At least two big banks are finally taking a page out of the broker playbook and focusing on product features instead of rate.
With the busy spring buying season kicking off mortgage lenders are keen to be seen as having the best deal but it’s not necessarily all about the rates.
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?