The House: June 17, 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:

• Bank of Canada cuts the policy rate by 25 basis points. The next rate announcement will be on July 24, 2024.

• EQ Bank is exiting the Prime Insured mortgage space.

• Nesto and CMLS are officially merging, pending a successful closing of the deal.

• National Bank to acquire Canadian Western Bank, pending approval by regulators and CWB shareholders.

• Ratehub welcomes new CEO, Naga Parvatharajan, who has extensive fintech and banking experience in the U.S.

• The U.S. Federal Reserve holds the interest rate, mentions likelihood of only 1 cut in 2024.

• The 75 best Mortgage Brokers in Canada for 2024 are revealed.

Mortgage Rates  - Banks

•  5-year fixed  - 5.14%

• 4-year fixed  - 5.29%

• 3-year fixed  - 5.55%

• 5-year fixed (High-Ratio) - 4.84%

• 4-year fixed (High-Ratio) - 5.26%

• 3-year fixed (High-Ratio) - 5.31%

Mortgage Rates - Digital & Monoline Lenders

• 5-year fixed - 5.14%

• 4-year fixed - 5.04%

• 3-year fixed - 5.24%

• 5-year fixed (High-Ratio) - 4.54%

• 4-year fixed (High-Ratio) - 4.84%

• 3-year fixed (High-Ratio)  - 4.84%

Compare current rates here.

Market Updates & Trends:

• Prime rate sitting at 6.95%.

• Mortgage delinquencies rise 24%, Ontario exceeds $1 Billion.

• 76% of mortgage holders fearing their upcoming renewal into higher interest rates.

• Unemployment in Toronto rising significantly, exceeding all of Quebec.

• With billions in upcoming renewals, borrowers may leave money on the table if they do not negotiate and explore their renewal options.

• Haventree Bank launches a convertible mortgage product targeting underserved Canadians.

• Canada added 27k net-new jobs in May, however the unemployment rate was up 0.1 percentage points.

Events

• Alberta Mortgage Conference (Edmonton) - June 17-18, 2024

• 2024 Mortgage Symposium (Vancouver) - June 24, 2024

• Canadian Mortgage Summit (Toronto) - September 26, 2024

• 2024 National Mortgage Conference (Montreal) - October 26-28, 2024

Who’s Hiring:

• nesto, Mortgage Advisor

• Neo Financial, BDM - Vancouver

• HomeEquity Bank, Business Development Manager

• CWB, Manager, Mortgage Underwriting

• EQ Bank, Senior Product Manager

• Rocket Mortgage, Mortgage Agent (Remote)

• Pine, Business Development Representative

• BMO, Mortgage Specialist

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