26 Jun

Another week, another rise in fixed mortgage rates. How high could they go?

Latest News

Posted by: Dean Kimoto

This article is from the Canadian Mortgage Trends website: https://www.canadianmortgagetrends.com/2023/06/another-week-another-rise-in-fixed-mortgage-rates-how-much-higher-could-they-go/ Another week and another round of fixed rate hikes have swept Canada’s mortgage market. Mortgage lenders, including most of the big banks, have continued to hike their fixed mortgage rates following the recent surge in Government of Canada bond yields, which are used to price […]

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19 Jun

Strong May Housing Market Likely Triggered Recent BoC Rate Hike

General

Posted by: Dean Kimoto

The Canadian Real Estate Association says home sales in May rose 5.1% month-over-month (m/m), adding to the 11.1% gain in April. This brought the year-over-year sales gain to 1.4%, The first y/y sales increase in almost two years. While spring home sales started booming (compared to the past year), the surprising 25 bps uptick in […]

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10 May

RBC sees mortgage delinquencies rising nearly 30% in the coming year

Latest News

Posted by: Dean Kimoto

After spending most of the past year at or near record lows, Canada’s mortgage delinquency rate is expected to return to pre-pandemic levels, potentially rising by nearly a third. That’s the latest forecast from RBC Economics, which points to a “looming” recession and an expected increase in the unemployment rate to 6.6% by next year […]

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26 Apr

OSFI’s Annual Risk Outlook – Fiscal Year 2023-2024

General

Posted by: Dean Kimoto

Weakening Housing Markets Pose A Risk For The Canadian Economy On April 18, Canada’s national banking regulator, the Office of the Superintendent of Financial Institutions (OSFI), released its second Annual Risk Outlook (ARO), outlining what it believes are the most significant headwinds facing the Canadian financial system – and what the regulator plans on doing […]

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13 Apr

Bank of Canada Holds Policy Rate At 4.5%

Latest News

Posted by: Dean Kimoto

The Bank of Canada holds rates steady again but maintains its commitment to 2% inflation The Bank of Canada left the overnight policy rate at 4.5%, as expected, stating their view that inflation will hit 3% by mid-year and reach the 2% target by next year. They admit, however, that demand continues to exceed supply, […]

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28 Mar

Canada’s Federal Budget Describes a Deteriorating Fiscal Outlook and Slowing Economy

General

Posted by: Dean Kimoto

Federal Budget 2023…  Press the Snooze Button As promised, there would be nothing much in this year’s budget for fear of stimulating inflation. The federal government faces a challenging fiscal environment and a weakening economy. Ottawa promised it would err on the side of restraint. Instead, Finance Minister Chrystia Freeland announced a $43 billion increase […]

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22 Mar

Canada’s Headline Inflation Cools in February

General

Posted by: Dean Kimoto

Further decline in inflation in February will keep the Bank of Canada on hold in April All eyes will be on the Federal Reserve tomorrow when they decide whether to hold rates steady because of the banking crisis or raise the overnight rate by 25 basis points (bps). Before the run on Silicon Valley Bank, […]

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20 Mar

Optimism in the Housing Market?

General

Posted by: Dean Kimoto

Residential Market Commentary – Housing market optimism Instability persists in the Canadian housing market, but analysts say there are signs things may start to normalize in the coming months. The Canadian Real Estate Association reports that February home sales fell 40% compared to their peak in February of last year, just before the Bank of […]

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17 Mar

Spring is in the air… right?

General

Posted by: Dean Kimoto

Canadian Housing Appears To Be Close To Bottoming. Housing Market Could Be Poised For a Spring Rebound The Canadian Real Estate Association says home sales in February bounced 2.3% from the previous month. Homeowners and buyers were comforted by the guidance from the Bank of Canada that it would likely pause rate hikes for the first […]

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