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
The total level of debt held by Canadian households has increased to $1.54 trillion.
As house prices have escalated the prudent approach to mortgage downpayments has rapidly been replaced by additional borrowing.
HSBC has announced 25,000 jobs cuts across its international operations amid restructuring that will see more focus in the East.
A lawyer in Ontario is urging Teranet and other parties to make changes to rules which allow non-lawyers to register and discharge mortgages.
The weekly Canadian Confidence Index from Bloomberg and Nanos Research has been trending lower in recent weeks and that continued last week.
Canada’s first financial literacy leader, appointed just over a year ago, will be setting out her strategy at a meeting in Toronto Tuesday.
A former mortgage broker and a former lawyer have been charged with an alleged mortgage fraud in Calgary.
Three of Canada’s largest mortgage lenders and banks have demonstrated their social responsibility this week.
The mortgage market south of the border is suffering some volatility currently as bond market yields have increased leading to a spike in mortgage rates.
Hamilton and Burlington is showing continued improvements in terms of housing market performance, setting another sales record last month.