{"id":25970,"date":"2023-12-07T11:00:00","date_gmt":"2023-12-07T16:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=25970"},"modified":"2023-12-07T09:58:20","modified_gmt":"2023-12-07T14:58:20","slug":"canada-mortgage-industry-evolution","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/canada-mortgage-industry-evolution\/","title":{"rendered":"Navigating the New Norm: Evolving Trends in the Canadian Mortgage Industry"},"content":{"rendered":"\n<p>Canadians have faced a tough few years as inflation and interest rates have skyrocketed. The impact of higher rates has been felt in the housing market, both for prospective buyers\/sellers and homeowners. This has led many to park their real estate journey.\u00a0 On December 6, <a href=\"https:\/\/www.zoocasa.com\/blog\/bank-of-canada-dec-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">the Bank of Canada announced its final rate hold<\/a> of 2023. However, the 10 rate hikes since March 2022 have changed the mortgage industry and brought on new trends. Here\u2019s how the mortgage industry evolved in 2023.\u00a0<\/p>\n\n\n\n<p><strong><em>Enjoying our content? Subscribe to our free <\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Lender Popularity and Loan Terms are Changing<\/h2>\n\n\n\n<p>One of the most prominent trends is the increasing market share of non-traditional lenders. While maintaining the largest share of outstanding mortgages, the traditional big six Canadian banks (TD, Royal Bank, Bank of Montreal, Scotiabank, CIBC, and National Bank) saw market share for newly extended mortgages decline by 5.9% in the first quarter of this year. However, non-bank mortgage lenders, mortgage investment entities and other chartered banks all experienced an increase in their share, with non-bank mortgage lenders seeing a 1.9% increase and mortgage investment entities a 2.9%, according to Statistics Canada.\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/crea-oct-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>National Sales Slowdown Continued in October as Buyers \u2018Hibernating\u2019: CREA<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>For chartered banks, new and refinanced mortgages were down by 44% and 34% respectively compared to last year, according to CMHC. This drop came from declining interest in the real <a href=\"https:\/\/www.zoocasa.com\/blog\/crea-jan-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">estate market in the earlier part of 2023<\/a>, after the <a href=\"https:\/\/www.zoocasa.com\/blog\/crea-february-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">flurry of activity in early 2022<\/a> before interest rate hikes quelled the market. With rates steadily increasing, fewer chose to refinance and those that had to renew often faced higher rates and tightened affordability. To counteract higher monthly mortgage payments, many homeowners chose to re-amortize their loans leading to two in every three mortgages in the first half of 2023 having amortization periods over 25 years, compared to one in two in 2022.&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/buyers-sellers-markets-canada-winter-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>The Top Buyers\u2019 and Sellers\u2019 Markets Across Canada for Winter 2023<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Homeowners Continue to Prefer Fixed-Rate Mortgages<\/h2>\n\n\n\n<p>Homeowners continue to favour fixed rate mortgages, whether they\u2019re buying or renewing. A fixed rate mortgage is currently more affordable than a variable rate.  While Canadians are optimistic that the Bank of Canada <a href=\"https:\/\/www.zoocasa.com\/blog\/bank-of-canada-dec-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">will lower rates in 2024<\/a>, the persistent rate hikes throughout the last two years have driven buyers away from variable rate mortgages.\u00a0<\/p>\n\n\n\n<p>Last month, National Bank analysts suggested that homeowners are beginning to accept that higher rates are here to stay, mentioning that this is leading to mortgage loan holders locking in fixed rates to avoid future uncertainties. \u201cBank of Canada officials are helping to ingrain this, telling Canadians to brace for an era of higher borrowing costs,\u201d the note said.\u00a0<\/p>\n\n\n\n<p>The stability a fixed rate provides is important to homeowners. In the first eight months of 2023, $244.5 billion was lent for new and renewed fixed rate mortgages, according to CMHC. This is in contrast to the $20.4 billion lent for variable rate mortgages.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Canadians Beginning to Feel the Strain of Higher Borrowing Costs<\/h2>\n\n\n\n<p>A more concerning trend of the higher interest rates of the last two years is how it\u2019s affecting the debt of the average Canadian. Anyone who has renewed their mortgage lately will likely be doing so at a higher rate than when they last renewed. <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/should-you-buy-or-rent-university-years\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Should You Buy a Condo or Rent for Your Child\u2019s University Years?