Canadian Mortgage News Daily — May 5, 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.

• RBC Unexpectedly Lifts Fixed Mortgage Rates (RATESDOTCA)

• You would have to save for 23 years just for the down payment on a home in these Canadian markets (Financial Post – Subscription)
  • Odd that this reads “mortgage rates have risen 35 basis points since all-time lows.” What mortgage rates? Certainly not variable mortgage rates.

• Builder blames construction costs after Montrealer gets hit with $50K price hike for condo (CTV News)
  • Like Andy Rooney once said, “Nothing in fine print is ever good news.”

• Are federal measures on housing missing the mark? (Mortgage Broker News)

• So you sold your house and plan to rent (Globe & Mail – Subscription)

• Windsor woman stuck renting despite preapproval for $450K home (CBC News)

• Buying blind: Loose rules around bidding breed suspicion and mistrust (Globe & Mail – Subscription)
  • “I don’t ever recall a time where it’s been at this level, where there’s 35 offers on a property.”—Lisa Patel, president of The Toronto Regional Real Estate Board (TRREB).

• Toronto housing market stalls in April as prices slip from record high (BNN Bloomberg)

• Metro Vancouver real estate update: More on the market, but demand and prices still high (CTV News)

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