The House: March 11, 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.

If you find this newsletter valuable, please consider subscribing and sharing with your network.

What’s Happening

• CMHC is winding down the first-time home buyer incentive program starting March 21st and will not approve any new requests after March 31st.

• Bank of Canada holds interest rate at 5%, stating it’s still too soon for rate cuts.

• MCAN Financial Group (MCAN) launches a direct-to-client Guaranteed Investment Certificate (GIC) under the brand MCAN Wealth.

• B.C. & Ontario mortgage holders who missed payments rose in Q4.

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 - 5.29%

• 4-year fixed - 5.44%

• 3-year fixed - 5.39%

• 5-year fixed (High-Ratio) - 4.64%

• 4-year fixed (High-Ratio) - 4.99%

• 3-year fixed(High-Ratio)  - 5.04%

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, but signs increasingly hinting at mid-2024.

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

Market Trends:

• Prime rate sitting at 7.2%

• Mortgage rates continuing to trend downwards.

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

• Home Sales are rising in Canada’s major metro cities.

• 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 National Housing Conference (Ottawa) - March 16/17, 2024

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

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

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

• Canadian Mortgage Awards - May 2, 2024

Who’s Hiring:

• Neo Financial, VP, Mortgage Sales

• Rocket Mortgage, Mortgage Agent (Remote).

• BMO, VP of Mortgage Specialists.

• nesto, Sales Development Respresentative

• Pine, Mortgage Underwriter

• Marathon Mortgage, Director of Sales

Interested in sponsoring this newsletter? Reply to this email.