Blogs

Blog Categories

Mortgage Market Updates and News

What to do, what to see? In Port Alberni, BC

Five Canadian mortgage market predictions for 2014

Posted on Jan 7, 2014 in Mortgage Market Updates and News

Robert McLister
http://www.theglobeandmail.com/authors/robert-mclister

Special to The Globe and Mail

1. New mortgage rules Expect more rule tightening in 2014 designed to reduce mortgage risk for lenders, mortgage default insurers and the government. By definition, those rules will make it slightly harder to get approved for some mortgages and further slow the housing market.

2. Credit unions will steal market share Since they’re provincially regulated, credit unions have more flexible lending guidelines than federally regulated banks. They’ll use that to their advantage in addition to marketing more heavily, both online and to mortgage brokers. We’ll also see some big mergers this year as credit unions seek out economies of scale.

3. Stronger online players A new breed of online mortgage broker is sacrificing commissions for volume, and selling cut-rate mortgages. This trend will heat up competition industrywide, delivering greater mortgage discounts to all consumers.

4. Hybrid mortgages will grow more popular Economists and government officials have been warning us of higher rates for four years. So far they've been wrong, and now many consumers aren’t sure what to believe. More Canadians will hedge their rate bets with hybrid mortgages (part fixed and part variable).

5. Consumer IQs will increase For those in the mortgage industry who prefer an uninformed consumer, your days are numbered. Canadians will spend more time researching rate comparison websites, online mortgage forums, news portals, blogs, calculators and other online mortgage tools. They’ll become increasingly savvy about fine print like penalty calculations, rate blend policies and refinance restrictions.


(Find tips for securing the best mortgage in Robert McLister‘s Mortgage Checklist.) Robert McLister is the editor of CanadianMortgageTrends.com. You can also follow him on Twitter at @CdnMortgageNews.


Contact

I'm looking forward to connecting. Due to being in and out of meetings both for council and business, email is typically the best way to get in touch with me. If you prefer to call, that's fine as well, it just may take me slightly longer to get back to you. Texting is also welcomed.
  • TMG - The Mortgage Group Canada Inc.
    3610 Estevan Drive, Port Alberni, BC, V9Y 5R2
  • Cell: 250.730.0239
  • Fax: 1.877.474.5346
  • Email: sharie@mortgagegrp.com
  • RE/MAX Mid-Island Realty
    4213 Princess Road, Port Alberni, BC, V9Y 5R2
  • Phone: 250.723.5666

Please feel free to use the form below to contact me.

  • Human verification question:
    What is the first name of the broker who owns this site?
Email has been sent!
Email could not be delivered. Please try again later!