First National sees early boost from mortgage rule changes, but profits lag
But that surge has yet to meaningfully flow through to the bottom line, as Canada’s largest non-bank mortgage lender saw its revenue growth tempered by narrower margins, lower servicing income, and a heavier expense load. Jason Ellis, President and CEO of First National The lender funded 34% more single-family mortgages compared to a year earlier, […]
Home sales fall in Calgary, but rising listings ease pressure on prices
Home sales totalled 2,236 in April, down 22% from last year’s record high, according to the Calgary Real Estate Board (CREB). Despite the steep drop, CREB says activity is still in line with long-term averages. The bigger shift came from a jump in new listings, which pushed inventory to 5,876 units—more than double last year’s […]
Hudson’s Bay sees interest in 65 of its leases: court documents
By Tara Deschamps A new court filing made Tuesday in the department store chain’s creditor protection case said 18 unnamed parties submitted letters of intent expressing interest in a total of 65 leases. Some of those letters were submitted by landlords and many made a play for several of the same leases, said the report […]
Fannie Mae Now Expects Mortgage Rates to Be 30 Basis Points Lower By Year End
The latest mortgage rate forecast from Fannie Mae is a good one, assuming you’re a prospective home buyer or an existing homeowner. The government-sponsored enterprise (GSE) lowered their forecast pretty dramatically from a month earlier. They now expect the 30-year fixed to be a full 30 basis points lower by the end of 2025. And […]
Dip in February retail sales strengthens case for another BoC rate cut
Retail sales fell 0.4% to $69.3 billion in February, dragged down by a sharp drop at auto dealers and continued weakness in housing-related categories. It’s the second straight monthly drop and caps off a sluggish first quarter for Canadian consumers. The biggest hit came from motor vehicle and parts dealers, where sales tumbled 2.6%. All […]
What the Heck Is Going on with Mortgage Rates?
There’s a lot going on right now with mortgage rates so I’m dedicating a very long post to it. First and foremost, mortgage rates are dropping fast as the economy teeters on the brink of a possible recession. The driver is worldwide tariffs and a global trade war, which has led to a stock market […]
B.C. gives short-term rental platforms an extension to confirm listings are legal
By Wolfgang Depner But the extension announced Wednesday doesn’t apply to rental hosts themselves, who must still register their units with the provincial government by Thursday. Previously, platforms such as Airbnb and Vrbo also had until Thursday to validate that B.C. listings in most communities had registration numbers with the province, but that’s now been […]
A Good Reminder That Lenders Are Always Quick to Raise Mortgage Rates
I keep hearing that lower mortgage rates are the silver lining of a global trade war. That despite the stock market fallout and possibly much higher prices due to tariffs, mortgage rates are at least lower. But how much lower are they really? And at what cost? And is anyone actually biting, other than recent […]
Trade uncertainty was key reason behind Bank of Canada’s April rate hold
According to the Bank’s latest Summary of Governing Council Deliberations, it was the sheer unpredictability of U.S. trade policy—and how it might ripple through the Canadian economy—that led policymakers to stay on the sidelines. With major tariffs announced by the U.S. earlier this month and more possibly on the way, the Bank said it simply […]
Mortgage Rates Can Change In an Instant
If you’ve been paying attention to mortgage rates lately, you might be wondering what on earth is going on. Mortgage rates appeared to be heading back toward the low 6s before abruptly shifting back toward 7%. It all took place in the span of a day or two, compounding the matter further. In fact, Monday […]