Brokers now know what the near future holds for rates -- following the Bank of Canada’s decision to hold its overnight rate at ¾ per cent – but what can they expect in the longer-term? Several big bank economists weigh in.
Only 33% Canadian homeowners admit that they have read their entire mortgage agreement, a recent study by Scotiabank has revealed. Worse, only 27% fully understood the details of their home loans.
Rising home sales in Toronto and Vancouver may give support to those saying the federal government may tighten mortgage rules once again.
At least two big banks are finally taking a page out of the broker playbook and focusing on product features instead of rate.
With the busy spring buying season kicking off mortgage lenders are keen to be seen as having the best deal but it’s not necessarily all about the rates.
The Canadian Real Estate Association is predicting a fall in home sales of 1.1 per cent for 2015 as oil prices subdue consumer confidence in some provinces.
Brokers are already considering diverting clients from one big bank to another, following a recent change to a popular mortgage product.
The slight lull in one of Canada’s largest condo markets may soon come to an end, with the big banks refocusing on lending in that very segment.
Big banks are increasing the level of funding for condominium developments viewing them as a lower risk than before.