The Canada Mortgage and Housing Corporation has named its new CEO, capping what has been an extended search to replace outgoing chief Evan Siddall.
Romy Bowers, CMHC’s current Vice President of Client Solutions, will succeed Siddall and officially begin her five-year term starting April 6.
“I b…
Despite quickly rising home prices and the uncertainty unleashed by the COVID-19 pandemic, a majority (80%) of Canadians still believe home ownership is a good investment.
That’s from RBC’s latest Home Buying Sentiment Poll , which also found mor…
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…
The fall was supposed to herald in a period of more subdued housing activity and home price growth. But preliminary September data for the Greater Toronto and Vancouver areas tells a very different story.
In the GTA, home sales reached a new reco…
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 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 […]
It’s so hard to have a calm, intelligent debate about mortgage policy in Canada. And there’s a reason for it.
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,
Obtaining mortgage insurance for a home purchase is about to become more challenging on July 1, particularly for first-time buyers.
Canada’s housing sector indicators, including prices, sales and home starts, aren’t expected to return to pre-COVID levels until at least the end of 2022, according to CMHC’s latest Spring Housing Outlook.
East Coast Mortgage Brokers is Atlantic Canada’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.
