Pace of Mortgage Lending Points Towards the Future of Canada’s Mortgage Industry
06 Mar 2013 , According to PRWeb
Mortgage Expert Marcus Arkan, CTO of Syndicate Mortgages, Examines and Analyzes the Latest Figures from Major Lending Institutes
Toronto, Ontario (PRWEB) March 06, 2013
In a recent blog published by The Wall Street Journal, latest figures indicated that most of the Canada’s leading banks have observed a slowdown in the pace of mortgage lending. Mortgage Expert and CTO of Syndicate Mortgages, a leading mortgage broker in Canada, have analyzed the report and announced that the findings will provide a solid ground to predict the future of Canada’s mortgage & housing market in 2013.
According to WSJ, major banks including Royal Bank of Canada and Toronto-Dominion Bank have reported a slower pace of growth despite the year-over-year growth in volume of residential mortgages in Canada. According to Mr. Arkan, the change is the consequence of rule changes introduced by Mr. Jim Flaherty last year. “Overall we have seen a decrease in the prices as well as the demand. This is largely due to last year’s rule changes that were introduced to slow down the then fast-paced market,” Mr. Arkan explained.
According to Royal Bank of Canada, there has been a 5% increase in the volume while TD reports a rise of 7.4%. On the other hand, the same report indicated that some of the banks have also experienced a drop in the sales. This includes Canadian Imperial Bank of Commerce with a 0.8% decrease in volumes. Mr. Arkan pointed out the fact that the increase in volume is more significant than the decline reported by some of the banks. However, he also stated that the volume growth is still lower than what these major lending institutes have seen in previous years.
Just two days prior to publishing the report from RBC and TD, The Wall Street Journal also published a report from Bank of Montreal. According to the report, figures from Bank of Montreal also show a 13% growth in volumes. However, the pace of growth for BMO has also declined.
Based on current figures from major banks, Mr. Akran draws a preliminary opinion about the direction Canada’s mortgage industry might be heading towards in the next few quarters of 2013. “We can very well expect a soft landing now. Things will not remain as hot-red and lucrative as they have been for the past few years but we can still predict a healthy market,” Mr. Arkan concluded.
You can learn more about Canada’s quickly changing mortgage market stats at Syndicate Mortgage’s website http://www.syndicatemortgages.com
About Syndicate Mortgages Inc.
Syndicate Mortgages Inc. is one of the leading Canadian mortgage brokerage firms. Founded in 2008 in Ontario, the company specializes in residential, commercial and construction financing across Canada. With years of experience and expertise in the mortgage industry, and access to an array of lending institutions across Canada, Syndicate is known for finding the best mortgage rates for their customers. Syndicate has branch locations across Canada. For contact, please use the following details.
Syndicate Mortgages Inc.
Toll Free: (888) 646-1062