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 share of the mortgage insurance market held by Canada Mortgage & Housing Corporation is down to 50 per cent, a record low and a big drop from the 90 per cent it held in 2008.
As expected the Bank of Canada held interest rates at 0.75 per cent Wednesday and believes that the economy will improve in the second quarter with non-energy exports growing as the US economy continues to pick up.
Canada’s banks and mortgage lenders are reporting their second-quarter results this week with Bank of Montreal and National Bank of Canada the first to do so.
The level of household debt held by Canadians is a frequent topic of discussion but in the past week there has been a lot of discussion among economists about whether it’s a concern or not.
The Bank of Canada will announce its latest decision on interest rates Wednesday but most analysts expect Governor Stephen Poloz to announce that it is sticking at the current 0.75 per cent.
Donald Trump’s right-hand man on TV’s “The Apprentice” says that contrary to popular opinion Canada’s property market is not overvalued.
Banks are increasingly interested in the credit card market as profits from loans and mortgages become tighter and Canada’s Toronto-Dominion has made a big commitment to the sector.
A new poll by CIBC found that Canadians seem less keen to save than the government would like.
Canadians with at least $1 million of investible assets have homes worth an average of $1.5 million.
The latest survey of Canadian confidence by Bloomberg/Nanos shows a rebound in overall sentiment last week compared to the week earlier.