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3 mentions found


☆ Analysis: Little relief for indebted Canadian homeowners as mortgage rates seen higher for longer
  + stars: | 2023-08-23 | by ( Nivedita Balu Fergal Smith | Nivedita Balu | Fergal Smith | ) www.reuters.com   time to read: +4 min
As of January 2023, residential mortgage debt stood at C$2.08 trillion ($1.53 trillion), according to the Canada Mortgage and Housing Corporation (CMHC). Mortgage rates tend to track moves in the bond market with a lag. At 6.79%, the five-year mortgage rate posted by major Canadian banks has climbed to its highest since November 2008, data from the Bank of Canada shows. When it is time for renewal, options for homeowners hoping to shop for better interest rates might be limited as they would have to re-qualify for the stress test at the latest interest rates with their new lender. "It certainly is going to be problematic for the Canadian economy if rates stay at this level."
Persons: that's, James Laird, Laird, Daniel Foch, Foch, Stephen Brown, Nivedita Balu, Fergal Smith, Denny Thomas, Jonathan Oatis Organizations: TORONTO, Bank of Canada, Canada Mortgage, Housing Corporation, Ratehub.ca, Bank of, Toronto Regional Real Estate Board, Greater Toronto Area, Reuters, North, Capital Economics, Thomson Locations: United States, Toronto, Greater Toronto, Canada, North America
☆ Canada's slowing home building is bad news for buyers and Trudeau
  + stars: | 2023-06-01 | by ( Fergal Smith Steve Scherer | Fergal Smith | Steve Scherer | ) www.reuters.com   time to read: +4 min
While a federal election is not due until 2025, housing affordability is among the top concerns for Canadians who have grappled with supply shortages. The Liberal Party government's ambitious plan to welcome 500,000 immigrants per year by 2025, or about 1.25% of its population, is expected to fuel robust demand for housing. In April 2022, the Liberal government announced plans to double housing construction over the next decade. It's been 8 years (since he took power), and now, housing costs have doubled," Poilievre said on Twitter earlier this month. Speaking with the heads of Canada's municipalities last week, Trudeau said the government's next "long term infrastructure" plan will be revealed this autumn.
Persons: Justin Trudeau, Randall Bartlett, Bartlett, Pierre Poilievre, Trudeau, Poilievre, Darrell Bricker, they're, Bricker, James Laird, Laird, Fergal Smith, Steve Scherer, Marguerita Choy Organizations: TORONTO, Bank of Canada, Liberal Party, Desjardins, Liberal, Housing, Canada Mortgage, Housing Corporation, Canadian Home Builders ' Association, Reuters, Conservative Party, Twitter, Toronto Area, Public Affairs, Thomson Locations: Toronto, Ottawa
☆ Bank of Canada's inflation fight made harder as bond yields fall
  + stars: | 2022-12-15 | by ( Fergal Smith Steve Scherer | Fergal Smith | Steve Scherer | ) www.reuters.com   time to read: +3 min
The central bank sets short-term interest rates but longer-term borrowing costs, such as for businesses and some mortgage rates, are determined by the bond market. Canadian bond yields, like U.S. bond yields, have tumbled since October as investors anticipate that the tightening cycle is nearing an end and the central bank is poised to shift to cutting rates next year. Bond yields, along with other measures, such as the strength of the stock market and the currency, help determine financial conditions, or the availability of funding in the economy. Since October, Canada's 5-year yield has tumbled nearly 100 basis points and the Toronto stock market (.GSPTSE) has rallied 11%. "Otherwise, we could be on an inflation and rates roller-coaster for years to come that is biased toward higher average inflation."
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