The House: May 6, 2024

Your bi-weekly dose of Canadian mortgage news.

May 06, 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:

  • Wealthsimple experiences massive growth and continues to hint at an entry into the mortgage market.

  • Fixed mortgage rates have been on the rise.  With the bond fluctuating week-over-week, mortgage professionals and consumers are both questioning if rising rates are here to stay.

  • CMHC releases their 2024 housing report.

  • Many Canadians are about to experience rising mortgage rates while much of the conversation has been around current rate relief.

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) - 5.59%

  • 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) - 4.69%

  • 4-year fixed (High-Ratio) - 4.89%

  • 3-year fixed (High-Ratio)  - 4.84%

Compare current rates here.

Market Updates & Trends:

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

  • OSFI announces a new stress test for uninsured mortgages.

  • Bank of Canada fights back commentary, stating no mortgage crisis on the horizon as of yet.

  • Greater Toronto area home sales down in April.

  • Vancouver home sales rise in April.

  • TD launches an extremely low variable rate.

Events

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