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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



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News
11 December 2019

Mortgage stress test worsens housing supply issue and makes homes even less affordable

Today, Canada is showing sustained economic and strong population growth. Millennials and new Canadians are creating households and they express strong desire to have their own real estate, especially amid low interest rates. It seems that with such conditions we should see growing home sales and supply increasing alongside demand, supporting the prices at normal levels. However, the real estate supply is restrained and home prices are growing sharply in the major markets.

Michael Bourque, CEO of the Canadian Real Estate Association, blames the government for it. In his opinion, a strong focus on lowering household debt has dominated the policy, while the main reasons of this undersupply (excessive red tape, fees, taxes and nimbyism) are almost not affected.

In case we want to solve the housing affordability issue in Canada, governments need to review their policy mix and address those reasons, starting with a more flexible mortgage stress test.

First of all, it’s necessary to view mortgage debt in the Canadian context. Canadian consumers show some of the highest rates of home ownership and mortgage borrowing in the entire world. Nevertheless, Canadians use their mortgage debt responsibly with making additional payments or accelerating paying off in other ways.

 
9 December 2019

Next year could be crucial for some Canadian borrowers

The recent report by TransUnion Canada says the outstanding credit card balances have exceeded the $100-billion level in Q3. It’s the first time on record, meaning Canadian borrowers keep piling up debts on the wave of extremely low interest rates.

Overall, Canadians keep managing their debts. Nevertheless, it’s important to pay attention to one certain report finding. A warning sign is growing non-mortgage delinquency rate – it was up by almost 0.26% to 5.54% in the third quarter. Although it’s not a significantly high number, it’s still growing.

As previous reports by TransUnion show, in case Canadian borrowers face financial issues with credit cards, auto loans and mortgage payments, they tend to miss their credit card payment first, and manage the others.

 
6 December 2019

Jobless rate in Canada reaches 5.9%

Last month, Canada’s economy showed the largest monthly job loss since the financial crisis, raising the jobless rate and giving the central bank more reasons to cut the overnight rate in 2020.

According to Statistics Canada, the economy lost 71,200 jobs in November, and the unemployment rate went up by 0.4% to 5.9%. It’s the biggest number since 6% reported in August 2018.

Refinitiv says economists predicted an average of 10,000 new jobs and no changes to the jobless rate.

Brett House, deputy chief economist at Scotiabank, says the decline only increases the pressure on the Bank of Canada to cut rates next year.

 
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News

11 December 2019

Mortgage stress test worsens housing supply issue and makes homes even less affordable Today, Canada is showing sustained economic and strong populat...Read more >>

9 December 2019

Next year could be crucial for some Canadian borrowers The recent report by TransUnion Canada says the outstanding credit card balances have exceeded...Read more >>

6 December 2019

Jobless rate in Canada reaches 5.9% Last month, Canada’s economy showed the largest monthly job loss since the financial crisis, raising the jobless ...Read more >>
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