The House: August 19, 2024

Your bi-weekly dose of Canadian mortgage news.

August 19, 2024

Welcome to The House, your bi-weekly dose of Canadian Mortgage news. We deliver the most up-to-date news directly to your inbox every second Monday containing  industry news, updates, and more for professionals in the Mortgage industry.

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What’s Happening:

  • Canadians continue to make their mortgage payments, despite higher rates.

  • Nesto aiming to grab market share and capitalize on the upcoming wave of mortgage renewals.

  • Housing market tilts slightly in buyers’ favour as listings rise and sales slow.

  • Should Canada ditch the mortgage stress test? Experts weigh in.

  • First-time homebuyers are now eligible to apply for a 30-year mortgage

Mortgage Rates  - Banks

  • 5-year fixed  - 5.04%

  • 4-year fixed  - 5.09%

  • 3-year fixed  - 5.19%

  • 5-year fixed (High-Ratio) - 4.74%

  • 4-year fixed (High-Ratio) - 5.09%

  • 3-year fixed (High-Ratio) - 5.19%

Mortgage Rates - Digital & Monoline Lenders

  • 5-year fixed - 4.74%

  • 4-year fixed - 5.04%

  • 3-year fixed - 4.94%

  • 5-year fixed (High-Ratio) - 4.29%

  • 4-year fixed (High-Ratio) - 4.59%

  • 3-year fixed (High-Ratio)  - 4.84%

Compare current rates here.

Market Updates & Trends:

  • Prime rate sitting at 6.95%.

  • CMHC reports housing starts increased 16% in July over June.

    • Read the full report here.

  • GTA home sales fell in July, despite rate cuts.

  • Non-bank lenders seeing homeowners start to choose variable rates.

  • Even though Canadians continue to make their mortgage payments, banks are expecting a wave of defaults.

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