Daily Market Update
Three of Canada’s biggest financial institutions have released reports; the Bank of Montreal predicts a housing market slump in the next 5 years… the Bank of Canada says any crash would be devastating for the whole economy and the Teranet- National reports price rises in May….
Mortgage and real estate debrief
There’s more evidence of an east-west divide in home prices as one city registers a double-figure hike year on year while others see a drop. A former shoe shop in Halifax is about to get a new spring in its step, and why one Canadian export is juggling with an overseas housing bubble.
Insurer signs long-term deal with Teranet
One of Canada’s providers of mortgage default insurance announced Thursday it has signed a long-term agreement that will integrate Teranet’s national Automated Valuation Model data into its underwriting process.
Breaking News: REDX confirms AMP reporting changes
Teranet is now confirming the MortgageBrokerNews.ca report it will overhaul its controversial use of AMP records on the REDX system.
Source: REDX to cease recording AMP activity
Teranet -- the people behind the REDX database -- will stop the controversial practice of recording brokers who drop the AMP designation, according to one network head, himself a victim of the policy.
Homebuyers haggling in wake of higher rates
With the release of CREA’s Canadian real estate report on Tuesday, National Bank Financial Markets has released its Teranet - National Bank House Price Index; which posits homebuyers are haggling for better home prices to balance out increased rates.
May CMHC, Teranet numbers encouraging
Condo starts were up surprisingly for the month of May, reaching 200,000 from April’s 176,000 – helping to maintain a level number of new housing starts nationwide, according to CMHC’s latest seasonally adjusted annual rates.
Broker ensnarled by REDX error
A Toronto broker wants the same high standards currently applied to mortgage brokers placed on REDX reporting – having herself fallen victim to an apparent case of mistaken identity.
Stick to the issues CAAMP, broker urges
Another article in the Toronto Star has showered praise on mortgage brokers, but one broker feels his industry is being done a disservice with what he calls “PR pieces” by CAAMP, when instead it should be addressing real concerns in the channel such as REDX reports.
REDX addresses AMP questions
The company behind REDX is now answering a question CAAMP has been slow to, asserting the association does not directly file incident reports on brokers who drop the AMP designation.