Canadian Mortgage Trends

CMT was established in 2006 with two main goals: First, to ensure that Canada’s mortgage professionals stay updated on significant industry news and regulatory updates, enabling them to better assist their clients. Second, to equip Canadians with the knowledge and resources they need to make informed mortgage choices.

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Retail sales rebound in April, but warning signs point to slowdown ahead

1 week ago | canadianmortgagetrends.com | Brett Surbey

Canadian retail sales edged up 0.3% in April, Statistics Canada reported Friday, with gains in auto sales and online shopping helping push total sales past $70 billion. But the increase, spread across just six of nine sectors, came in slightly below forecasts. The strongest gains came from motor vehicle and parts dealers (+1.9%), sporting goods, hobby, musical instrument and miscellaneous retailers (+1.0%) and home furnishings, electronics and appliances retailers (+0.4%).
U.S. inflation softens in May, but Fed still expected to hold through summer

2 weeks ago | canadianmortgagetrends.com | Brett Surbey

Annual inflation in the U.S. edged up to 2.4% in May, following a 0.1% month-over-month increase, the Bureau of Labor Statistics reported. Both the headline and core readings were below consensus forecasts. The uptick was driven mainly by increases in shelter costs (+0.3%), food at home and food away from home (+0.3%), and energy services (+0.4%).
Got extra cash? Here's when experts say it's best to make a lump-sum mortgage payment - Mortgage Rates & Mortgage Broker News in Canada

2 weeks ago | canadianmortgagetrends.com

Being mortgage free can seem like a distant goal when the outstanding balance is in the hundreds of thousands of dollars and most of your regular payments are going toward paying interest.
OSFI eyes loan-to-income rules to replace stress test as industry weighs implications

3 weeks ago | canadianmortgagetrends.com | Jared Lindzon

The Office of the Superintendent of Financial Institutions (OSFI) first floated the idea of switching from its current “stress test” requirements — which limit borrowers to a minimum qualifying rate (MQR) of 5.25% or 2% above the borrower’s contract rate, whichever is higher — to something directly tied to income back in January of 2023. At the time, the proposal came alongside a pair of others related to debt service coverage restrictions and an interest rate affordability test.
Jobless rate hits 7%, but markets trim odds of July rate cut as job losses come in softer than expected

3 weeks ago | canadianmortgagetrends.com | Brett Surbey

Following the release, bond yields rose slightly as investors scaled back expectations of a July rate cut from the Bank of Canada. Employment rose by just 8,800 in May, according to Statistics Canada’s latest labour force survey, as a gain of 58,000 full-time jobs was mostly offset by the loss of 49,000 part-time positions. Meanwhile, the unemployment rate ticked up 0.1 percentage points to 7%.
Most homeowners plan to cut spending as mortgage payments rise: TD survey - Mortgage Rates & Mortgage Broker News in Canada

3 weeks ago | canadianmortgagetrends.com

As mortgage renewals approach, many Canadian homeowners are gearing up for a financial adjustment, and in some cases, a lifestyle change as well.
BMO: Record trade deficit supports BoC cuts in July, September

3 weeks ago | canadianmortgagetrends.com | Steve Huebl

Statistics Canada reported that exports fell 10.8% month-over-month—the biggest monthly drop since the early days of the pandemic. The pullback was broad-based, with declines in 10 of 11 categories, and was felt most sharply in auto exports, which dropped nearly 23%. “April marked the first month that Canada faced the full suite of American tariffs, most notably auto tariffs, which are imposing a massive headwind on auto trade,” noted TD economist Marc Ercolao.
Kozicki: Patience needed for additional rate relief as tariffs, inflation fears linger

3 weeks ago | canadianmortgagetrends.com | Steve Huebl

In a speech Thursday at the C.D. Howe Institute, Deputy Governor Sharon Kozicki said the central bank is relying increasingly on non-traditional data and conversations with Canadians to understand how trade uncertainty and elevated interest rates are affecting households and businesses. These insights, she said, helped shape the Bank’s decision to hold its policy rate at 2.75% this week. “Most businesses expect activity to weaken in the near term, which puts jobs at risk,” she said.
Bank of Canada holds at 2.75% and puts forecasts on hold too

3 weeks ago | canadianmortgagetrends.com | Steve Huebl

The Bank of Canada held its benchmark interest rate at 2.75% today, citing a Canadian economy that’s “softer but not sharply weaker” and inflation data that remains mixed. But beyond the decision to keep rates steady, the more notable shift was in tone: the Bank is pulling back from forecasting and leaning more heavily on incoming data to guide its next move.
Mortgage Digest: Fixed mortgage rates rise as lenders retreat from aggressive pricing

3 weeks ago | canadianmortgagetrends.com | Steve Huebl

4:08 PM• Mortgage Industry News • Views: 2 Written by At the same time, some lenders continue to offer limited-time discounts on select shorter terms, creating a patchwork of rate movement across the market. RBC’s latest increases pushed its 3-, 4-, and 5-year fixed rates up another 5 basis points, bringing its 5-year fixed uninsured offering to 4.49%, up from 4.29% in March.