'Mortgage loan growth' to get cut in half, say analysts
In terms of competition, brokers, you ain’t seen nothing yet. RBC is now forecasting mortgage loan growth will get cut in half over the next two years compared to last year’s 5.4 per cent.
CRA clampdown highlights broker value-add
The recent Canada Revenue Agency interest in people claiming their condos as homes instead of investment properties is long overdue, says one mortgage broker, also suggesting the crackdown illustrates the role brokers can play.
Banks are 'getting away with it,' says broker
Brokers are disappointed that the government’s move to tighten up the complaints process for banks does nothing to address the issue of unlicensed mortgage specialists or the fact their employers effectively control the process.
Big bank increases ‘appetite’ for credit cards
As Scotia Bank’s CEO Richard Waugh was telling finance minister Jim Flaherty to mind his own business over mortgages, he also broadly hinted his bank was prepared to expand its unsecured lending – a move one broker sees as counterproductive.
Brokers applaud tough-talking Scotia CEO
Scotia’s CEO Richard Waugh is receiving a rare show of support from the broker channel, after stating finance minister Jim Flaherty should stop interfering on mortgage rates.
Brokers disagree with experts on CMHC privatization
As Jim Flaherty continues to make waves in the broker channel, limiting the use of portfolio insurance by mortgage lenders in the 2013 budget, the question of privatizing the CMHC has once again been raised as a means of levelling the lending playing field for mortgage insurance.
BMO backtrack to 3.09 “smoke and mirrors”
BMO’s move to withdraw its 2.99 posted rate is no more than “smoke and mirrors,” says one Ottawa mortgage broker, suggesting the bank will continue to offer even lower rates at the branch level.
Brokers use Flaherty to promote low rate
With tongue firmly planted in cheek, one brokerage is using a photo of Finance Minister Jim Flaherty to help promote its 2.79 per cent 5-year fixed mortgage with the caption “This rate is too low for the Canadian people.”
Budget targets bulk mortgages
Thursday’s federal budget could have been a lot worse, say some brokers while others are anxious about any potential fallout for BFS clients and monolines.
Flaherty pulling wrong lever, says former TD economist
Former TD Chief Economist and Department of Finance analyst is perplexed by Jim Flaherty’s obsession over mortgage rates, and sees a rate of 2.95 as being in step with bond yields.