Banks agree: Market will slow in 2014
The big banks have all weighed in on the housing market following CREA’s monthly report and there is a consensus among them: Expect the market to slow down in the coming 12 months.
CREA: Market to slow
The Canadian Real Estate Association (CREA) released its monthly sales numbers for all of Canada and, although the market has normalized following a sluggish start to the year, the organization foresees a slowed market in the coming months.
Scotiabank re-forecasts its outlook on the Bank of Canada once again
The Bank of Nova Scotia has re-forecast its outlook on the Bank of Canada and now believes the bank will hold off on hiking its overnight rate until 2016.
Scotiabank: Market to slow in 2014 but are brokers sold?
Scotiabank has stared into its crystal ball and seen a slow market in 2014 due to interest rate hikes and stunted job growth, though brokers may not be willing to accept the prophecy as gospel.
Flaherty backing away
Finance Minister Jim Flaherty appears to be backing away from further interference with the mortgage industry, sharing his satisfaction with the housing market and addressing a call for higher interest rates.
Brokers frustrated by one big bank's recent changes
Mortgage professionals are calling for an independent lender to refocus on the rental property market as frustrations mount following rule changes at several lenders – most recently at a big bank.
Banks call for interest rate hikes
Banks and brokers rarely agree, but on this they may: Rick Waugh of the Bank of Nova Scotia suggests there is no housing bubble. However, he also advocates for higher interest rates.
Broker boom still in the offing
He told you so.
Nova Scotia’s real estate market was abuzz with speculation after news of a $25 billion shipbuilding contract was announced in late 2011. Brad Compton of Invis, however, warned that brokers and property sellers alike shouldn’t count their real estate boom before it hatches – something echoed in data now pointing to a 9 per cent drop.
Jailed broker ordered to repay victims $600K
A disgraced New Brunswick mortgage broker has now been ordered to repay his victims $600,000 and banned from the investment industry for life, an encouraging sign for tougher regulations in the mortgage industry, said the president of the East Coast brokers’ association.
Alberta appraisals backed up for days following flooding
Lenders are demanding fresh appraisals and inspections for homes in the flood-affected areas of Calgary and High River – with several deals waiting upwards of five days for an appraiser to become available.