Forest Hill Signature

Canadians piling on mortgage debt as hot housing market continues

1/20/2021 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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Canadian Mortgage Debt Increased 7.4% in November compared to a year earlier, pushing total up to nearly $1.66 trillion, according to StatsCan.

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Canadian Mortgage Market, First Time Home Buyers, Home Buyers, Mortgage Consumers, Mortgage Rates Canada

Private-sector mortgage insurers say they're gaining market share in wake of CMHC tightening rules

1/19/2021 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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Loan-default insurance industry player says it gained market share following changes the Crown agency made last summer.

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Canadian Credit Market, Mortgage Consumers, Mortgage Default, Mortgage Loan Insurance

What will happen to Bank of Canada rates in 2021?

1/7/2021 | Posted in Mortgage Interest Rates by Forest Hill Real Estate Signature
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The Bank of Canada will likely leave the overnight lending rate unchanged for the whole of 2021, according to a recent forecast.

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Bank of Canada, Mortgage Consumers, Mortgage Rate Forecast, Mortgage Rates, Mortgage Trends

Time to lock in? The outlook for mortgages in 2021

1/5/2021 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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For those of you who need a mortgage in the next 12 months, here are five humble prophecies about the year ahead.

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Canadian Mortgage Market, Mortgage Consumers, Mortgage Market, Mortgage Rates Canada, Mortgage Trends

Non-bank lenders see spikes in mortgage arrears rate

12/20/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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It was a significant jump year-on-year

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Alternative Lenders, Canadian Mortgage Market, Mortgage Consumers, Mortgage Deferrals, Private Lenders

Bank of Canada opens door to another rate cut - but not one below zero

12/11/2020 | Posted in Mortgage Interest Rates by Forest Hill Real Estate Signature
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Bank says it could go lower than 0.25%, but remains deeply skeptical of negative interest rates

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Bank of Canada Benchmark Rate, Mortgage Consumers

Bank of Canada keeps overnight rate frozen

12/9/2020 | Posted in Mortgage Interest Rates by Forest Hill Real Estate Signature
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In today’s policy announcement, the Bank of Canada stood by its pledge to hold its key overnight interest rate at 0.25%.

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Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Mortgage Consumers, Mortgage Rates Canada

Mortgage interest costs continued to fall in October

11/24/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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Mortgage interest costs continued to trend downward in October, according to recent figures from Statistics Canada.

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Bank of Canada, Mortgage Consumers, Mortgage Rates Canada, Statistics Canada

Are five-year fixed mortgage rates in Canada about to increase?

11/23/2020 | Posted in Mortgage Interest Rates by Forest Hill Real Estate Signature
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Several mortgage brokers are warning of a spike in rates once bond yields recover.

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Fixed Rate Mortgages, Mortgage Consumers, Mortgage Rates Canada, Variable Rate Mortgages

How long can interest rates stay low once a vaccine arrives?

11/10/2020 | Posted in Mortgage Interest Rates by Forest Hill Real Estate Signature
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Jubilation over the good news about a vaccine has taken markets by storm. For borrowers, good news is often bad news.

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Coronavirus, Mortgage Consumers, Mortgage Rates Canada

One in five deferred mortgages likely to go into default: RBC

10/13/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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Approximately 11% of Canadian borrowers have not returned to a regular payment schedule.

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Canadian Households, Mortgage Consumers, Mortgage Default, Mortgage Deferrals, Mortgage Delinquency

Pace of Canadian mortgage credit growth is slowing

10/8/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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As payment deferrals begin to expire, Canada’s outstanding mortgage credit is now exhibiting slower growth.

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Canadian Households, Canadian Mortgage Market, Mortgage Consumers, Mortgage Deferrals

Why some Canadians have only 5-7 months before their home buying window closes

9/28/2020 | Posted in Home Buyers by Forest Hill Real Estate Signature
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In light of the past six months of COVID-19-triggered uncertainty, home sales in Canada have been shockingly brisk as a combination of FOMO and low interest rates keep drawing ... More

Home Buyers, Home Buyers Tips, Mortgage Consumers, Move Up Home Buyers, Stress Test

Most new mortgages still come from the Big Six

9/25/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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The largest share of new mortgages in Canada is still with the big banks, according to the Canada Mortgage and Housing Corporation.

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Big Six, Canadian Mortgage Market, Mortgage Consumers, Mortgage Market

Major banks anticipating resumption of most mortgage payments

9/18/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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A "vast majority" of borrowers who took on payment deferrals will be able to fulfill their balances before year-end.

