Pandemic’s economic hangover will hit home prices by 2021, CIBC economists predict

Robb NelsonMortgage Talk Canada

By: Geoff Zochodne The economic shock caused by the coronavirus pandemic will have the housing market in flux in 2020, and its lingering effects could lead to lower resale prices when the dust begins to settle, according to economists at the Canadian Imperial Bank of Commerce. “The expected volatility in overall economic activity in the coming quarters will not skip … Read More

One in 20 Homeowners Have Missed a Mortgage Payment Due to COVID-19

Robb NelsonMortgage Talk Canada

By: Steve Huebl While Canadian lenders stepped forward with unprecedented measures to assist those affected by the COVID-19 pandemic, there were still some homeowners unable to make their mortgage payments over the past month. As many as one in 20 homeowners (6%) said they missed their mortgage payment recently due in part or in full to the ongoing pandemic, with another … Read More

No respite for Canadian consumers as COVID-19 drags on

Robb NelsonMortgage Talk Canada

by Ephraim Vecina Canadians’ purchasing power will continue deteriorating significantly, with the national unemployment rate most likely to settle at the double digits by year-end. The latest forecast by the federal government’s Parliamentary Budget Officer (PBO) warned that Canada’s unemployment levels are now in the red zone, and will peak during the third quarter of the year. With the rate at … Read More

Should You Break Your Mortgage to Take Advantage of Lower Rates?

Robb NelsonMortgage Talk Canada

by Nicola Brown Amid the global financial chaos of the past few weeks, Canada’s major banks have been making some big changes. For the second time in 2 weeks, the Bank of Canada slashed the prime rate by 50 basis points, bringing the total rate cut to a full percentage point lower than before the global COVID-19 pandemic. Like many homeowners, I … Read More

‘Unprecedented’ Number of Canadians Looking to Refinance Mortgages: Report

Robb NelsonMortgage Talk Canada

As the country continues to respond to the economic fallout caused by the COVID-19 pandemic, there has already been an “unprecedented” rise in Canadians looking to refinance their mortgages following the Bank of Canada’s latest emergency rate cut. On March 27, the Bank of Canada announced for the third time it would be cutting its key interest rates by half a … Read More