Amortizations are falling, rate discounts are increasing, people have flocked to fixed rates and volumes are down (following the 2012 mortgage rules).
That’s a sampling of the trends highlighted in CAAMP’s Annual State of the Residential Mortgage Market fall consumer report released Tuesday.
The report contains more mortgage data than virtually any other in Canada. Its data tells an intriguing story of the year that’s about to pass.
Click here for key points extracted from the report and summarized by CanadianMortgageTrends.com.
Click here for CAAMP’s significant statistics.
Click here for CAAMP’s Press Release.
While housing starts have slowed since their burst from 2010 to 2012, there’s still room for future growth, and the Canadian residential market remains solid, according to the Conference Board of Canada Autumn Metropolitan Housing Outlook commissioned by Genworth Canada.
The report notes that this stability is due in part to housing supply continuing to be in line with demographic requirements, which will allow average new and resale prices to continue to grow, albeit moderately, in the foreseeable future.
“The housing market has transitioned back to a more sustainable pace and data suggests that it will remain stable,” said Brian Hurley, Chairman and CEO of Genworth Canada. “This means a healthy market with reasonable growth, which will enable Canadians to have more confidence in both home ownership and its relative affordability.”
The report confirms Canada’s continuing economic recovery, with GDP and employment both forecast to grow in all regions across the country over this year and next. While the Conference Board predicts mortgage rates to rise gradually, employment and personal income gains should allow consumers to adapt to the anticipated increases.
Click here to read Genworth’s press release.
The national average home price just broke another record, hitting $391,820 according to CREA. That will not go unnoticed in Ottawa.
Speculation could now build as to whether the Department of Finance will restrict mortgages further in order to slow the market.
We’d submit, however, that there is no need to wonder if we’ll get new mortgage restrictions. It’s a given that more regulations are coming. The only questions are what rules to expect and when.
One area facing potential rule changes is mortgage securitization. It’s an esoteric topic for the average consumer, but one that could directly affect his or her finances.
Click here for the full article from CanadianMortgageTrends.com.
CMP Magazine is, once again, tallying up broker charitable giving, for 2013.
The financial contributions of channel networks, independent brokerages, monolines and, of course, the brokers themselves has already made itself felt. Last year, CMP tracked that aggregate amount at $1.2 million – more than 20% above the 2011 figure.
This time, in addition to revealing a grand total, MortgageBrokerNews.ca will feature a behind-the-scenes look at the fundraisers and campaigns responsible for those contributions.
The personal and professional stories that motivated the giving will also be front and centre.
Email Justin da Rosa: email@example.com with details about your good works this year!
The CMP Canadian Mortgage Awards are back with a focus on charity and ready to honour this year’s leading industry players.
Online nominations opened earlier this month, giving nominees even more time to campaign before the event kicks off May 9th at the Liberty Grand in Toronto.
New this year, CMP has put together a how-to video on nominations to guide you through the process and ensure finalists are, once again, drawn from across Canada’s broker channel. That aid, along with much more on the event’s future and history are available on the CMA website. Click here to access the video.
And, once again, organizers are publishing the judging criteria for each award on the same web portal, inviting you to review that list before making your nominations. But above and beyond the nominations themselves, CMP is also identifying leading brokers in all award categories as deserving of a nomination and consideration by the judges – a collection of experts drawn from within and outside the industry. You can find the criteria for all 21 awards by clicking here.
Click here to make your nominations today!
Be sure to review this information early and encourage your clients, referrals sources, industry partners, etc to nominate you for your award(s) of choice! Being proactive during the nomination process is much more likely to result in you becoming an awards finalist!