An average $5-a-month hike to mortgage insurance premiums may seem inconsequential, but brokers believe the effect on homebuyer equity will prove disastrous.
Canada’s largest private mortgage insurer says it is matching CMHC’s increase in premiums for the highest risk loans.
One private insurer has quickly followed CMHC’s lead and upped its rates
In a comprehensive study of condo markets across Canada, Genworth and the Conference Board of Canada are predicting a soft landing in most cities, with some expected to see more significant price drops.
Canada’s largest private mortgage insurer is exercising “heightened vigilance” in Western Canada in preparation for a potential rise in delinquencies.
Brokers are already feeling the effects of tighter lending in one major market.
The first to act was an insurer and now at least one major lender has followed suit by announcing it will tighten its lending standards in Alberta due to the effects the faltering oil industry are expected to have on the housing market.
Brokers in one region of the country should expect some difficulty funding high ratio mortgages, after one mortgage default insurer has said it will more closely analyze applications from those clients going forward.
Canada’s largest private mortgage insurer says it is expecting losses from Alberta this year and is increasing its scrutiny of new applications.
One industry professional shared his insight into attaining financing for a type of property that many traditional lenders are shying away from.