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Blog by Micah Verceles

OSFI wants big banks to hike reserves amid elevated risks

December 17th, 2018
Canada’s biggest banks – those deemed ‘too big to fail’ – will need to increase the size of their emergency funds in 2019.

OSFI has announced that the Domestic Stability Buffer will increase from the current 1.5% of total risk-weighted assets to 1.75% in April 2019 for those FIs designated as Domestically Systematically Important Banks (D-SIBs).

The regulator notes that Canada’s current cre ...

Big banks tighten grip on mortgage market after rule changes stifle competition

December 14th, 2018
Canada’s biggest banks are tightening their grip over the country’s $1.5 trillion (US$1.1 trillion) mortgage market as new rules designed to cut out risky lending make it harder for borrowers to switch lenders, with some analysts betting on more gains for the country’s biggest two banks.

The rules, which stress-test borrowers’ ability to make repayments at 200 basis points above their contr ...

Toronto, Vancouver most 'vulnerable' to interest rate hikes: CMHC

December 13th, 2018
Canadians living in the country's two largest cities may find themselves more "vulnerable" to interest rate increases as personal debt levels in Toronto and Vancouver continue to hit record levels, warns a Canada Mortgage Housing Corporation report.

The housing agency says the debt-to-income (DTI) ratio for those living in Vancouver climbed to 242 per cent in the second quarter ended June 3 ...

Vancouver-area home prices to fall 3% in 2019: RE/MAX

December 12th, 2018


Home prices could fall — or at the very least, fall flat — in 2019, according to projections from two realty firms looking at our market.

That could mean opportunities for buyers, at least in some Vancouver-area communities.

We’ll see a three per cent drop in prices, according to a forecast from RE/MAX.

Royal LePage isn’t quite as pessimistic. It expects prices will rise, but probably by less ...

The devil is in the details

December 11th, 2018


Canada’s November employment numbers were stunning. Economists had projected about 10,000 new jobs. The economy created an amazing 94,000 jobs for the month, most of them fulltime. The unemployment rate dropped to 5.6%, down 2 basis points from October and down 3 bps from a year ago.

Numbers like that usually set the stage for a lot of speculation about more interest rate hikes by the Bank ...

Bank of Canada's Dovish Tone

December 5th, 2018
As was universally expected, the Bank of Canada's Governing Council held overnight interest rates steady at 1-3/4% as it heralded a weaker outlook for the Canadian economy. The dovish tone in today's Bank of Canada statement is in direct contrast to its attitude when it last met on October 24. Since that time, the global economy has moderated, and oil prices have fallen sharply. Troubling p ...

Thinking of Buying a Leasehold Property? Read This First

December 4th, 2018

What the Heck is a Leasehold Property?

A leasehold property means that the owner owns the house/townhouse/condo itself but not the land it is built on. That land is leased to the home owner by the land owner. Leasehold land is basically a plot of land that has been rented out to a developer, who then builds on the land and rents the property for a certain sum of money (or a portion of it as ...

The Real Estate Board of Greater Vancouver - November 2018 Stats

December 4th, 2018
Metro Vancouver homes sales down across all property types

Home buyer demand remains below long-term historical averages in the Metro Vancouver* housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales totalled 1,608 in the region in November 2018, a 42.5 per cent decrease from the 2,795 sales recorded in November 2017, and an 18.2 per cent de ...

Is it time for a mortgage checkup?

December 4th, 2018
It’s coming up on the end of the year. It’s most likely been another busy year for you; when is it not right? While there’s so much to do as we get into the holiday spirit, this is a great time to reflect on your finances, more specifically your mortgage. Maybe you’ve had your mortgage for a couple years and it’s not top of mind. But things have not only changed in the mortgage industry, bu ...

CMHC forecasts higher rates, slower housing

December 3rd, 2018
The conditions are right for further interest rate increases and that will blunt home sales and slow price acceleration.

The Canada Mortgage and Housing Corporation predicts the economy will continue to grow at a moderate pace well into next year. The housing agency expects that will keep pressure on the Bank of Canada to raise rates which will, in turn, increase the debt service costs for ...

Q3 Canadian GDP Growth Slowed On The Back of Weak Housing and Business Investment

December 2nd, 2018
This morning, Stats Canada released the third quarter GDP figures indicating an expected slowdown to 2.0% growth (all figures quoted in annual rates), compared to a 2.9% pace in Q2. Over the first three quarters of this year, quarterly growth has averaged 2.2% which is down from the 3.0% annual growth recorded in 2017. The Canadian economy is at or near full capacity, so slower growth is no ...