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Millions of Canadians already missing payments due to COVID-19

3/27/2020 | Posted in Financial Health by Forest Hill Real Estate Signature
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The coronavirus outbreak is leading to defaults on credit cards, utilities, and telecoms.

Consumer Confidence, Consumer Spending, Cost of Living, Household Debt, Personal Finance

Big Six banks slash prime rates by half a point

3/17/2020 | Posted in Canadian Economy and Interest Rates by Forest Hill Real Estate Signature
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The Big Six banks are slashing their prime lending rates 50 basis points to 2.95 per cent from 3.45 per cent in response to the plunge in the benchmark Bank of Canada interest ... More

Bank of Canada, Bank of Canada Benchmark Rate, Canadian Banks, Household Debt, Variable Rate Mortgages

Bank of Canada slashes policy rate to 0.75 per cent in surprise cut

3/13/2020 | Posted in Canadian Economy and Interest Rates by Forest Hill Real Estate Signature
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The Bank of Canada cut its trend-setting interest rate by half a percentage point to 0.75 per cent from 1.25 per cent in a surprise move on Friday aimed at softening the ... More

Bank of Canada, Economic Growth, Household Debt, Variable Rate Mortgages

Changing the stress test may raise credit risk for banks says Fitch

2/27/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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The proposed change to the federal mortgage guidelines that would reduce the stress test requirement for borrowers could adversely affect the credit risk of Canada’s big ... More

Canadian Banks, Household Debt, Stress Test

Canadian reverse mortgage debt reaches nearly $4 billion

1/28/2020 | Posted in Financial Health by Forest Hill Real Estate Signature
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Despite a decelerating pace of borrowing, Canadian seniors still pushed the nation’s reverse mortgage debt balance towards yet another ... More

Canadian Debt, Household Debt, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, OSFI, Reverse Mortgages

Canadians are cutting back on debt amid fears of recession

1/2/2020 | Posted in Canada Living by Forest Hill Real Estate Signature
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Most Canadians held back from increasing their debt burden in 2019 and 1 in 5 say debt repayment is their top financial priority for 2020.

... More

Canadian Debt, Household Debt, NonMortgage Debt, Personal Finance

Canadian households to get short break from rising debt costs

12/31/2019 | Posted in Canadian Economy and Interest Rates by Forest Hill Real Estate Signature
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TD economists says the cost of servicing debts should ease early in 2020

... More

Bank of Canada Benchmark Rate, Canada Living, Canadian Debt, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Canadian Household Borrowing Jumps By 31%, StatCan Says

12/16/2019 | Posted in Financial Health by Forest Hill Real Estate Signature
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Canadians' borrowing habits are back to where they were before policymakers cooled off the housing market. Lower interest rates are convincing some to borrow more.

... More

Canadian Debt, Canadian Households, Household Debt, Interest Rates, NonMortgage Debt

Canadians' wealth reduced as real estate gains are erased

9/19/2019 | Posted in Canadian Economy and Housing Market by Forest Hill Real Estate Signature
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The average Canadian household was worth less in 2018 than in the previous year.

... More

Canadian Debt, Canadian Households, Household Debt, Personal Finance, Property Value, Real Estate Values

Stats Can releases Q2 household debt data

9/14/2019 | Posted in Financial Health by Forest Hill Real Estate Signature
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Household income grew slightly faster than debt in the second quarter as the amount Canadians owe relative to their income edged down for the third quarter in a row.

... More

Canadian Debt, Household Debt, NonMortgage Debt

A Bank of Canada rate cut as early as September

8/20/2019 | Posted in Interest Rates by Forest Hill Real Estate Signature
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A slowing economy and growing trade tensions suggest a cut will happen more quickly than currently accounted for, Macquarie economist says.

... More

Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Variable Rate Mortgages

Bank of Canada keeps key interest rate steady

7/10/2019 | Posted in Canadian Economy and Interest Rates by Forest Hill Real Estate Signature
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The Bank of Canada is keeping its trend-setting interest rate steady at 1.75 per cent in a decision widely expected by economists.

... More

Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgage Rates Canada, Mortgages & Real Estate, Variable Rate Mortgages

OSFI increases domestic buffer to 2% amid household debt risk

6/6/2019 | Posted in GTA Real Estate by Forest Hill Real Estate Signature
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Canada’s banks will have to set aside a larger share of their capital to protect against downturns in lending and other potential financial risks.

... More

Canadian Banks, Canadian Credit Market, Household Debt, OSFI

Bank of Canada maintains overnight rate target at 1.75 per cent

5/29/2019 | Posted in Interest Rates by Forest Hill Real Estate Signature
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The Bank of Canada today maintained its target for the overnight rate.

... More

Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt

Interest rate cut now unlikely say economists

5/27/2019 | Posted in Interest Rates by Forest Hill Real Estate Signature
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The Bank of Canada will make its May interest rate decision Wednesday but it’s unlikely there will be a change according to a panel of experts.

... More

Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgage Rates Canada, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Household debt at a record high, senior mortgages increase

5/23/2019 | Posted in Financial Health by Forest Hill Real Estate Signature
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Canadian households continued to pile up debt in the fourth quarter of 2018 according to a new report from CMHC.

