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
Competition for Canada’s existing detached properties are heating up as the benchmark price went soaring high 14.1 per cent in May compared to the numbers from a year earlier.
Banks and mortgage lenders that charge fees to make certain payments including some mortgage, loan and withdrawals are in the spotlight following complaints from consumers.
The Bloomberg Nanos index of Canadian consumer confidence has remained relatively stable for the week to May 29.
Scotiabank has appointed a new group head of Canadian banking.
Credit union and mortgage lender Meridian has opened its first office in Cambridge.
Defaults on mortgages insured by the Canada Mortgage and Housing Corporation accounted just 0.34 per cent of its total book for the first quarter of 2015.
Almost as soon as Canada’s GDP figures were released economists began talking about the potential requirement for a further cut in interest rates.
Canada’s biggest banks all reported results last week and exceeded expectations.
The CMHC’s latest annual survey of mortgage consumers reveals some interesting insights into the habits and thoughts of those we do business with.
Some of Canada’s biggest mortgage lenders continue to beat the expectations of analysts as they report their 2nd quarter results this week.