{"id":15119,"date":"2017-12-08T01:00:59","date_gmt":"2017-12-08T06:00:59","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=15119"},"modified":"2020-09-21T09:54:25","modified_gmt":"2020-09-21T13:54:25","slug":"laurentian-mortgage-scandal-b-20-warnings-and-treb-loses-data-sharing-appeal-weekly-real-estate-news-recap","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/laurentian-mortgage-scandal-b-20-warnings-and-treb-loses-data-sharing-appeal-weekly-real-estate-news-recap\/","title":{"rendered":"Laurentian Mortgage Scandal, B-20 Warnings, and TREB Loses Data Sharing Appeal: Weekly Real Estate News Recap"},"content":{"rendered":"

Laurentian Under Fire for Misrepresented Mortgages<\/h2>\n

Laurentian Bank is under intense scrutiny after an audit of its sold mortgage portfolios revealed some of the loans weren\u2019t credible having been either \u201cmisflagged\u201d or containing \u201cdocumentation issues\u201d.<\/p>\n

The revelation drew immediate comparisons to the scandal plaguing alternative mortgage company Home Capital<\/a>;\u00a0several of its brokers were caught fudging mortgage qualification paperwork and the lender was subsequently fined by the Ontario Securities Commission.<\/p>\n

Like Home Capital, Laurentian\u2019s stock plummeted on the news, however CEO Fran\u00e7ois Desjardins insists that\u2019s where the similarities end; Laurentian\u2019s inaccuracies can be chalked up to error, he says, rather than intentional misrepresentation. The affected mortgages also make up\u00a0less than half a per cent of the bank\u2019s portfolio, he told Business News Network<\/em>.<\/p>\n

He also puts the blame on clients who misrepresent themselves on their mortgage applications. \u201cAs time has gone by, yes, there is a percentage of people who embellish what they put on their application forms, and it\u2019s the job of the financial institution to weed that out,\u201d he told BNN<\/em><\/a>. \u201cIt\u2019s why most of the financial institutions take less and less credence of what\u2019s on the application form and more and more from other means like the credit bureau or other sources.\u201d<\/p>\n

As a result, Laurentian is poised to buy back $89-million-worth of affected mortgages, which account for 4.9 per cent of what was sold to the third party. Because the audit is not yet complete, that amount could balloon to $304 million, however Desjardins downplayed it\u00a0as not having a \u201cmaterial effect\u201d.<\/p>\n

While he says the \u201cbuck stops\u201d with him, Desjardins scolded mortgage customers, imploring them to be honest on their applications. \u201cI would urge everyone that\u2019s applying for a loan to do the right thing and be disciplined in terms of what they\u2019re writing and what they\u2019re disclosing. It\u2019s better for all of us,\u201d he said.<\/p>\n

November Sales Strong as Toronto Buyers Rush Ahead of Mortgage Rules<\/h2>\n

Pending\u00a0B-20 mortgage rules, taking effect in\u00a0January, are sparking a frenzy of short-term activity in the Greater Toronto Area housing market, as buyers fast track their deals to avoid being stress tested.<\/p>\n

The Toronto Real Estate Board reports sales were 3.59 per cent higher than in October with 7,374 homes sold. Inventory also shrank by 3.7 per cent, squeezing the market into unseasonable seller-friendly conditions.<\/p>\n

\u201cWe have seen an uptick in demand for ownership housing in the GTA this fall, over and above the regular seasonal trend. Similar to the Greater Vancouver experience, the impact of the Ontario Fair Housing Plan and particularly the foreign buyer tax may be starting to wane,\u201d says TREB President Tim Syrianos. \u201cOn top of this, it is also possible that the upcoming changes to mortgage lending guidelines, which come into effect in January, have prompted some households to speed up their home buying decision.\u201d<\/p>\n

However, sales are still 13.3 per cent lower than 2016\u2019s record-breaking conditions, and that slower activity is starting to impact prices, which fell 2 per cent year over year to an average of $761,757.<\/p>\n

