The House: May 21, 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:

• Wealthsimple officially announces a partnership with Pine to offer mortgages to their customers.

• Home sales and new starts were both reduced in April.

• Rocket Mortgage enters the broker channel.

• Housing affordability improves in some of Canada’s least affordable cities.

• Keypr, a platform for self-guided home-buying, launches in Ontario.

Mortgage Rates  - Banks

•  5-year fixed  - 5.14%

• 4-year fixed  - 5.29%

• 3-year fixed  - 5.55%

• 5-year fixed (High-Ratio) - 4.94%

• 4-year fixed (High-Ratio) - 5.59%

• 3-year fixed (High-Ratio) - 4.94%

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) - 4.69%

• 4-year fixed (High-Ratio) - 4.84%

• 3-year fixed (High-Ratio)  - 4.94%

Compare current rates here.

Market Updates & Trends:

• Prime rate sitting at 7.2%, with many anticipating a rate cute in June.

• Inflation figures could shake the mortgage market lull.

• Financial experts have shifted their expectations, stating a potential decrease in an imminent economic downturn.

• Surging economic activity in the Calgary housing market showing no signs of slowing down.

• How can mortgage brokers best advise their clients through a slow spring market and affordability crisis?

• Opinion: Canada needs longer mortgage renewal terms.

• Home buyers remain cautious even with an increase in housing listings.

Events

• 2024 Mortgage Symposium (Halifax) - May 27, 2024

• Montreal Real Estate Forum (Montreal) - June 6, 2024

• Raining Referrals and Uncommon Loyalty (Webinar) - June 11

• Women in Mortgage Summit (Toronto) - June 5, 2024

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

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

Who’s Hiring:

• Neo Financial, VP, Mortgage Sales

• nesto, Mortgage Advisor

• HomeEquity Bank, Business Development Manager

• RFA, Senior Mortgage Underwriter

• EQ Bank, Senior Product Manager

• Homewise, Mortgage Advisor

• First National, Mortgage Funder

• Rocket Mortgage, Mortgage Agent (Remote)

• Pine, Mortgage Advisor

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