Here are the five things happening in the mortgage industry RIGHT NOW!

Property Taxes are due July 2nd

Property taxes are due July 2nd. You should receive your notice in the mail soon! Don’t forget to apply for the homeowner’s grants that are applicable to you. LEARN MORE

Qualifying Rate drops to 4.94%

Thanks to a reduction by many banks, the stress test rate has dropped to 4.94%. You can learn more HERE:

CMHC Housing Level Predictions

Canada’s housing sector indicators, including prices, sales and home starts, aren’t expected to return to pre-COVID levels until at least the end of 2022, according to CMHC’s latest Spring Housing Outlook.

“Following large declines in 2020, housing starts, sales and prices are expected to start to recover by mid-2021 as pandemic containment measures are lifted and economic conditions improve,” said the housing agency’s chief economist, Bob Dugan. READ MORE

Lockdown Hits Canadian Q1 GDP

The hand-wringing about the Q1 GDP data released today misses the point that the data were actually better than expected. The Canadian economy declined at an 8.2% annualized rate in the first quarter, less harsh than the earlier estimate by StatsCan of -10%. Of course, every sector of the economy was hit by the enforced shutdown, but not by nearly as much as most economists anticipated. READ MORE

Mortage Deferral Hits New High 

As of the end of April, mortgage deferrals with the Big Six banks amounted to more than $180 billion, data from the institutions showed.

According to the Bank of Canada, this sum accounted for more than 14% of the $1.24 trillion in residential mortgages that the nation’s chartered banks held as of March. READ MORE