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Borrowell and Equifax Canada Partner to Provide Canadians Free Access to Credit Scores

by Yvonne von Jena | June 23, 2016

Borrowell has announced that it will now give Canadians access to their Equifax credit score at no cost and provide them with an updated score every three months to track their progress via a no-obligation service.

[RBC] Housing Affordability Slips in Canada's Hot Spots, and Erodes Mildly in Other Markets

by Yvonne von Jena | June 22, 2016

According to RBCâ€™s Q1 2016 Housing Trends and Affordability report, which leverages Brookfield RPS house price data, housing affordability took a hit in Canadaâ€™s hot spots, and eroded mildly in other markets. The report says that the heat is still definitely on in Vancouver and Toronto, and single family detached homes are experiencing a pace of appreciation that is often symptomatic of expectations of further gains, rather than fundamentals. However, in the majority of other markets, few affordability obstacles exist. Winnipeg, Regina, and Saskatoon bucked the trend and saw improvement in affordability for some or all housing categories in the first quarter.

[CIBC] Canadians' Home Renovation Budgets in 2016

by Yvonne von Jena | June 22, 2016

A new poll by CIBC finds that Canadians homeowners planning to renovate expect to spend an average of $13,000 on home improvements this year. The top home renovations in 2016 are basic maintenance (54%), landscaping (42%) and bathrooms (33%).

U.S. Cases Set Precedent for Wider e-Signature Adoption

by Yvonne von Jena | June 21, 2016

According to National Mortgage News, two recent U.S. court rulings affirmed that lenders can enforce electronically signed and transferred notes, laying important groundwork for wider adoption of e-Signatures. The could also allay investor concerns about buying loans secured with e-notes, and if widely adopted, would improve the customer experience for borrowers and result in meaningful savings for lenders and servicers.

[Moody's] Canadian Banks Are Able to Withstand A Severe Housing Crisis

by Yvonne von Jena | June 21, 2016

According to Moodyâ€™s rating agency, the Canada's biggest banks could absorb the direct effects of a severe housing crisis without incurring catastrophic losses. This is based on the results of stress testing by Moody's of Canada's biggest banks against a 25% drop in house prices and an additional 10% decline in the provinces of Ontario and British Columbia.

The Bank of Canada on FinTechs

by Yvonne von Jena | June 18, 2016

In a recent speech on FinTech, the Bank of Canadaâ€™s Senior Deputy Governor, Carolyn Wilkins, provided good insight into how the regulator sees FinTechs, what it is doing to try to understand them and how it is thinking about regulating them.

[TransUnion] Before and After a Mortgage Event: A Consumer Behavior Study

by Yvonne von Jena | June 17, 2016

A recent study on US mortgage inquiries by TransUnion found that consumers applying for a new mortgage are on average 2 to 3 times more likely to initiate an auto loan or credit card account over the next 12 months. Further, many of these consumers open these accounts as soon as one month after their existing mortgage payoff.

[StatsCan] Household Net Worth Increases, Driven by Real Estate

by Yvonne von Jena | June 15, 2016

According to Statistics Canada, household sector net worth rose by 1.2% in the first quarter of 2016 to $9,633 billion, driven by gains in the value of real estate. Mortgage debt increased to $1,268 billion, and household debt-to-disposable income was little changed in the first quarter, edging down slightly to 165.3%.

OECD on Canadian Housing and Household Debt

by Yvonne von Jena | June 14, 2016

The Organization for Economic Co-operation and Development (OECD) published its latest Economic Report on Canada. The report focused on vulnerabilities related to housing and household debt, which are still increasing, the shift of activity from energy to non-energy sectors and recent stronger growth in productivity after prolonged weak growth below comparable OECD countries.

Vancouver House Price Increases More Lucrative than Going to Work?

by Yvonne von Jena | June 13, 2016

According to mathematician Dr. Jens von Bergmann, a former professor at the University of Calgary Vancouver, homeowners in Vancouver earned more than they did working.