Brokers are already considering diverting clients from one big bank to another, following a recent change to a popular mortgage product.
February marked the fourth straight deceleration of the country’s housing price index, an early sign of cooling housing markets across the country, despite a 4.4 per cent increase over the same period last year.
Brokers are voicing their displeasure with a recent change made by a big bank that will affect past and future clients.
In what one industry player is referring to as a “great example of bank greed,” one big bank has tacked on a monthly fee to one of its most popular programs among brokers.
Condos helped bolster impressive housing starts to kick off the year -- much to the surprise of some of the big banks -- meaning brokers will have more options for clients looking to cash in on record-low rates.
The big banks operating in the broker channel aren’t doing themselves any favours by refusing to drop their prime rates, despite some of their competitors already doing so.
There was a slight drop in Canada’s house prices in December according to the latest Teranet-National Bank Composite House Price Index.
House prices were down by 0.3 per cent nationwide in November with cooler conditions even blowing through Calgary and Toronto.
In a one-on-one interview with MortgageBrokerNews.ca, one economist discussed the biggest issues facing brokers in 2015 as well as a forecast for the condo market over the next few years.
The Teranet-National Bank index of home prices has increased by 5.4 per cent from a year ago.