Canadian Mortgage News Daily — May 14, 2021

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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.

• Refis Get Harder in 18 Days (RATESDOTCA)

• Bank of Canada says complete recovery needed to withdraw support (BNN Bloomberg)
  • Don’t expect rate hikes till we regain “about 700,000 jobs,” Macklem suggests. Well, if Canada re-opens this summer and February and March are any guide, we may see that 700,000 jobs deficit made up by this time next year, possibly even by year-end.

• Have Inflation Expectations in Canadian Housing Peaked? (BMO)

• Increasing Number of Canadians Anxious About Missing Out on Their First Home Due to an Insufficient Down Payment (Cision)
  • As the average home price continues climbing, a growing percentage of those without well-off homeowning parents may need to get insured mortgages. Brookfield made one hell of a purchase in Sagen.

• Bank of Canada charts path toward real estate crash (Niagara Falls Review)

• The financing delay headache [in Quebec] (Mortgage Broker News)

• CAIRP on Canada’s rising insolvency rate (Mortgage Broker News)

• What to do with your haul if you sell your house and rent (The Globe & Mail – Subscription)

• Home Capital keeps tighter standards on loans despite profit surge (The Globe & Mail – Subscription)
  • Last we heard they were still approving applicants with 60% TDS ratios (44% is the normal max.). Not that such mortgages are out of the ordinary for Home Trust or unduly risky (given the borrower’s equity, ability to pay, etc.).

• The U.S. housing market is hot — but Canada’s is even hotter (Financial Post – Subscription)

• $1 million over asking: House prices in rising tide all over Vancouver Island (National Post)
  • To oceanfront buyers on Van Isle: Don’t forget, flood and earthquake insurance doesn’t cover tsunami damage!

• Bank of Canada to see if QE program has helped, hurt economic inequalities (Times Colonist)

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