Latest in Mortgage News: Despite Challenges, Majority of Canadians Plan to Buy a Home

RBC's latest Home Buying Sentiment Poll found that 80% of Canadians still believe home ownership is a good investment. However, high home prices are taking a toll, with the average national home-buying budget being approximately $445,237. Manulife Bank has created a dedicated mortgage broker channel sales division, led by Mario Cloutier, who brings 20+ years of experience in the broker channel. Tim Gillrie, with 18 years of secured lending and advisor business experience, will lead another newly created role as National Head of Advisor Sales. Lysa Fitzgerald, a member of Manulife Bank's Leadership Team, will become the new Vice President, Sales.

Between July 2019 and July 2020, Toronto and Montreal saw net population losses due to immigration. Surrounding municipalities showed strong growth, with Milton and Brampton growing at the fastest pace. Evan Siddall, President and CEO of the Canada Mortgage and Housing Corporation, has extended his term to ensure a smooth hand-off to his successor and to help lead his 2,000 colleagues in advancing housing affordability for all Canadians. The reason for the delay in finding a replacement for the position is unknown. Urban sprawl is an important trend to monitor.