Monthly Mortgage Update: July 2014
We are approaching summer vacation, when the real estate market (and by extension, real estate news) tends to slow. So, this mortgage update will be short and sweet, as evidenced by this intro.
2014 Mortgage Stats
The mortgage industry’s two foremost reporting organizations, the Canada Mortgage and Housing Corporation (CMHC) and the Canadian Association of Accredited Mortgage Professionals (CAAMP), released their spring mortgage survey results last month.
We summarized CAAMP’s findings in an infographic entitled “Homebuyer Wins vs. Losses 2014”, which, as the title suggests, presented both the good and bad mortgage stats. For instance, borrowers have locked in lower mortgage rates so far this year, but the 2012 mortgage rule changes have taken a noticeable toll on the housing market. Check out the infographic in its entirety.
As for the CMHC report, our friends over at Canadian Mortgage Trends summarized the high-level stats in this comprehensive article. The report mostly focused on mortgage servicing and originations, which showed mortgage brokers gained market share from lenders with repeat buyers, refinancers and renewers. Beyond that, stats on online mortgage information gathering are represented quite nicely in the CMHC infographic below, although we need not point out the absence of mortgage comparison websites like Ratehub.ca as a source for borrowers.
Escape to the Country
It’s that time of year when highways running out of the city are jam-packed with urbanites escaping to surrounding cottage country. And after a harsh winter and slow start, the cottage market in Canada appears to be getting back on track. Case in point: the number of cottage properties sold in the Muskoka area of Ontario during April was down 18% from a year earlier, but Re/Max reports that a larger number of people are now looking for properties they can work from during the summer, as well as properties that can be used year-round. If the cottage in the Muskoka Lakes that sold for $7.4 million recently is any indication, the CMHC’s recent decision not to insure mortgages for second homes appears to have had little material impact on this market.
Ratehub.ca News
Mortgage Tips
We just launched a series of mortgage tips on our Facebook page, to alert our fans and Canadian homebuyers of some lesser-known mortgage and real estate strategies. Check out the example below and visit our Facebook page for new tips every week!
Be Social!
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And did we mention our monthly newsletter, which provides an overview of the best of the best in mortgage rates and news? Subscribe here.
‘Til next month!
–KL