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Blog by Micah Verceles

Q1 2019 Bank Earnings

March 28th, 2019
The dust has settled after the latest round of Big 6 bank earnings, which indicated a sluggish start to the year on the mortgage front.

Residential mortgage growth was subdued in the quarter, hit by a housing slowdown in the country’s largest markets, Toronto and Vancouver, but exacerbated due to higher activity a year ago as homebuyers rushed to purchase ahead of the B-20 Guidelines.

We also ...

Canada's Inverted Curve Steepens as Real Yield Turns Negative

March 26th, 2019
Canada has joined the U.S. in the inverted yield curve club, signaling a growing risk of recession that may keep Stephen Poloz on hold for his final 14 months as head of Canada’s central bank.

The yield on Canada’s 10-year bond dipped to 1.57 percent Monday, or 10 basis points lower than the rate on the three-month Treasury bill, compared with a gap of 6 basis points Friday. That inversion ha ...

Non-residents own 4.9% of Metro Vancouver homes, much higher in new condos: CMHC

March 25th, 2019
Relatively small percentage of homes are jointly owned by a mix of resident and non-resident owners, according to federal housing agency

While there is a common perception that overseas buyers have snapped up much of Metro Vancouver real estate, the number of homes owned purely by non-residents across the region is 4.9 per cent, according to a study of Statistics Canada data by Canada Mortg ...

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

March 20th, 2019
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 strategist for Canada.

“Near-term risks skew decisively towards easing. If the [Bank of Canada] moves in 2019, it is more likely to be a cut,” Andrew Kelvin wrote said in a note to clients Thursday.

Last week, the TD Bank strate ...

2019 Federal Budget - Housing Market Overview

March 19th, 2019
The announcement of a new CMHC First-Time Home Buyers Incentive Plan represents a shared equity mortgage program that would give eligible first-time homebuyers the ability to lower their borrowing costs by sharing the cost of buying a home with CMHC.

The incentive would provide funding (equity sharing) of up to five percent of the purchase price of an existing home, or 10 percent of a newly c ...

Residential Market Commentary - Defying economic expectations

March 15th, 2019
The Canadian economy continues to confound the experts and is keeping the Bank of Canada on its toes.

The February job numbers are just the latest economic indicator to defy expectations. Statistics Canada reports the labour market generated nearly 56,000 new jobs last month, all of them full-time. That is well above expert forecasts for flat job growth following an extraordinary report in Ja ...

A first-time homebuyer’s guide to avoiding the house poor trap

March 14th, 2019
Life likes to deal us surprises from time to time — a job loss, a chronic illness, an unfortunate fender bender. As a homeowner, any one of these sudden changes can throw you off your game, financially speaking, but if you’re house poor, even a minor expense change can have catastrophic consequences.

House poorness occurs when a large portion of your income goes towards your housing expenses ...

ICON + New Story | The Vulcan I - 3D Printed Home

March 12th, 2019
In 2017, ICON co-founders Jason Ballard, Evan Loomis, and Alex Le Roux met Brett Hagler, co-founder of the non-profit New Story, and realized that they had a united mission: To employ 3D printing and new building technologies to transform the construction industry and provide affordable, durable, and sustainable homes to those in need.

ICON is a construction technologies company dedicated to ...

Metro Vancouver homebuyers hold the power in current market

March 11th, 2019
The latest report by the Real Estate Board of Greater Vancouver said while more homes were listed for sale, there was below-average demand.

Homebuyers appear to be the ones with power in the current market.

February saw more supply from homesellers and below-average demand from homebuyers, meaning buyers are likely taking their time and considering their options.

Residential sales last month ...

The Real Estate Board of Greater Vancouver - February 2019 Stats

March 7th, 2019
The Metro Vancouver* housing market saw increased supply from home sellers and below average demand from home buyers in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,484 in February 2019, a 32.8 per cent decrease from the 2,207 sales recorded in February 2018, and a 34.5 per cent increase from the 1,103 homes sold in ...

Bank of Canada Reduces Prospects of a Rate Hike

March 6th, 2019
In a very dovish statement, the Bank of Canada acknowledged this morning that the slowdown in the Canadian economy has been deeper and more broadly based than it had expected earlier this year. The Bank had forecast weak exports and investment in the energy sector and a decline in consumer spending in the oil-producing provinces in the January Monetary Policy Report. However, as indicated by ...

Residential Market Commentary - The next move: no move for BoC

March 4th, 2019
The next rate setting by the Bank of Canada will be on March 6th and market watchers are not expecting any change.

Governor Stephen Poloz set a fairly dovish tone in his recent speech to the Chamber of Commerce of Metropolitan Montreal. Poloz called the bank’s current rate of 1.75%, stimulative because it is still below the rate of inflation, which is running at about 2.0%. And Poloz said the ...