The House: March 25, 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:

• OSFI to implement a Loan-to-Income (LTI) limit.

• The Competition Bureau pushed for a removal of the stress test on uninsured switches, however, OSFI was quick to reject any consideration of a change to the current policy.

• The Canadian inflation rate slowed to 2.8% in February.  This is now two months straight of lower than expected inflation numbers, however, it’s too early to celebrate, says Bank of Canada.

• Canada is spending three quarters of its planned deficit budget to buy mortgage bonds.

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)  - 4.94%

Compare current rates here.

Market Updates & Trends:

• Prime rate sitting at 7.2%

• Economists are predicting June rate cuts as inflation continues to ease.

• Title and mortgage fraud has been on the rise prompting experts to recommend further precautions.

• Variable or fixed rates? Experts chime in on the pros and cons of each in the current market.

• Canada’s credit market risk is on the rise.

• Canadian Mortgage Professionals chime in on the current outlook for first-time homebuyers.

• Understand current statistics on mortgages in arrears.

• Canadian Banks are seeing less growing mortgage balances, however, state that more than $94 billion of home loans are still troubled.

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, VP, Mortgage Sales

• Rocket Mortgage, Mortgage Agent (Remote).

• nesto, Mortgage Advisor

• Marathon Mortgage, Director of Sales

• National Bank, Mortgage Development Manager

• Marathon Mortgage, Account Manager

• CMHC, Bilingual Specialist Change Management

• HomeEquity Bank, Business Development Manager

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