MERIX Financial’s interest-only mortgage, introduced a year ago, is taking the broker channel by storm because of how neatly it fits into borrowers’ financial lives
The next year is expected to see a surge in renters deciding to buy a home in the US according to the latest Zillow Housing Confidence Index.
David McKay, chief executive of the Royal Bank of Canada, believes consumer demand is roughly in line with supply, particularly after housing starts dipped 16 per cent last month.
The move is having a positive impact on broker business, but one analyst believes Stephen Poloz’s decision to cut the overnight rate in late January will negatively affect the economy.
Lenders often offer incentive programs to high-funding brokers – including trips around the world – but is this one example taking it too far?
Households across Canada have reached record-high debt levels, with credit-market debt including mortgages, consumer credit and non-mortgage loans growing 163.3 per cent.
A new report suggests that British Columbia could see a mass default on mortgages if there was a widespread crash in house prices.
The housing market will continue to be “buoyant” throughout this year but with “significant diversity” across regional markets.
The level of household debt in Canada rose to 163.3 per cent of disposable income in the fourth quarter of 2014.
A Vancouver mansion has sold for an eye-watering $51 million.