Mortgage brokers say the borrower rejection rate from large banks and traditional monoline mortgage lenders has gone up as much as 20% after Canada’s banking regulator imposed a new stress test for homebuyers who don’t need mortgage insurance. Read: Toronto home sales to slip, prices to climb As a result, alternative lenders are seeing an […]
Four brokerages and four brokers were caught in the investigation
Note: This post was updated on Jan. 17, 2018, to include Scotiabank. BMO, CIBC, RBC, Scotiabank, TD and Desjardins today increased their prime lending rates by 25 basis points to 3.45% from 3.20%, effective January 18, 2018. The increased rate will affect the cost of variable-rate lending, including variable-rate mortgages. The hike comes after the […]
Reverse mortgage applications are on the rise for at least one lender. Read: UPDATED: Several banks hike five-year fixed mortgage rates HomEquity Bank posted reverse mortgage originations of $608 million for 2017. (An origination involves the process of applying for and processing a loan application.) By email, a bank spokesperson said the 2017 originations represent […]
The trend in housing starts was 226,777 units in December 2017, compared to 226,178 units in November 2017.
Toronto, Vancouver, Montréal, Halifax, Victoria and Gatineau have non-resident ownership shares above 1% of the condominium apartment stock.
Construction of new homes increased 3.3% in November, with the gain largely coming from single-family houses being built at the strongest pace in more than a decade. Read: Snapshot: U.S. economic data The Commerce Department said Tuesday that builders broke ground on homes last month at a seasonally adjusted annual rate of 1.3 million units. […]
If your client is looking to buy a new home, she might want to get pre-approved by New Year’s Eve
Housing market keeps central bank governor up at night
It’s not uncommon for seniors to help their children and grandchildren with paying down debt, making down payments, and covering the cost of education and childcare, a survey from HomEquity Bank says. The survey was conducted in late October at the Toronto Zoomer Show. Roughly one-fifth of the 682 respondents said they’ve provided one-time financial […]