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Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents).
Reader note: RateSpy’s mortgage news is now at → RATESDOTCA.
- New First Time Home Buyer Incentive On Deck (RATESDOTCA)
- Proposed mortgage rule change likely to sow more anxiety than cool prices (Edmonton Journal)
- A similar change to insured mortgages would pack a bigger punch. And industry execs we speak with say that is not unlikely.
- Tiff Macklem eyes the other side of the crisis: balancing inflation risk with an inclusive recovery (The Globe & Mail – Subscription)
- Drummond: “…The longer we hammer savers and incent borrowers, the worse…imbalances are going to be.” Not that the BoC had a choice…up till this point.
- Tighter mortgage standards, blind bidding ban may be needed to slow housing market: National Bank of Canada CEO (Financial Post – Subscription)
- Vachon wants public consultations on making the real estate offer process more transparent. But ultimately, if buyers really want a home and must compete for it, they’ll pay as much as they can afford regardless.
- Toronto real estate experts call for an end to blind bidding and deception (NOW Toronto)
- Open auctions sometimes result in higher sale prices than blind bidding because no buyers “get lucky.”
- Sold over asking: Why homes are being sold for far more than their listing price (Financial Post – Subscription)
- Yet another blind bidding article. Sense a trend? BTW, did you know the 5% rule Haider references in this article?
- Canada braces for a hit to GDP as third wave rages (Financial Post – Subscription)
- The fixed-rate leading 5-year bond yield doesn’t care.
- Which is the best bank in Canada? Forbes has the answer… (Mortgage Broker News)
- Analyst: Economy’s dependence on housing activity poses grave risks (Mortgage Broker News)
- Fed to taper bond buying in fourth quarter, economists say (BNN Bloomberg)
- Somewhat bullish for fixed rates (even in Canada) if it happens.
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5 Comments
I’m not convinced the dependence on the housing industry poses “grave risks”. It’s better to spend money on a new house than it is to spend on a new car. In 2016 US per capita spending on automobiles was US$3567, and per capita vehicle ownership was 0.842. Canada per capita spending on automobiles was around C$2000, and per capita ownership was .685.
https://www.cbc.ca/news/canada/calgary/alberta-new-car-truck-sales-ontario-supplants-1.3941284
With all eyes on housing and lumber costs/availability lately, and obviously not being able to control housing shortage. Would it not be reasonable to slow lumber exports to reduce shortage and cost in our country?? This would both reduce the costs of new homes and help housing shortage by eliminating the lumber shortage. Raising rates to do the same, is not a good option at this point.
Hi Lumbercost, Unfortunately (or fortunately depending on how you look at it), it’s not pragmatic to tell commodity producers that they can’t sell into the global market. Such restrictive trade practices would end up doing more economic harm than good.
Even if it did pose grave risks, people who say that never offer up solutions. What is the answer? Replace housing with what?
That’s the question Rick. It certainly won’t be with fossil fuels.