The House: February 21, 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:

• Pineapple Financial, a tech-focused brokerage, expands into Alberta.

• Canadian Mortgage App announces they’ve surpassed the 1+ million user mark.

• Canada’s Inflation slowed to 2.9% in January.

Mortgage Rates - Banks:

5-year Fixed -5.59%
4-year Fixed - 5.59%
3-year Fixed - 5.85%

5-year Fixed (High Ratio) - 5.14%
4-year Fixed (High Ratio) - 5.59%
3-year Fixed (High Ratio - 6.99%

Mortgage Rates - Digital Lenders:

5-year Fixed - 5.24%
4-year Fixed - 5.44%
3-year Fixed - 5.39%

5-year Fixed (High Ratio) - 4.74%
4-year Fixed (High Ratio) - 4.94%
3-year Fixed (High Ratio - 5.09%

Market Updates:

• RBC reports on the potential of a housing market uptick.

• Variable rate mortgages, as a percent of originations, are starting to rise.

• Annual pace of housing starts down 10% in January from December, reports CMHC

• Timing of 2024 rate cuts still uncertain, however, today’s inflation data is promising.

• Bank of Canada says housing affordabliity issue is more about boosting supply, not lowering interest rates.

Market Trends:

• Prime rate sitting at 7.2%

• Rental prices hit an all-time average high in January.

• Canadians are starting to choose variable mortgage rates at a higher percentage.

• 50% of Canadians say high interest rates are impacting their personal lives.

• Lenders refrain from rate hikes amid high competition.

Events

• 2024 Mortgage Symposium (Toronto) - March 4, 2024

• Canadian Mortgage Awards - May 2, 2024

Who’s Hiring:

• Neo Financial, VP, Mortgage Growth and Strategy

• Rocket Mortgage, Mortgage Agent (Remote).

• BMO, VP of Mortgage Specialists.

• nesto, Mortgage Advisor

• Pine, Mortgage Underwriter

• Marathon Mortgage, Director of Sales

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