Get the full story here<\/a>.<\/p>\n

TREB Loses Appeal to Keep Sold Data Private<\/h2>\n

There’s been a new\u00a0development in the fight to release\u00a0historical real estate data: the Federal Court of Appeals has officially rejected an attempt by the\u00a0Toronto Real Estate Board to withhold\u00a0information about past home sales.<\/p>\n

The Court ruled against the real estate board\u2019s appeal on December 1, saying TREB\u2019s copyright and privacy protection claims didn\u2019t hold up. At the heart of the issue is whether members of TREB – real estate agents, brokerages, and virtual office websites (VOWs) – should be allowed to share info from its database widely with the public, for example,\u00a0by publishing it online or emailing it to a subscriber base. Currently, such info can only be divulged directly between an agent and their clients.<\/p>\n

\u201c\u2026 the Tribunal found TREB\u2019s concern with privacy to be unpersuasive. We will turn to this issue in greater detail later in these reasons; suffice to say at this point that, looking at the record before it, the Tribunal found little evidence that TREB\u2019s VOW committee had considered or acted upon privacy concerns before establishing TREB\u2019s VOW Policy,\u201d reads the appeal statement.<\/p>\n

TREB first lost its case in the Competition Tribunal in 2016 after the Competition Bureau said its refusal to share its data was anti-competitive and harmful to online real estate businesses. While it\u00a0intends to appeal once more to the Supreme Court of Canada, this latest move is a win\u00a0for market transparency and consumer empowerment, says Lauren Haw, Zoocasa\u2019s Broker of Record.<\/p>\n

\u201cThe ability to share and display market data (such as past-sold prices) with consumers is a positive development for the real estate industry,\u201d she says. \u201cWe strongly believe in a model where consumers are educated and able to work with experienced agents that act in an advisor capacity \u2013 not as gatekeepers of information.\u201d<\/p>\n

Get the full story here.<\/a><\/p>\n

Bank of Canada Holds December Interest Rate<\/h2>\n

The Bank of Canada (BoC) opted to keep its Overnight Lending Rate \u2013 which is used to set the price of variable mortgages and line of credit loans – at 1 per cent in December, saying caution is needed as it transitions the economy to \u201cnormalized\u201d conditions.<\/p>\n

However, while there\u2019s no change to borrowing costs in the short term, the BoC strongly alluded there are several rate hikes to come in 2018.<\/p>\n

\u201cWhile higher interest rates will likely be required over time, Governing Council will continue to be cautious, guided by incoming data in assessing the economy\u2019s sensitivity to interest rates, the evolution of economic capacity, and the dynamics of both wage growth and inflation,\u201d the Bank stated.<\/p>\n

While it\u2019s not yet clear how many hikes will occur, some analysts are forecasting two to three, with the rate rising to 1.50 per cent by the end of next year.<\/p>\n

Vancouver Prices Spike 14% in November<\/h2>\n

Demand for Vancouver real estate has been on a tear over the last quarter, with sales surging 26 per cent year over year, and prices following suit at an average of $1,046,900 across all home types.<\/p>\n

\u201cWe\u2019re seeing steady demand in today\u2019s market,\u201d says Jill Oudil, President of the Real Estate Board of Greater Vancouver<\/a>. \u201cHome buyer activity is operating above our long-term averages, particularly in our townhome and condominium markets.\u201d<\/p>\n

Condo sales led the market by a wide margin, accounting for 1,508 of the total 2,795 homes that changed hands, at an average price of $648,200. There were 841 detached homes sold, at an average price of $1,608,000, and 446 townhomes, at $805,200.<\/p>\n

There was also a flood of new listings compared to last year\u2019s levels, with 4,109 properties (an increase of 30.6 per cent) coming to market \u2013 but that wasn\u2019t enough to ease incredibly tight buyer conditions, says Oudil. \u201cWhile we\u2019re seeing more listings enter the market today than we saw at this time last year, we have a long way to go before our home listing inventory is back to more historically typical levels,\u201d she says.<\/p>\n

