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Posted by: Adriaan Driessen
Industry & Market Highlights Surge in outstanding residential mortgage credit’: CMHC sees risk of delinquencies jumping Canadians piled on mortgage debt even as COVID-19 forced the country into lockdowns, and Canada Mortgage and Housing Corporation (CHMC) worries many will eventually struggle to keep up with payments. The national housing agency says total outstanding mortgage debt […]
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Industry & Market Highlights The Bank of Canada 5-year Benchmark Qualifying Rate reduced to 4.79% Effective Monday August the 17th, The Bank of Canada Benchmark qualifying rate was reducing from 2.94% to 2.79%. The impact of the lower qualifying rate on borrower’s purchasing power is small – e.g for an average single family home costing […]
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Industry & Market Highlights COVID-19 Ontario Announces Regional Approach Reopening Into Stage 2 Ontario will be taking a regional approach to move into Stage 2. As directed by the province, each region will be permitted to enter Stage 2 when safe to do so as public health criteria outlined in the framework are met. […]
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Industry & Market Highlights The Benchmark Qualifying Rate Dropped from 5.04% to 4.94% Announcement on Monday, May 25th from the Bank of Canada that the Benchmark rate dropped from 5.04% to 4.94%. This means that the average household income purchasing power has increased slightly and that you may qualify for on average $3k to $7k more […]
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Industry & Market Highlights How you are doing after 7 weeks or social distancing and quarantine restrictions due to the COVID-19 pandemic health crisis and the economic crisis? We will continue to stay positive and take this one day at a time though we are all experiencing some devastating lows. There are signs of […]
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Industry & Market Highlights Home prices have some support despite sales slowdown – RBC Economics The national market can still provide some impetus for home price growth despite declining sales, according to Royal Bank of Canada Senior Economist Robert Hogue. “Prices are determined by both demand and supply. What we saw in March is that […]
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Industry & Market Highlights Residential Market Commentary – What we know, What we can hope for We have been receiving a lot of unsettling economic data lately. Coming out of February, unemployment stood at 5.6% and nearly 250,000 jobs had been created in the previous 12 months. By the end of March, nearly a million […]
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Industry & Market Highlights Update on Ontario Essential Businesses The Government of Ontario announced it is reducing the list of businesses classified as essential and ordering more workplaces to close, to prevent the spread of COVID-19. The updated list of essential businesses does include real estate agent services, which the Government has grouped under Financial […]
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That is the question. With so many people being temporarily laid off due to the COVID-19 Pandemic that also triggered an economic crisis, many Canadians are finding themselves in a financial pinch to keep up with expenses and fixed liabilities like mortgage payments, loan payments and credit payments.The Majority of lenders and banks are offering […]
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Industry & Market Highlights Bank of Canada enacts another overnight rate cut For the third time this month, the Bank of Canada cut to the overnight rate, this time slashing off 50 basis points to a new level of .025%. The Bank Rate is correspondingly 0.50% and the deposit rate is .025% percent. In a […]
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