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

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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