Welcome to the Guardian Financing November 2018 monthly newsletter. This month’s issue is on what the current statistics are revealing about the mortgage industry.
The past couple of weeks have seen a number of reports and surveys coming, and as a mortgage broker, it is always important to have a keen eye on the stats. In short, here is what the numbers may be telling us:
Though there is some relief in housing prices, the Canadian Housing Market still remains highly vulnerable according to the quarterly report by the CMHC. The strict mortgage rules, small growth in inflation, and rising interest rates, have led to a decline in the demand for homes and this has consequently led to reduced prices. However, markets such as Victoria, Hamilton, Toronto, and Vancouver are still highly vulnerable due to the imbalances currently being witnessed in the housing market.
The selling prices for homes in Toronto rose by 1% according to the Toronto Real Estate Board. New listings, however, went down by 2.7%, and this could be an indication that the market is becoming tighter due to a decrease in supply.
Vancouver, on the other hand, reported a 34.9% decrease in the sale of houses from October last year (2017). With such a number illustrating low sales, the Greater Vancouver region is nearly hitting a new historical high in terms of the supply of homes, from the 7.4% that was recorded last year.
The Financial Consumer Agency of Canada gave insights on the use of Home Equity Lines of Credit and the figures were as follows:
30% of Canadians surveyed agreed to being more stressed over their finances than they were stressed over their overall health, and 44% of participants admitted that stressing over finances was impacting their mental health.
Guardian Financing is a direct private mortgage lender. We serve the greater Montreal area providing short term residential mortgage loans, typically ranging from $50,000 to $3,000,000. Contact us today to discuss your file at 514-700-3121 or by email at files@guardianfinancing.ca
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