The Fall Mortgage Report presents data that is relevant to the current market environment in Canada providing insights into home prices affordability and mortgage trends

The report takes a look at the performance of different mortgage channels and helps to provide insights for lenders, brokers, and other industry players.

The report found that annual home price inflation decreased from 6.3% in October 2014 to 4.5% in November 2015. This drop was largely attributed to larger drops in the Vancouver and Toronto markets. Despite the decrease in home prices, house prices remain high compared to historical levels. In addition, affordability continues to be an issue with many Canadians feeling that high home prices have limited their ability to purchase a primary residence.

When looking at the different mortgage channels, the report indicates that demand for mortgages has weakened across the board during the fall period. Refinancing activity declined for both banks and non-banks while purchases saw more modest decreases. The declines in refinancing activity were believed to come from weak economic growth and increased competition in the mortgage market.

The report also highlighted the sector’s important role in the overall Canadian economy. Mortgages are the largest source of consumer debt in the country, accounting for roughly half of all household debt. This debt has been rising steadily since the mid-2000s and it remains a major policy concern for the government.

In conclusion, the report findings suggest that while there has been a decrease in home prices, affordability remains an issue. Furthermore, the mortgage channel has seen a decline in activity throughout the fall period. Mortgages continue to be the largest source of consumer debt in the country, suggesting that it will remain an important area of focus for both policy makers and industry professionals.

The Fall Mortgage Report provides an in-depth analysis of the Canadian mortgage market. It highlights the important role of mortgages in the overall economy and provides insight into the performance of different mortgage channels. The report found that while home prices have decreased, affordability remains an issue and mortgage activity has declined across the board. These findings suggest that it is critical for policy makers and industry professionals to continue to focus on the mortgage sector.

This article was contributed on Nov 15, 2023