The American housing crisis during the recession was exacerbated by struggling homeowners who walked away from mortgages leaving banks and mortgage lenders with huge losses.
One former banker – and current broker – believes recent changes at RBC will sway more clients to choose brokers over the banks.
There was something of a turnaround in house prices in March following decline in February.
Brokers hoping for another gift from the Bank of Canada at Wednesday’s rate announcement may be out of luck, if experts pointing to new economic data are correct.
The second round of CMA finalists has been revealed – have you made the cut?
The annual Canadian Mortgage Awards are set for May 22 at the Liberty Grand in Toronto and we’ve got your first set of finalists.
Hilliard MacBeth is an Edmonton-based portfolio manager with Richardson GMP Ltd. He also wrote a book, called When the Bubble Bursts: Surviving the Canadian real estate crash, and thinks the market is overvalued by up to 50 per cent.
The level of household debt in Canada rose to 163.3 per cent of disposable income in the fourth quarter of 2014.
Brokers are already considering diverting clients from one big bank to another, following a recent change to a popular mortgage product.