Canadian banks reported unexpected profit surge last week. Canadian bond yields moderated and the banks were quick to respond by lowering their rates. Bank of Canada is expected to stay in its current state next week.
Mortgage News:
Brokers: Cut pooling? Cut volume requirements – CMP
B.C. adds more brokers – CMP
CMHC reports lower second-quarter net income, predicts lower housing starts – Winnipeg Free Press
CMHC sees profit fall in core mortgage insurance business – Globe and Mail
Do New Mortgage Rules Hurt or Help First-Time Buyers? – Toronto Star
CMBS Makes a Comeback, Continued Strength and Stability in the Canadian Market – CMLS
Mortgages: Fixed or Variable? – Toronto Star
Five Tips For Negotiating a Mortgage – Toronto Star
Canadian mortgage debt a concern: Flaherty – CTV
Banks look to immigrant market for growth – Globe and Mail
[Video] A look at the best mortgage terms, rates – Globe and Mail
Real-Estate News:
Canadian housing became less affordable in Q2: RBC – Financial Post
Housing affordability eroding, RBC says – CBC
Alberta housing leads nation: CMHC – Edmonton Journal
First-time home buyers will fuel market: bank – Victoria Times Colonist
Renting: What you need to know about leases – Toronto Star
Canadian home prices hit new high, but pace slowing – National Post
Toronto housing market softening – Toronto Star
Home price gains cooling but still hit record – CBC
Condo prices to rise in most cities – NAT.PO
Immigration, low rates to save Toronto condo market – Toronto Star
The perils of home buying without a rainy-day fund – Globe and Mail
Financial News:
Car loans drive up debt loads – Globe and Mail
Canada insurance brokers complain about RBC marketing – Reuters
Poll: Nearly half of Canadians hold TFSAs, a lot not using them – Digital Journal
Consumer debt rises in Atlantic region – Chronicle Herald
Government belt-tightening to put a drag on Canadian GDP growth through 2013: CIBC
CIBC says governments to boost economy less than Bank of Canada expects – Edmonton Journal
Banks defy gloom with profit surprise – Globe and Mail
Manulife Financial to buy Wellington West Financial Services from National Bank – Brandon Sun
Canada Dollar Matches Highest Level Since May as Crude Oil Gains – Bloomberg
Scotiabank reaches agreement to acquire ING Bank of Canada and announces common share offering – Newswire, CMA
IMC Completes Second Canadian CMBS Transaction; Accelerates New Loan Originations – Institutional Mortgage Capital
Economy Lab: Are Canada’s banks getting too big to fail? – Globe and Mail
Canadian non-mortgage debt at highest level in 8 years – The Province
Scotiabank needs Ottawa’s permission to buy ING – Financial Post
Other News:
U.S. Housing Prices to Continue Stabilizing in 2013 – BMO
Quote of the week
Fears of a long and sharp down turn in the housing market are highly exaggerated and very premature
Benjamin Tal via — CIBC.
Thanks for reading. Have a good weekend.
