Today's report...
• Scotia tightens mortgage underwriting
(An important follow-up to yesterday's "rumour.")
This & That
- Mortgage payment inflation is back: New mortgage payments—assuming 20% down on the average home value—have rebounded almost $400 a month. That follows a 12.1% jump in CREA's national average home price from the cycle low in January. Falling rates could eventually alleviate some of the affordability hit, but if home values keep creeping higher—a likelihood given lower rates, higher incomes, persistent supply scarcity and FOMO after a correction—Canada's affordability crisis will heat back up. Near-term, it looks like home prices in most markets will jump again this month. Other things equal, the more that happens, the more media will write about a price rebound and the more FOMO will drive demand.
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