Commercial & Rental DAZADA DIAMOND 25 Sep
500,000 Canadians Deferred Their Mortgage Payments The mortgage payment deferrals extended by the big banks in Canada to households at the onset of the COVID-19 pandemic have elapsed. There are over 500,000 mortgages on payment deferral at the Big Six banks in the country. Payments are resuming and the level has dropped by one-fifth in […]
Read MoreBanks & Bank of Canada DAZADA DIAMOND 24 Sep
Scotiabank: Millennials hopeful about buying homes despite COVID-19 Compared to other demographics, Canadian millennials are more optimistic about purchasing a home during the COVID-19 pandemic, according to a new survey by the Bank of Nova Scotia. The 2020 Scotiabank Housing Poll found that around 18% of young Canadians in the 18-34 age range have “accelerated […]
Read MoreReal Estate DAZADA DIAMOND 22 Sep
Partnership to help create 5,000 new affordable homes across Canada TORONTO, Sept. 18, 2020 /CNW/ – Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada and a unique partnership with the United Church of Canada, up to 5,000 new affordable housing units will be built across […]
Read MoreLatest News & Economy DAZADA DIAMOND 21 Sep
Equifax Rolls Out Changes to its Mortgage Inquiry Process Equifax Canada has implemented changes to its mortgage inquiry process to enhance the protection of consumer information. The changes, which were first announced to the industry earlier this year, came into effect on September 14, including: Requiring all lenders to have an identifying Member Number if […]
Read MoreLatest News & Economy DAZADA DIAMOND 18 Sep
Consumer confidence in housing sector showing signs of improvement As Canada’s economy continues to recover from the financial impact of the COVID-19 pandemic, a new report showed that confidence in the housing sector has improved over the last two months. Mortgage Professionals Canada (MPC) recently released findings from its second consumer survey of the year, […]
Read MoreReal Estate DAZADA DIAMOND 17 Sep
Five reasons Canadians have little reason to fear a housing crash Whether they take place during a pandemic-fuelled recession or during a period of sustained economic expansion, record-shattering home sales in Canada always seem to be accompanied by the same phenomenon: talk of the country’s “inevitable” housing crash. Questioning the logic of homebuyers who engage […]
Read MoreBanks & Bank of Canada DAZADA DIAMOND 16 Sep
Bank of Canada’s 4.79% benchmark rate expected to increase home buyers’ purchasing power With the five-year conventional mortgage rate at a historic low of 4.79%, experts are saying that now might be the right time to secure a mortgage. In August, the Bank of Canada (BoC) dropped its five-year conventional mortgage rate to 4.79%, following […]
Read MoreBanks & Bank of Canada DAZADA DIAMOND 15 Sep
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 […]
Read MoreBanks & Bank of Canada DAZADA DIAMOND 14 Sep
Q3 2020 Bank Earnings – An Update on Big Bank Deferrals The country’s Big Six banks provided an update on the state of their mortgage deferrals, with each reporting varying results in terms of getting those borrowers back to making regular payments. Both RBC and National Bank of Canada saw their mortgages under deferral drop […]
Read MoreBanks & Bank of Canada DAZADA DIAMOND 9 Sep
CMHC: Don’t underestimate economic impact of COVID-19 on Canadian housing market The Canadian housing sector will have to wrestle with some major short- and medium-term risks, particularly market uncertainty and weaker household incomes, according to the Canada Mortgage and Housing Corporation. Despite strong recent performances in crucial markets, the prolonged economic impact of the coronavirus […]
Read More