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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

5 February 2019

Mortgage growth fell to its lowest level in 17 years

In December, mortgage growth went down to its lowest mark in 17 years, putting even more pressure on Canada’s big banks to focus on other business sectors.

The central bank says residential mortgage growth was only 3.1% and reached $1.55 trillion. It’s the slowest result since May 2001, and twice smaller than two years ago.

“The main profit source for Canadian banks will be reduced”, — said Craig Fehr, investment strategist at Edward Jones & Co., whose firm controls $30.8 billion in Canada. “Often, it’s the largest and most profitable business of these big banks”.

In his opinion, investors will have to review their expectations on the most important industry tendency in years. “Those banks that will shift their business sources, will win”.

“Such things don’t happen unexpectedly. It was an engineered slowdown and the banks often agreed to the changes we’ve seen”, - CIBC Capital Markets analyst Robert Sedran noted. “It will lead to healthier lending conditions and a healthier real estate environment in the future”.

Considering slower mortgage growth rate you can be sure that banks will squeeze every dollar and percentage point from every new mortgage or mortgage renewal, that is why it's even more crucial now to shop around and check with your mortgage broker especially at the time of renewal! Our best offer stands at 2.80% (Prime - 1.15%) - the rate no big bank can even get close to.


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