Pessimism among mortgage consumers is more prevalent, according to Mortgage Professionals Canada’s latest report. The study reported growing anxiety about renewing and family finances.
While borrowers may be anxious about their mortgage payments, overall delinquencies remain low. Across all the banks, the 90-plus day delinquency rate is up from last year but only up modestly from last quarter for RBC, BMO, and CIBC, flat for TD, and down slightly for Scotiabank. Delinquency rate predictions are reviewed.
About three-in-ten homeowners plan to buy a new primary residence in the next five years, according to the MPC study.
Pessimism among non-homeowners has increased significantly. Half think they will never purchase a home, up from one-in-five just two years ago.
Home prices have moderated slightly but affordability remains a significant challenge. Downpayments remain a significant challenge, families are increasingly helping their loved ones secure this purchase with gifts.
High housing costs are pushing many Canadians to consider relocating, according to a recent Angus Reid survey.
For a deeper dive, read the full article in this week’s issue of Competitive Intelligence (CI) Update.
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