The Canadian Real Estate Association is predicting a fall in home sales of 1.1 per cent for 2015 as oil prices subdue consumer confidence in some provinces.
Brokers are already considering diverting clients from one big bank to another, following a recent change to a popular mortgage product.
The slight lull in one of Canada’s largest condo markets may soon come to an end, with the big banks refocusing on lending in that very segment.
Big banks are increasing the level of funding for condominium developments viewing them as a lower risk than before.
Home sales dropped in 60 per cent of markets in January, marking the first year-over-year decline since April 2014.
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.
A number of the big banks have announced special fixed rate promotions and cuts to their prime lending rate, but what are monolines doing to ensure brokers have a competitive advantage?
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One provincial broker organization announced the appointment of five professionals to its board of directors.
The Canadian Real Estate Association (CREA) has upwardly revised its forecast for annual housing sales in 2014 and 2015, projecting 481,300 units in 2014 – an annual increase of 5.1 per cent and the strongest annual sales since 2007.