What’s Motivating Canadian Homebuyers?

Canadian homebuyers are being driven by three key motivations: the fear of missing out, the perceived impact of foreign investors and expectations of future price growth. These are the findings from CMHC’s recent Housing Market Insight report, which surveyed 30,000 recent homebuyers in Vancouver, Toronto and Montreal. Despite data from Statistics Canada that pegs non-resident…

Lender Calls – Q1 Roundup

The country’s largest broker channel lenders wrapped up another earnings season, again delivering a mixed bag of results. Home Capital is on track in its recovery from the 2017 liquidity event, with CEO Yousry Bissada declaring: “Home is back.” Street Capital finds itself in its own period of transformation. During its conference call, CEO Duncan…

Interest-Only Makes a Comeback

Innovative mortgage products. Remember those? With Ottawa’s onslaught of rule tightening, it’s been a while since we’ve seen a new product that was substantially unique. This is one of them. Merix Financial, the broker channel’s seventh-largest lender by market share, is launching the Interest-Only Flex mortgage on Monday. The IO Flex has one key purpose:…

A Not-So-Hot Spring: May Housing Stats

The usually busy spring and summer Canadian housing market is less so this season, according to the May data from the Canadian Real Estate Association. Sales have not picked up from the first quarter of 2017 as expected, and are down 16.2 percent year-over-year, reaching a seven-year low. “The stress test that came into effect…

Rebooting Reference Rates

Deputy Governor Lynn Patterson discusses the efforts in multiple jurisdictions to strengthen LIBOR and similar benchmarks and work underway in Canada to consider a new risk-free benchmark for the Canadian dollar market.