Mortgage Industry News

The latest happenings from within the mortgage industry. Here you’ll find a wide-ranging selection of stories focused on (but not limited to) the mortgage broker and lender communities in Canada.

nesto in talks to do deal with CMLS Financial

Nesto eyes controlling stake in CMLS Financial, media report suggests

June 2, 2024 No Comments

Online mortgage lender Nesto Inc. is currently in talks to purchase a controlling stake in CMLS Financial Inc.,

Residential mortgage debt hits $2.16 trillion amid slowest growth in 23 years: CMHC

May 29, 2024 No Comments

CMHC says the country’s total residential mortgage debt totalled $2.16 trillion as of February this year, up 3.4% year-over-year and representing the slowest growth in 23 years.

More Canadians only making minimum payment on credit cards: TransUnion

May 28, 2024 No Comments

An increasing number of Canadians are seeing their credit card balances balloon as the cost-of-living crisis and higher interest rates eat into household budgets.

OSFI says mortgage payment shock poses a key risk to Canada’s financial system

May 22, 2024 No Comments

Canada’s banking regulator says high borrowing costs and a wave of expected renewals pose a key risk to Canada’s financial system.

Regulations, ‘fragmented’ construction sector holding back housing starts: CMHC

May 16, 2024 No Comments

A study by Canada’s national housing agency says housing starts aren’t keeping pace with residential construction resources available due to restrictive regulations and a “highly fragmented” industry.

CMHC exceeds 2023 housing goals despite economic headwinds

May 9, 2024 No Comments

The Canada Mortgage and Housing Corporation surpassed its 2023 housing targets despite difficult economic conditions and internal financial struggles.

A real estate sold sign is shown in a Toronto west end neighbourhood May 16, 2020. THE CANADIAN PRESS/Graeme Roy

Montreal home sales up 25% in April as expected rate cuts prompt recovery: board

May 8, 2024 No Comments

The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales surged 25.5 per cent in April compared with the same month last year, with levels returning to historical averages.

Majority of aspiring homeowners awaiting rate cuts before buying: BMO survey

April 30, 2024 No Comments

The majority of Canadians aspiring to buy a home say they will push their plans to next year or later to wait for interest rates to drop, a new survey shows.

Rate cut odds steep following weak inflation data

Canada’s latest GDP figures may prompt Bank of Canada summer rate cut: Economists

April 30, 2024 No Comments

Canada’s quarterly gross domestic product edged up 0.2% in Febuary, according to Statistics Canada data published April 30, suggesting the Bank of Canada may have a reason to cut rates in the summer.

What mortgage professionals can expect at the upcoming MIC trade show

April 28, 2024 1 Comment

ONMICA is hosting its latest annual MIC Trade Show and Seminar in Toronto on May 8.

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