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Canada Life transfers residential mortgage operations to nesto
Canada Life to transfer residential mortgage portfolio to nesto
The Canada Life Assurance Company has announced it will move the servicing and support of its residential mortgages to digital mortgage company nesto. Montreal-based nesto will service and administer Canada Life’s residential mortgage portfolio starting January 2024.
75% of RBC mortgages to see higher rates by 2026
RBC (RY-T) will see 14 per cent of its mortgage portfolio come up for renewal in 2024 and another 25 per cent in 2025. Roughly 90 per cent of those are fixed-rate, with interest rates of 3.10 to 3.60 per cent.
Investors now own more than 50% of Toronto’s new condos
Experts say real estate has become a game, where investors, rather than end users, are the main players, buying and selling property to cash in on Toronto’s hottest commodity. They are driving up prices and pushing out prospective homebuyers.
Banks see fewer borrowers with 'negative amortizations'
Canadian banks are seeing fewer borrowers adding unpaid interest to their mortgage balances – referred to as negative amortization. But lenders still have $110 billion of outstanding loans that are ballooning because monthly payments do not cover the interest costs.
New B.C. law requires house owners to reveal finance sources
In a lawsuit, the B.C. government has alleged in filings in B.C. Supreme Court that money from a $200 million international stock fraud has been laundered through a Salt Spring home at 435 Stewart Rd.
B.C. timeshare owners question buy-out bid
Timeshare owners at Kelowna's Lake Okanagan Resort are speaking out after being asked to vote on a proposal by resort ownership to cease operation of the timeshare business. Most buildings were destroyed by the McDougall Creek wildfire in August.
South Cambie non-profit dev. exclusively for and by women
Non-profit Soroptimist International of Vancouver and Purpose Driven Development have come together with funding partners to create affordable rental housing for working women, senior women and women-led families on a development site in Vancouver's South Cambie neighbourhood.
Shoring wall collapse at B.C. condo raises quality issues
A investigation will likely take months, but engineering experts and others in the building industry say a number of factors may have led to the dramatic collapse of a shoring wall at the development site of a Coquitlan high-rise condo.
City of Ottawa accepts blame on Barrhaven development
Ottawa city council is reviewing a "tainted" planning process where city staff cleared the way for a Barrhaven housing development by pressuring the Rideau Valley Conservation Authority to advance Caivan's Conservancy project in an area prone to flooding.
Illegal land use destroying community: Vaughan residents
Once a picturesque street, Cold Creek Road in the Kleinburg area of Vaughan, Ont. has a different look these days, with trucks and sea containers stacked high, stored up and down the street in an area mostly zoned agricultural.
How a rare rental conversion upends a small community
OPINION: The residents of a seven-unit East Vancouver apartment building have formed a tight-knit community over the years. But now a new building owner has announced a plan to renovate their affordable rental building into four strata condos.
Background on new Ont. rules for real estate bidding wars
Recent changes to a piece of real estate legislation in Ontario, Trust in Real Estate Services Act (TRESA), are set to improve consumer protection and transparency within the industry, particularly in the case of bidding wars, say experts.
Calgary house prices rose again by 11% in November
Calgary Real Estate Board says the city saw 1,787 home sales in November, marking an 8.8 per cent increase compared with the same month last year, as the ratio of sales to new listings remained high at 80 per cent.
Boomers in Edmonton are expect to sell houses by 2035
A boom of supply to Edmonton’s resale housing market could be coming in the next decade fuelled by aging baby boomers, who have been increasingly aging in place, according to a new report by the Canada Mortgage and Housing Corp.
Macdonald Realty opens new office in East Vancouver
Macdonald Realty recently opened a new office on East Vancouver’s vibrant Commercial Drive, the first real estate office to open in the neighbourhood. The new location marks the company’s return to this part of the city after pandemic office closings.
Moving home to save money? There are drawbacks
No surprise here, many twenty-, thirty- and forty-somethings can’t keep up with the cost of living, thanks to the stacking effect of inflation, rising rents, interest rates, pay increases not keeping up, too much debt, skyrocketing payments and so on.
More B.C. homeowners are now renting out single bedrooms
Unique living arrangements are part of a growing trend in Canadian cities hit hardest by the housing crisis — where homeowners struggle to pay for mortgages and renters struggle to find affordable accommodations, say new figures from Rentals.ca.
Short-term rentals have impacted affordability: Desjardins
A Desjardins report says the proliferation of short-term rentals on platforms such as Airbnb and Vrbo has had a significant effect on the affordability and availability of homes, reducing the number of units available for long-term rentals and resale markets.
The professional Airbnb landlord class is simply the worst
OPINION: Work-shy wannabe business moguls have historically gravitated toward relatively unremarkable paths to entrepreneurship. To the chagrin of travellers, and in defiance of the meaning of hospitality, this set has claimed Airbnb hosting as today’s hot ticket to passive income.
Plunging consumer confidence indicates continued spending slowdown
Canadian consumers – whose opinion matters a lot in this question of economic performance – strongly disagree that the economy is not in recession, and their profound and deepening pessimism could change the policy discussion very quickly at the Bank of Canada.
Industry Events
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Canadian Home Building Association: National Fall Meetings
Oct 21 2024
to Oct 25 2024
Ottawa, Ontario
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Canada Real Estate Auction
Oct 22 2024
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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Housing Central Conference
Nov 18 2025
to Nov 20 2025
Sheraton Vancouver Wall Centre Hotel, BC
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