Latest In Mortgage News: House Price Growth To Cool By End Of Year: TD

TD Bank is forecasting that home prices will cool by the end of the year due to rising interest rates. Filogix has launched Expert Pro and Expert Plus as solutions to digitize the end-to-end mortgage process. Warnings against unconditional offers have been issued in British Columbia due to a "heightened level of activity" in the market. TD Bank's economist Rishi Sondhi believes that such growth is unsustainable. The Real Estate Council of BC and OSRE released a statement to encourage buyers to do their due diligence when buying a home.

The British Columbia Real Estate Association and Canadian Mortgage Brokers Association both warned of the risks associated with the current housing market conditions. Buyers who enter into unconditional offers without sufficient committed financing risk losing their deposit and being sued for damages. CIBC survey found that 77% of homeowners have no plans to sell their home pre-pandemic, and 3 quarters have no plans to move in the next two years. Additionally, 31% of homeowners have carried out renovations during the pandemic, and 34% plan to remodel over the next 12 months. Half of renters are unable to purchase due to high home prices, while nearly half say their lack of owning a home is not due to the mortgage stress test.