declines in sales activity and in new construction,

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The Latest in Mortgage News: 2020 Forecasts

Following a challenging 2018, by most accounts 2019 could be characterized as a “turnaround year” for Canada’s housing market. And 2020 is looking to bring much of the same.

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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.