In the year 2000 the bank lending interest rate in Canada was 7% but by last year it had fallen to 2.7% while incomes increased, more than doubling the amount that homebuyers could borrow
First National has reported its financial results for the three months to the end of June and show some strong growth in its mortgage business, especially on the commercial side.
There has been an optimistic tone from some of Canada’s economists so far this week.
The rules surrounding the income from rental units considered in home loan applications submitted to the Canada Mortgage and Housing Corporation are changing.
Canadians expect that they will have cleared all their debts, including mortgages, by the time they are 56.
The confidence of Canadian consumers in the economy is at its lowest point for two years according to data from Bloomberg and Nanos Research.
James C. Baillie has resigned from the Board of Directors of mortgage lender Home Capital and its subsidiary, Home Trust Company, for a variety of personal reasons.
The federal finance minister said last week that quantitative easing is “not on the table” but some believe that he should not have made the comment as it encroaches on the Bank of Canada’s territory.
The Bank of Montreal forecasts that the current weakness of the Canadian dollar is set to worsen.
CIBC is opening its new branch in Stouffville, ON today (Monday July 27.)
Cloud-based real estate brokerage eXp Realty has announced that it is forming a majority-owned mortgage company.