Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents).
Reader note: RateSpy’s breaking mortgage news is now at → RATESDOTCA.
- Overbidding on a home? Here are 4 things that could go wrong (The Globe & Mail – Subscription)
- Bidding wars continued in earnest across the country in May. But by most accounts, it was at a less frenetic pace than March and April.
- Young Ontario residents giving up on home ownership: survey (Yahoo News)
- 70% of prospective home buyers say a 150 bps jump in rates would have “no effect” on their buying plans. And a good percentage of those probably don’t understand how debt service ratios work.
- New mortgage stress test rules may stabilize Canada’s housing market: BMO (Global News)
- BMO: “We’re routing more mortgages to manual adjudication particularly where…we’ve seen rapid house price appreciation…” (Translation: We trust our computer algorithms but we don’t trust them *that* much.)
- Cottages across Canada seeing ‘unbelievable levels of demand’ (Financial Post)
- 71 bids for one cottage isn’t believable?
- Yes, this is a market bubble – and it may burst sooner than you think (The Globe & Mail – Subscription)
- Remote work habits are likely to outlast the pandemic in Canada (BNN Bloomberg)
- StatsCan says up to 1 in 4 hours worked could be remote, versus 1 in 20 pre-COVID. At-home workers are much more likely to be university educated.
- The taxing truth about investing in real estate (Real Estate News EXchange)
- ‘This is a crisis’: Cannings (Castanet)
- MP: “…What we get in this [Liberal] budget are relatively small investments that will not make a dent in the housing crisis, not in the short term and not in the long term.”