... More

CMHC, Household Debt, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, Personal Finance

Delinquency rates hold steady even as credit market grows

5/23/2019 | Posted in Financial Health by Forest Hill Real Estate Signature
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The Canadian credit market has grown but it appears that consumers are generally managing their debt well.

... More

Canadian Credit Market, Household Debt, Interest Rates, Mortgage Consumers, Mortgage Delinquency, NonMortgage Debt

Canadian Bankruptcies Jump At Fastest Pace Since Financial Crisis

5/14/2019 | Posted in Financial Health by Forest Hill Real Estate Signature
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Higher interest rates and a record-large debt burden are taking their toll on Canadians, with the number of households filing for insolvency hitting an eight-year high in the ... More

Bankruptcy, Canada, Household Debt, Insolvency, Interest Rates, NonMortgage Debt, Office of the Superintendent of Financial Institutions

CMHC's Siddall Warns Homeownership 'Party' Coming to an End

5/11/2019 | Posted in Canadian Housing Market by Forest Hill Real Estate Signature
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The head of the Canada Mortgage and Housing Corporation (CMHC) gave a candid assessment of the country’s housing market, saying the “party” of homeownership ... More

Canadian Housing Market, Canadian Real Estate Market Outlook, First Time Home Buyer Incentive, First Time Home Buyers, Household Debt, Housing Supply, Millenials

BoC touts long-term mortgages to open MBS market

5/9/2019 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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Bank of Canada Governor Stephen Poloz suggested that lenders should encourage mortgage products with longer terms as a means of distributing risk more evenly and insulating the ... More

Bank of Canada, Canada Mortgage and Housing Corporation, Household Debt, Mortgage Consumers, Mortgage Market, Mortgage Trends, Mortgages & Real Estate, Uninsured Mortgages

Latest stats make interest rate hikes highly unlikely in 2019

5/1/2019 | Posted in Interest Rates by Forest Hill Real Estate Signature
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The latest reading of Canada’s economy brings both good and bad news for the housing market.

... More

Canada GDP, Economic Growth, Household Debt, Interest Rates, Mortgages & Real Estate, Statistics Canada

Household debt to have knock-on effect upon banks, economy

4/29/2019 | Posted in Canadian Economy and Interest Rates by Forest Hill Real Estate Signature
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Canadians now owe an average of $1.79 for every dollar of disposable income.

... More

Bank of Canada, Bankruptcy, Canada, Canadian Banks, Household Debt, Insolvency, Interest Rates, NonMortgage Debt

Bank of Canada keeps rates steady, cuts language about future hikes

4/24/2019 | Posted in Interest Rates by Forest Hill Real Estate Signature
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Bank of Canada keeps rates steady, cuts language about future hikes.

... More

Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

48% of Canadians on brink of insolvency: Survey

4/22/2019 | Posted in Financial Health by Forest Hill Real Estate Signature
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Sign of deteriorating financial stability for many people in the country.

... More

Canada, Household Debt, NonMortgage Debt, Personal Finance

Bank of Canada's Poloz says stimulative rates needed for temporary soft patch

4/2/2019 | Posted in Canadian Economy and Interest Rates by Forest Hill Real Estate Signature
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Poloz's optimism Monday about the future could ease speculation the central bank could lower rates.

... More

Bank of Canada, Bank of Canada Benchmark Rate, Canada Real Estate, Economic Growth, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Bank of Canada to hold interest rates through 2020: TD Securities

3/15/2019 | Posted in Interest Rates by Forest Hill Real Estate Signature
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The Bank of Canada will likely hold off raising interest rates through all of 2020, and could even cut rates later this year, according to TD Securities’ senior rates ... More

Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgage Trends, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Rising debts could see rise of second mortgages

3/14/2019 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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Canada’s household debt levels will force around 1 in 5 people with debt to sell assets to stay above water.

... More

Household Debt, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, Second Mortgages

Bank of Canada maintains overnight rate target at 1.75%

3/6/2019 | Posted in Interest Rates by Forest Hill Real Estate Signature
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The Bank of Canada (BoC) is keeping its key interest rate target on hold at 1.75 per cent on Wednesday, citing concerns about the global economy and Canada’s own recent ... More

Bank of Canada, Bank of Canada Benchmark Rate, Economic Growth, Household Debt, Interest Rates, Mortgages & Real Estate

Mortgage delinquencies on the rise

3/6/2019 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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More Canadians are running into serious issues with their mortgage payments according to a new report.

... More

Bankruptcy, Household Debt, Mortgage Consumers, Mortgage Delinquency, Mortgage Rates Canada, Mortgages & Real Estate, NonMortgage Debt

Why Canadians are suffering a bankruptcy spike

2/25/2019 | Posted in Interest Rates by Forest Hill Real Estate Signature
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The Bank of Canada began raising its key overnight lending rate in July 2017 and it’s now at the highest level in a decade. Accustomed to historically low and even ... More

Bank of Canada, Bank of Canada Benchmark Rate, Bankruptcy, Canada, Household Debt, Interest Rates, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt

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