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Happy New Year

https://www.canadianmortgagetrends.com/2023/05/home-sales-bounce-back-in-april-as-national-average-home-price-rises-back-above-700000/

Home sales bounce back in April as national average home price rises back above $700,000 - Mortgage Rates & Mortgage Broker News in Canada Despite affordability challenges, rising housing demand has pushed Canada's national average home price up to $716,000, in April.

https://globalnews.ca/news/9646398/bank-of-canada-interest-rate-cuts-2024/

Here’s when markets expect the Bank of Canada to start cutting interest rates - National | Globalnews.ca A newly released survey from the Bank of Canada shows that most market players expect the central bank will keep its key interest rate on hold through 2023.

Bank of Canada Not Happy With Another Strong Jobs Report
This morning’s Jobs Report was again solid. Job creation, though more tempered than in earlier months, is still robust. The unemployment rate remained at 5.0% for the fourth consecutive month. Very troubling to the Bank of Canada was the wage inflation, still above 5%.

No doubt the Bank does not welcome this news. But the jobs market is a lagging indicator, so the BoC will likely continue the pause on April 12th. DLC will host another In Conversation on that date with President, Eddy Cocciollo, and myself - stay tuned for more details.

The economy will report about 1.5% GDP growth in Q1--up from zero growth at the end of last year. Consumer spending remains strong, and the early indications suggest that the housing market is picking up and prices are rising on limited supply. As the year progresses, supply shortages will become more evident, and rent will increase sharply, making ownership more attractive.

All eyes will be on OSFI mid-month when the comment period on new initiatives end. The Department of Finance wants banks to ease credit conditions, especially for VRM borrowers now running negative amortization. OSFI has different ideas, especially with a mini banking crisis in the US and Switzerland.

https://www.cnbc.com/amp/2022/11/29/hsbc-to-sell-canada-business-to-rbc-for-10-billion.html

HSBC eyes bumper dividend from $10 billion sale of Canada business to RBC British bank HSBC said on Tuesday it had agreed to sell its business in Canada to Royal Bank of Canada for $13.5 billion Canadian dollars ($10.04 billion) in cash.

https://www.blogto.com/real-estate-toronto/2022/10/experts-say-torontos-housing-prices-will-likely-climb-even-more-2023/

Experts say Toronto's housing prices will likely climb even more in 2023 Experts expect inflated home prices in Canada to decline slightly in 2023, but anyone hoping for a price correction in Toronto's red-hot housing ma...

https://www.canadianmortgagetrends.com/2022/09/gta-home-price-declines-eased-in-august-but-continued-in-other-metro-markets/

School is in session! Hope everyone has a wonderful first day back to learning.

https://www.canadianmortgagetrends.com/2022/08/td-and-cibc-comment-on-mortgage-renewals-and-trigger-points/

TD and CIBC comment on mortgage renewals and trigger points - Mortgage Rates & Mortgage Broker News in Canada TD Bank and CIBC both released their third-quarter earnings results on Thursday, and both commented on the status of the variable-rate mortgage balances.

https://www.canadianmortgagetrends.com/2022/08/80000-variable-rate-mortgages-will-reach-their-trigger-point-by-year-end-rbc/

80,000 variable-rate mortgages will reach their trigger point by year-end: RBC - Mortgage Rates & Mortgage Broker News in Canada Canada's largest bank said about 80,000 of its variable-rate mortgage clients will reach their trigger point with the next "couple of" Bank of Canada rate hikes.