Q2 2019 Bank Earnings – Mortgage Morsels

Canada’s big banks felt the effects of a sharply slowing economy and cooling housing market in the second quarter. Most reported net income growth in the low-to-mid single digits. Several saw 90+ day delinquencies rise slightly in the quarter, and all of the banks, with the exception of National Bank, reported increased provisions for credit…

Street Capital Finally Finds its White Knight

After a year of searching for urgently needed growth capital, Canada’s sixth-biggest broker channel lender got the boost it required. Street Capital Group has agreed to be bought by RFA Capital. The deal will take Street private. RFA is acquiring all shares for $0.68, a 36% premium over Friday’s closing price and about 1-times book…

Housing Market Continues Slow Recovery in May: CREA

National home prices just about kept pace with inflation in May, according to the Canadian Real Estate Association (CREA). Property prices increased 1.8% to $508,000 year-over-year, or $397,000 when you exclude two of Canada’s most expensive cities: Toronto and Vancouver. The benchmark price, which many consider to be a more accurate reflection of the “typical”…

Next Rate Move Will be Lower: CIBC

Just months ago, the prospect of an additional Bank of Canada rate hike by the end of 2020 was very much on the table. In recent weeks, however, whispers that the next rate move may in fact be down have been growing louder. In December, Capital Economics said they expected a rate cut before the…

How Home Equity Can Be Used to Pay CRA Debts

It’s not unusual to find you owe some money to the Canada Revenue Agency (CRA) after filing your personal tax returns. Especially if you have neglected doing them for a few years. And like any other unexpected expense, you need to tighten your belt buckle, work even harder and try to find ways to eliminate…

Siddall and Taylor Go Head-to-Head Over Housing

Note: This editorial piece was previously published on RateSpy.com. It is being reprinted with permission due to the important and timely issues raised.  Rarely have the heads of Canada’s housing agency and largest mortgage broker association been at such odds publicly. It feels like CMHC boss Evan Siddall and Mortgage Professionals Canada (MPC) chief Paul…