Canadian Mortgage Professional

Despite reports of improved homeownership affordability in Q1, RBC Chief Economist Robert Hogue noted that it would take time and several interest rate cuts to lighten the weight of ownership costs enough to spur many potential buyers into action.

Mortgage costs drop slightly with rate cuts, says RBC Modest decrease in homeownership costs takes place, but challenges remain

David Clarke from TMG The Mortgage Group noted a significant increase in clients shopping around and seeking better terms during renewal time, reflecting a broader trend of dissatisfaction with initial bank offers.

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Are mortgage borrowers turning away from their banks at renewal time? Homeowners increasingly looking around as renewal nears, says broker

: Canada’s economy trimmed 1,400 jobs in June, the second time in four months the labour market has contracted as expectations of further central bank rate cuts later this year continue to grow.

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Canada's labour market cools in June The unemployment rate also rose again

The latest statistics from the Cornerstone Association of Realtors reveal a continuing downturn in home sales across Hamilton, with June figures marking a decline compared to both previous months and the same period last year.

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What's happening to home sales in Hamilton? Analyst notes the factors contributing to market pressures

RBC unveils new financing options for Canadian homeowners to build, retrofit, and renovate properties, including laneway homes and multiplexes. Enhanced residential construction mortgage program aims to meet housing demands and support property redevelopment.

https://hubs.la/Q02FnXBk0

RBC launches new financing options for homeowners What are the implications of the enhanced program?

Toronto home sales rose 4.2% in June, the first increase in five months, following the Bank of Canada's interest rate cut.

https://hubs.la/Q02FnXBj0

Toronto home sales see first gain since January Bank of Canada move has immediate impact

Québec's AMF warns consumers of fraudulent activities in mortgage brokerage and private loans. Multiple websites and individuals have been identified to operate without proper registration, posing risks.

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Warning issued over fraudulent mortgage and loan websites Public alerted over one website in particular

The Canadian office real estate market is showing signs of improvement in top-tier buildings, but overall vacancy rates remain stagnant and significantly higher than pre-pandemic levels, per CBRE’s Q2 2024 Canada Office Figures.

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High-end office buildings improve in Q2, older buildings not so much Overall open rates are still high

UBS sees solid potential in the Royal Bank of Canada (RBC) and the National Bank of Canada despite the challenging economic environment. Analyst Jill Shea highlighted the banks' strong earnings resilience and robust capital positions.

https://hubs.la/Q02Fj4rf0

What will happen to RBC, National Bank after mega acquisitions? Giant delivers verdict on the Canadian heavyweights

: Former RBC executive Katherine Dudtschak joins HomeEquity Bank as its new President and CEO, bringing over 27 years of leadership experience.

https://hubs.la/Q02FhWqb0

HomeEquity Bank names new CEO Former RBC exec takes the helm

New analysis by Desjardins: Canadian homebuyers may see limited relief from upcoming interest rate cuts amid rising property values and sluggish income growth. Lower mortgage payments could be offset by increased home prices.

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Desjardins delivers reality check on housing affordability and rate cuts Analysis reveals why rate cuts and policy tweaks may fall short

Bank of Canada and others slashed rates together for the first time since COVID-19 hit. US Fed likely to follow suit in November. Emerging markets also cutting rates, but slower due to fiscal challenges.

https://hubs.la/Q02F2jSr0

Bank of Canada not alone as rate cuts spike It's the fastest rate of action since the pandemic

Bloomberg Economics forecasts potential relief for BC homeowners as interest rates could drop to 3.25% by end of 2025, down from current 5%. BoC expected to cut rates further amidst robust demand.

How low could British Columbia mortgage rates go? Bank of Canada's planned rate cuts set to ease borrowing costs

: Tom Hall of BluMortgage, named a Rising Star, shares insights on early business challenges, goals, and vital advice for the industry.

Full Interview: https://hubs.la/Q02F2h4f0

How did a rising star make it in mortgage? Co-founder shares his story of setting up a business

Some of the world’s most liveable cities in Australia and Canada are slipping down the rankings due to acute housing shortages, an issue that governments around the world are struggling to remedy.

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Housing crises take their toll on world's most livable cities Supply shortage showing no sign of slowing

Canadian and Yukon governments launch initiative to support survivors of gender-based violence in Yukon with $10.49M over 4 years Program under Canada Housing Benefit to aid 328+ households.

