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Why pay more than needed? Get my rate specials. Let me negotiate the best rate for you and save money.

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Residential Market Commentary – The key reason for the decline of new mortgage loans

A new report from Canada Mortgage and Housing Corporation confirms what we have all suspected: there were fewer mortgages taken out in 2017 compared to 2016. The key reason for the decline suggests 2018 will see more of the same.

Using data from credit monitoring agency Equifax, CMHC reports just shy of 960,000 new mortgage loans in 2017, down 6.5% from 2016.

Of the five categories of borrowers examined, the biggest decline in new mortgages was a 17.5% drop among homeowners who renewed with a new lender. This suggests: homeowners may not be shopping around for renewals the way they do for their initial mortgage; lenders are offering attractive terms to retain clients; the terms and conditions for moving to a new lender are too onerous.

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This entry was posted on September 5th, 2018 | Posted in General

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PURCHASE


I can help you whether you're a first time home buyer, looking to upgrade / downgrade or purchasing an investment property. I will guide you through the process and find you the best mortgage rates Vancouver has to offer. Let me work for you and take care of one of the most important purchases you will ever make.

REFINANCE


With my years of experience, I assist my clients with all their real estate financing and planning needs. It is quite common for homeowners to refinance their property to consolidate and pay out high interest debt at a much lower rate. Many of my clients have utilized these historically low rates and are now saving themselves thousands of dollars with this technique.