Here’s what the interest rate hike means for the Canadian housing market, according to experts (Livabl)

Melanie ConsMortgage Talk Canada

Yesterday, the Bank of Canada (BoC) hiked the overnight rate 25 basis points to 1.50 per cent, the fourth increase in the last 12 months. In its release, the Bank noted that the housing market seemed to be stabilizing, and would be able to weather the hike. Some economists agreed with the sentiment, while others argued that there is still … Read More

Vancouver’s one-two punch is expensive homes and low wages (BNN)

Melanie ConsMortgage Talk Canada

Want to pay San Francisco housing prices on a Columbus, Ohio income? Move to Vancouver. While policymakers from Seattle to Boston lament a growing urban affordability crisis, a new study of home prices and earnings across more than 100 major U.S. and Canadian metropolitan areas shows Vancouver in an ignominious class of its own. The median cost of a Vancouver … Read More

Canadian delinquencies will likely rise this year: Equifax (BNN)

Melanie ConsMortgage Talk Canada

Canadian delinquency rates, which have been declining since the last recession, will probably reverse and begin to climb by the end of 2018 as the central bank presses ahead with interest rate increases, according to the country’s largest credit reporting firm. Regina Malina, senior director of analytics at Equifax Canada, predicts late payments on the country’s $599 billion of credit card, … Read More

Nearly half of Vancouver home purchasers are overshooting their home buying budget

Melanie ConsMortgage Talk Canada

Vancouver is the most expensive city for residential real estate in the country and it’s forcing the city’s homebuyers to stretch their budgets to purchase homes in the hot market. In 2017, 48 per cent of homebuyers in Vancouver exceeded their budgets to buy homes, according to a recent Canada Mortgage and Housing Corporation (CMHC) survey, published last week. Meantime, … Read More