The House: April 8, 2024

Welcome to The House, your bi-weekly dose of Canadian Mortgage news. We dive into industry news, updates, and more for professionals in the Mortgage industry.

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What’s Happening:

• Canada’s unemployment data shows an unexpected increase.

• Home Trust is merging with Fairstone Bank of Canada.

• Neo Financial enters the mortgage broker channel.

• The BC government is implementing a 20% ‘flipping’ tax.

Mortgage Rates  - Banks

• 5-year fixed  - 5.54%

• 4-year fixed  - 5.39%

• 3-year fixed - 5.64%

• 5-year fixed (High-Ratio) - 5.04%

• 4-year fixed (High-Ratio) - 5.59%

• 3-year fixed (High-Ratio) - 6.99%

Mortgage Rates - Digital & Monoline Lenders

• 5-year fixed - 4.99%

• 4-year fixed - 5.04%

• 3-year fixed - 5.19%

• 5-year fixed (High-Ratio) - 4.64%

• 4-year fixed (High-Ratio) - 4.89%

• 3-year fixed (High-Ratio)  - 4.84%

Compare current rates here.

Market Updates & Trends:

• Prime rate sitting at 7.2%

• Home Prices may reach peak levels next year according to a report by CMHC

• New Canadian housing build has a slow start to 2024.

• RBC completes the acquisition of HSBC.

• Trudeau announces further funding for apartment construction loans.

• Near-term inflation expectations still remain high.

• Pineapple launches PineappleONE, an all-in-one deal management system for brokers.

• The federal government has proposed a plan where rental payments would be factored into credit scores.

• Bank of Canada says productivity rates have reached crisis levels.

• MCAN plans to expand its residential mortgage offering through funds raised by common share issuance.

Events

• 2024 Mortgage Symposium (Montreal) - April 16, 2024

• 2024 Mortgage Fraud Summit - (Toronto) April 24, 2024

• Canadian Mortgage Awards - (Toronto) May 2, 2024

• 2024 Mortgage Symposium (Saskatoon) - May 7, 2024

• 2024 Mortgage Symposium (Winnipeg) - May 9, 2024

• Women in Mortgage Summit (Toronto) - June 5, 2024

Who’s Hiring:

• Neo Financial, Business Development Manager

• RFA, Mortgage Underwriter

• EQ Bank, Residential Mortgage Officer

• Rocket Mortgage, Mortgage Agent (Remote).

• National Bank, Mortgage Development Manager

• HomeEquity Bank, Business Development Manager

• First National, Mortgage Funder

• Pine, Business Development Representative

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