The sales-to-active listings ratio rose to 32 per cent in November, well above the 20 per cent threshold that puts upward pressure on prices, and an increase of 3 per cent since September, illustrating just how quickly sales have picked up speed. (A ratio below 12 per cent puts downward pressure on prices).<\/p>\n

By home type, detached homes had a ratio of 15.9 per cent, while demand for multi-family housing pushed the ratio for townhomes to 36.4 per cent and a whopping 67. 8 per cent for condos.<\/p>\n

Mortgage Report Says B-20 Will Hurt to an \u201cUnnecessary Degree\u201d<\/h2>\n

Reaction from the real estate industry to the aforementioned\u00a0B-20 mortgage rules have been mixed \u2013 but the latest report from a mortgage professionals association paints a negative picture.<\/p>\n

Mortgage Professionals Canada\u2019s Annual State of the Residential Mortgage Market in Canada <\/em><\/a>report states the new stress test’s \u201cexcessive stringency\u201d will block 6 \u2013 7.5 per cent of prospective home buyers from affording their home purchases by \u201can unnecessary degree\u201d, and will drag down the national rate of homeownership, which has fallen from 69 per cent in 2011 to 67.8 per cent in 2017.<\/p>\n

Will Dunning, MPC\u2019s chief economist and author of the report, says middle-class millennial and first-time buyers will be the hardest hit, with the homeownership rate for this group falling by 4 per cent.<\/p>\n

\u201cThe homeownership rate in Canada has fallen as young, middle-class Canadians have found it increasingly difficult to make first-time purchase,\u201d he says. \u201cWith recent further tightening of mortgage rules, ownership challenges have been intensified.\u201d<\/p>\n

The report forecasts that by the time the next federal election rolls around, over 200,000 home buyers will have flunked the stress test \u201ceven though they can afford to borrow the amount they need.\u201d<\/p>\n

Dunning says the new rules will also drag on the economy, reducing the amount of mortgage borrowing and overly cooling the housing market.<\/p>\n

\u201cThe market is already slowing under the weight of increased interest rates, and policies aimed at suppressing the market further might be adding to economic risks,\u201d he says, adding he forecasts mortgage growth to slow to 5.9 per cent this year and 5.5 per cent next, from the 12-year average of 7.3 per cent annually.<\/p>\n","protected":false},"excerpt":{"rendered":"

Laurentian Under Fire for Misrepresented Mortgages Laurentian Bank is under intense scrutiny after an audit of its sold mortgage portfolios revealed some of the loans weren\u2019t credible having been either \u201cmisflagged\u201d or containing \u201cdocumentation issues\u201d. The revelation drew immediate comparisons to the scandal plaguing alternative mortgage company Home Capital;\u00a0several of its brokers were caught fudging […]<\/p>\n","protected":false},"author":39,"featured_media":15121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[33,181,587],"tags":[],"class_list":["post-15119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news","category-toronto-real-estate","category-vancouver-real-estate"],"yoast_head":"\nLaurentian Mortgage Scandal - Weekly Recap | Zoocasa Life<\/title>\n<meta name=\"description\" content=\"A Laurentian mortgage scandal has raised questions over the quality of some of the lender's sold loans. 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Her commentary on the housing market is frequently featured on both national and local media outlets including BNN Bloomberg, CBC, The Toronto Star, National Post, and The Huffington Post. When not keeping an eye on Toronto's hot housing market, she can be found brunching in one of the city's many vibrant neighbourhoods, travelling abroad, or in the dance studio.\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/author\/penelope\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Laurentian Mortgage Scandal - Weekly Recap | Zoocasa Life","description":"A Laurentian mortgage scandal has raised questions over the quality of some of the lender's sold loans. 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