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Canadian Banks, Canadian Real Estate Market Outlook, Mortgage Consumers, Mortgage Deferrals, Mortgage Delinquency

Surge in outstanding residential mortgage credit: CMHC sees risk of delinquencies jumping

9/10/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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Canadians piled on mortgage debt even as COVID-19 forced the country into lockdowns, and Canada Mortgage and Housing Corporation (CHMC) worries many will eventually struggle to ... More

Canadian Mortgage Market, Mortgage Consumers, Mortgage Deferrals, Mortgage Delinquency, Mortgage Rates Canada, Mortgage Trends

Canadians have more than 500,000 payment deferrals with the Big Six

9/9/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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The total mortgage deferral volume in these banks as of the end of July exceeded $130 billion

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Big Six, Mortgage Consumers, Mortgage Deferrals

CMHC eyeing 'new tools' as mortgage deferral cliff looms for borrowers

7/28/2020 | Posted in Canadian Housing Market by Forest Hill Real Estate Signature
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This fall, loan payments unemployed borrowers kicked down the road must start being repaid again, plus interest

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CMHC, Home Owners, Mortgage Consumers, Mortgage Deferrals

Mortgage Rates Keep Setting New Record Lows

6/30/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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While mortgage rates have been tumbling steadily over the last couple of months, many are now in record-setting territory, with certain 1- to 5-year fixed rates now available ... More

Canadian Mortgage Market, First Time Home Buyers, Home Buyers, Mortgage Consumers, Mortgage Industry, Mortgage Market, Mortgage Rates Canada, Mortgage Trends

Record-low interest rates here to stay - for now

6/23/2020 | Posted in Mortgage Interest Rates by Forest Hill Real Estate Signature
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Low interest rates will be the norm for the foreseeable future, Bank of Canada Governor Tiff Macklem said earlier this week.

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Bank of Canada, Canadian Mortgage Market, First Time Home Buyers, Home Buyers, Mortgage Consumers, Mortgage Rates Canada, Mortgage Refinancing, Mortgage Renewals, Variable Rate Mortgages

In opposition of new CMHC guidelines, Genworth not increasing eligibility restrictions

6/12/2020 | Posted in Mortgage News by Forest Hill Real Estate Signature
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Insurer says its current policies are sufficiently robust

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Canadian Mortgage Market, Insured Mortgages, Mortgage Consumers, Mortgage Insurance, Mortgage Loan Insurance

CMHC's new rules will spur heightened home-buying activity

6/12/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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Many Canadians will attempt to purchase new homes before the adjusted rules take effect on July 1.

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CMHC, Home Buyers, Mortgage Consumers

Bank of Canada holds rate steady

6/3/2020 | Posted in Canadian Economy and Interest Rates by Forest Hill Real Estate Signature
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The Bank of Canada held its benchmark interest rate steady at 0.25 per cent on Wednesday and said it thinks the economic impact of COVID-19 on the world's economy ... More

Bank of Canada, Bank of Canada Benchmark Rate, Fixed Rate Mortgages, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Variable Rate Mortgages

Canadians could see record low interest rates until 2022

6/1/2020 | Posted in Canadian Economy and Interest Rates by Forest Hill Real Estate Signature
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A new survey of 15 economists from Canadian banks, financial institutions and academia suggest that 0.25% interest rate could be around for more than a year, maybe two.

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Interest Rates, Mortgage Consumers, Mortgage Rates Canada

Mortgages take up largest slice of Canada's household debt

5/18/2020 | Posted in Financial Health by Forest Hill Real Estate Signature
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Canadian household debt has reached $2.28 trillion in total as of March, with mortgage payments accounting for a significant slice of the growth, according to data from the ... More

Canadian Debt, Household Debt, Mortgage Consumers

Stress Test Rate to Drop

5/16/2020 | Posted in Canadian Economy and Housing Market by Forest Hill Real Estate Signature
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Thanks to a reduction in some Big-Bank posted rates in recent days, Canada’s mortgage stress test rate will fall as early as next week.

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Home Buyers, Mortgage Consumers, Stress Test

New mortgages to decline considerably in the near-term: TD Economics

5/12/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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The coronavirus has plunged market activity into a deep freeze

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Canadian Mortgage Market, First Time Home Buyers, Mortgage Consumers, Mortgage Market, Mortgage Trends

Canada braces for higher mortgage defaults

4/21/2020 | Posted in Canadian Economy and Housing Market by Forest Hill Real Estate Signature
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Rising unemployment and high debt is expected to boost mortgage loan delinquencies in Canada, though experts say it won’t play out like the U.S. subprime mortgage crisis ... More

Canada Living, Canada Real Estate, Canadian Households, Canadian Housing Market, Consumer Spending, Household Debt, Mortgage Consumers, Mortgage Delinquency

Canadian banks have processed 670,000 mortgage deferrals in first month

4/17/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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Canadian banks processed more than 670,000 mortgage deferrals or skipped payments in the month since announcing a measure to help consumers weather the economic hit from the ... More

Big Six, Canadian Banks, Canadian Mortgage Market, Mortgage Consumers, Mortgage Deferrals

Canada's big banks field half a million mortgage deferral requests

4/4/2020 | Posted in Mortgages and Real Estate by Forest Hill Real Estate Signature
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Canada’s biggest banks have received nearly half a million requests from homeowners to hold off mortgage payments as the economic fallout from the COVID-19 pandemic ... More

Big Six, Canadian Mortgage Market, Coronavirus, Mortgage Consumers, Mortgage Deferrals, Mortgage Trends

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