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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.
- A Rising Down Payment Hurdle Causing More Housing “FOMO” (RATESDOTCA)
- New mortgage stress test rules will make it harder for first-time homebuyers: experts (Global News)
- Broker on the new stress test: “…People are not actually in a position to [make] a change seven days before it goes into effect without a lot of clarity.”
(Exactly as policymakers planned it.)
- Broker on the new stress test: “…People are not actually in a position to [make] a change seven days before it goes into effect without a lot of clarity.”
- Tougher stress tests won’t chill housing market: Scotia (Advisor’s Edge)
- Almost no one predicted the explosive post-COVID run-up in home prices. Does anyone really trust economists to predict the reverse?
- Big Six poised for earnings bonanza as bad-loan fears subside (BNN Bloomberg)
- CIBC retools mortgage business in search of a sweet spot after years of ups and downs (The Globe & Mail – Subscription)
- Props to CIBC for admitting it sent out posted rate renewal letters. All banks did, and some still do.
- The Bank of Canada says the housing market has gone bonkers – and it can’t do anything about it (The Globe & Mail – Subscription)
- Housing market uncomfortably hot for millennials (Toronto Sun)
- Uncomfortable is having parents who haven’t owned a home in the past decade or two.
- Wealth shifts to next generation as parents help kids with down payments (The Globe & Mail – Subscription)
- When will someone do a study on the correlation between having more siblings and smaller down payments?
- ‘Have you tried finding richer parents?’ Sarcastic billboard about housing crisis goes up in Toronto (Toronto Star – Subscription)
- Forget the bank of mom and dad — some young people have had to support their parents in the pandemic (The Globe & Mail – Subscription)
- Probably the parents who didn’t get down payment help from their parents…
- Red-hot property market: “It feels like the toilet-paper panic, but with real estate” (Toronto Star – Subscription)
- Montreal’s hot housing market is still affordable, Quebec says (BNN Bloomberg)
- Home prices go up nearly 300 percent of assessment on Vancouver street with new six-storey condo project (The Georgia Straight)
- Thinking of refinancing your mortgage? Read this first (The Globe & Mail – Subscription)
- Reverse mortgages can be appealing, but they come at a cost (Montreal Gazette – Subscription)
- Financial planners: For the vast majority of potential reverse mortgage customers, a higher rate is not the determining factor.
- CMHC: Annual Pace of Housing Starts Fall Nearly 20% in April (The Deep Dive)
- U.S. home prices surge most since 2005, fueled by low rates (BNN Bloomberg)
- In most U.S. markets, sparse listings overshadow the rate effect.
- Global property markets ready to soar this year: Reuters poll (Yahoo Finance)
- Ready to?
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