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Yukon announces rent assistance program for violence survivors Program offers up to $2,000 monthly rent support

A Toronto-based artist revealed losing $2 million in stolen paintings and a forged mortgage orchestrated by an alleged fraudster who died in a recent murder-suicide.

https://hubs.la/Q02DJ_Vl0

Forged mortgage and $2m art theft linked to slain Toronto fraudster Decades of alleged crimes and unresolved lawsuits

Canada faces a significant challenge in ensuring affordable housing for all, but a new strategy called "filtering" might be the key to improving housing affordability, according to the Canada Mortgage and Housing Corporation (CMHC).

https://hubs.la/Q02DJWzs0

Is 'filtering' the key to boosting housing affordability in Canada? Research examines how to turn existing homes into affordable housing options for the future

Haventree Bank is revolutionizing the mortgage industry by prioritizing broker input and fostering long-term partnerships.

With a commitment to innovation and client-centric solutions, Haventree Bank is reshaping the financial landscape.

Discover how they're empowering brokers and clients alike.

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New Haventree Bank product targets underserved Canadians In a bid to serve Canadians overlooked by traditional banks, Haventree Bank and its broker partners have unveiled a convertible mortgage. Tailored for uncertain times, it offers crucial rate reassessment opportunities to borrowers

Ted Mallett, Conference Board of Canada's director of economic forecasting, noted, “It will likely require several rounds of cuts to significantly influence consumer and business spending.”

https://hubs.la/Q02DK4hH0

Conference Board of Canada: More cuts are needed to revive mortgage market BoC's rate cut is a positive step, but more are needed for long-term economic growth

A new CIBC report reveals that many first-time homebuyers are increasingly relying on family gifts due to high home prices and mortgage hurdles. Sung Lee of Swivel Mortgage notes that significant downpayments or family assistance are crucial for these buyers.

https://hubs.la/Q02DK2FS0

How can brokers help first-time buyers overcome the mounting affordability crisis? Gifted downpayments are surging – but what other options are available?

Canada's GDP grew 0.3% in April led by manufacturing and oil sectors, but May slowed to 0.1%, says Statistics Canada. RBC economist Claire Fan notes this momentum falloff supports further rate cuts to sustain growth, despite inflation upticks.

Latest Canada GDP figures revealed Find out how the economy is faring

Susan Thomas, a seasoned leader in retail banking, shares invaluable insights as Haventree Bank unveils its latest groundbreaking product tailored to empower underserved Canadians.

Stay tuned as we revolutionize financial accessibility and inclusion!

New Haventree Bank product targets underserved Canadians In a bid to serve Canadians overlooked by traditional banks, Haventree Bank and its broker partners have unveiled a convertible mortgage. Tailored for uncertain times, it offers crucial rate reassessment opportunities to borrowers

Access up-to-date mortgage news and expert analysis daily and on-the-go. Subscribe to Canadian Mortgage Professional's newsletter today! 📩

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BC Financial Services Authority (BCFSA) chief executive Blair Morrison has announced his retirement, set to take place in early 2025.

BCFSA searches for a new CEO Chief announces retirement

The Financial Services Regulatory Authority has revoked a mortgage agent's license following fraudulent activities involving submitting falsified bank statements and employment records for multiple mortgage applications to Manulife Bank.

https://hubs.la/Q02DFnJg0

FSRA strips agent's license over $5.18m mortgage fraud scheme Investigation uncovers altered bank statements and fake employment records

James Orlando, a senior economist at TD, said the central bank’s decision to cut interest rates ahead of the US Federal Reserve will ultimately lead to a 'big tailwind' for the Canadian economy.

Can Bank of Canada's early rate cut spur economic growth? TD economist says it can close economic growth gap with US

Canada's federal tax policy faces scrutiny with a new capital gains inclusion rate increase to 66.6%, impacting real estate markets. RE/MAX Canada's Samantha Villiard highlights mixed sentiments among property owners.

Has the capital gains tax increase sparked a wave of Canada home sales? Prospective sellers divided on keeping homes listed prior to June 25 deadline

The Canadian Real Estate Association (CREA) has reported that there has not been a significant increase in sales of secondary residences despite the implementation of new capital gains tax rules.

Real estate market steady as capital gains tax hike takes effect: CREA Tax change hasn't impact investment property sales – yet

Canada's hotel industry sees best performance in months, with CoStar Group data showing a 69% occupancy rate and a 4.5% average daily rate rise. Laura Baxter of CoStar highlighted that room rate improvements drove these gains.

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Canada's hotel industry rebound boosts commercial mortgage market What's next for Canadian hotels?