Another year is in the history books. Man, that one went quick.
Here’s a rundown of the headlines that marked a year of flux in our business (what year isn’t a year of flux, but anyway…).
TOP STORIES OF 2016
DoF Announces New Qualification Rules
OSFI Announces Crackdown on Underwriting
FICOM Unveils Comp Disclosure Plans for B.C. Brokers
D+H Monopoly: Officially Over
THE YEAR’S TOP DEALS & LENDER MOVES
National Bank Shutters Broker Division
DLC Buys Invis-Mortgage Intelligence
BFG and RMA Join Forces
Vancity Divorces Brokers
True North Becomes a Lender
FCF Capital Buys 60% of DLC
Manulife Enters the Broker Space
DLC Buys Mortgage Architects
The foundation for Canadian interest rates is the overnight rate. It ended the year where it began, at 0.50%. The Bank of Canada hasn’t changed it for 535 straight days.
The most important benchmark for fixed-rate pricing is the 5-year government bond, and in late 2016 we were reminded of how fast 5-year yields can climb.
And finally, here’s a look at the performance of Canada’s big banks along with the public companies that make the majority of their revenue in the mortgage business.
1 Discounted mortgage rates reflect the average advertised rates of Canada’ top superbrokers, as of December 31.
2 RBC’s 5-year non-redeemable GIC with monthly interest is used as a proxy for GIC rates. In reality, some lenders have to pay notably more on their GICs than RBC.
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