Lender Calls – Q4 Roundup

Fourth-quarter earnings for the country’s key broker channel lenders wrapped up another tumultuous year that delivered a mixed bag of results. Street Capital President and CEO Duncan Hannay summed up 2018 as a “challenging year, driven by disruptive regulatory and competitive forces in the mortgage market.” All three lenders continued to report strong renewal rates,…

Impacts of the Stress Test

There’s been a lot of talk about the government’s mortgage stress test recently—particularly since it was left untouched in last week’s federal budget, despite high expectations of at least some tweaks. But a recent report from Teranet shows some of the tangible impacts the stress test has had on the mortgage market, namely that Canada’s…

How Brokers Can Take Control of Their Online Reviews

Online reviews are now the tool that consumers inherently trust—just ask 18- to 34-year-olds, 91% of whom admit to trusting online reviews as much as personal recommendations. They have become the Internet’s version of word of mouth, infinitely more powerful because they bypass the traditional barriers of time difference, distance and speed. In today’s world,…

Mortgage Industry Reacts to Liberal Budget

Hoping for minor tweaks to the mortgage stress test, the Liberal government’s 2019 budget instead left many in the industry underwhelmed and with more questions than answers. The stress test was left untouched, and instead Finance Minister Bill Morneau announced two key changes aimed at easing affordability for new homebuyers: Introduction of the First-Time Home…

Q1 2019 Bank Earnings – Mortgage Morsels

The dust has settled after the latest round of Big 6 bank earnings, which indicated a sluggish start to the year on the mortgage front. Residential mortgage growth was subdued in the quarter, hit by a housing slowdown in the country’s largest markets, Toronto and Vancouver, but exacerbated due to higher activity a year ago…

Home Sales Fall Sharply From January

The Canadian Real Estate Association reported today that national home sales plunged 9% from January to February, with 75% of local markets, including all major cities, recording fewer transactions. It’s not the first time CREA has reported such a steep month-over-month decline—home sales also dropped sharply last January when the mortgage stress test came into…