Industry bellwether DLC Group is the poster child for what happens when interest rates soar.
Its funded volumes plunged 41% last quarter, compared to Q1 2022's record numbers. Its revenue dove 32% to $11.6 million.
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Last May, mortgage fintech Pine.ca took in $27 million from investors who bet it would "disrupt" Canada's mortgage business.
We were nosy about how that was coming along, so MLN caught up with Justin Herlick, Co-founder and CEO of Pine Canada Financial Corporation. He was
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This week, the lowest nationally-available variable, 2-year fixed and 10-year fixed, are all lower. Once again, borrowers have Nesto to thank. The online lender seems to be on a market share mission as of late.
Of particular interest is Nesto's 10-year fixed at 4.99% for insurable loans
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"Inflation is coming down…. It's going to be 3% this summer, we think."—Bank of Canada's Tiff Macklem
Canada's 5-year yield rose five bps last week, nothing major. Spunky jobs data was the main reason.
Employment reports are backward-looking, however, while markets
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"Inflation should be within that [1-3%] band about three-quarters of the time"
—BoC Governor Tiff Macklem (source)
* Opportunity to reassure borrowers: 77% of mortgagors are "worried" about borrowing costs ballooning at their next mortgage renewal, according to this Angus Reid survey. The number is similar for
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