&nbsp;<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>In the first two quarters of the year, 290,000 borrowers renewed their mortgage at a significantly higher rate with a chartered bank, according to CMHC. Particularly, many Canadians who bought during 2020 and 2021 when interest rates were historically low will be feeling an exaggerated squeeze with rates nearly 5% higher than they were when they bought.&nbsp;<\/p>\n\n\n\n<p>One potentially positive indicator is the amount of mortgages in arrears. Numbers are currently at historically low levels at just 0.15%, despite higher borrowing rates, according to the Canadian Bankers Association. However, looking at mortgages with second and third stage delinquency rates paints a different picture. The number of homeowners who are late on their payments by between 30 and 59 days or 60 and 89 days has increased in the second quarter of this year compared to 2022. While arrears of 90 days or more are historically low, the increase in second and third stage rates would suggest that homeowners are beginning to feel the strain, and those late payments could persist.\u00a0<\/p>\n\n\n\n<p>Any questions about real estate in Canada? Our agents are here to help! <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call<\/a> today and we can help you with your real estate needs.&nbsp;<\/p>\n\n\n<p><\/script><\/p>\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Questions about the 2024 market?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Canadians have faced a tough few years as inflation and interest rates have skyrocketed. The impact of higher rates has been felt in the housing market, both for prospective buyers\/sellers and homeowners. This has led many to park their real estate journey.\u00a0 On December 6, the Bank of Canada announced its final rate hold of [&hellip;]<\/p>\n","protected":false},"author":119,"featured_media":25994,"comment_status":"closed","ping_status":"closed","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_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1111,468],"tags":[],"class_list":["post-25970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canada","category-mortgages-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Navigating the New Norm: Evolving Trends in the Canadian Mortgage Industry | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Explore the dynamic shifts in Canada&#039;s mortgage landscape throughout 2023 as the Bank of Canada&#039;s 10 rate hikes since March 2022 reshape the industry. Discover the evolving trends impacting prospective buyers, sellers, and homeowners amidst soaring inflation and interest rates and learn how to navigate the Canadian real estate market in months to come.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/canada-mortgage-industry-evolution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Navigating the New Norm: Evolving Trends in the Canadian Mortgage Industry | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"Explore the dynamic shifts in Canada&#039;s mortgage landscape throughout 2023 as the Bank of Canada&#039;s 10 rate hikes since March 2022 reshape the industry. Discover the evolving trends impacting prospective buyers, sellers, and homeowners amidst soaring inflation and interest rates and learn how to navigate the Canadian real estate market in months to come.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/canada-mortgage-industry-evolution\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-07T16:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-07T14:58:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/Zoocasa-Navigating-the-New-Norm-Evolving-Trends-in-the-Canadian-Mortgage-Industry-Thumbnail.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Daniel Crook\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/Zoocasa-Navigating-the-New-Norm-Evolving-Trends-in-the-Canadian-Mortgage-Industry-Thumbnail.png\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Daniel Crook\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/canada-mortgage-industry-evolution\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/canada-mortgage-industry-evolution\/\"},\"author\":{\"name\":\"Daniel Crook\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/2a4b65285e841ed26e0f85235df85c59\"},\"headline\":\"Navigating the New Norm: Evolving Trends in the Canadian Mortgage Industry\",\"datePublished\":\"2023-12-07T16:00:00+00:00\",\"dateModified\":\"2023-12-07T14:58:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/canada-mortgage-industry-evolution\/\"},\"wordCount\":779,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Canada\",\"Mortgages\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/canada-mortgage-industry-evolution\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/canada-mortgage-industry-evolution\/\",\"name\":\"Navigating the New Norm: Evolving Trends in the Canadian Mortgage Industry | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2023-12-07T16:00:00+00:00\",\"dateModified\":\"2023-12-07T14:58:20+00:00\",\"description\":\"Explore the dynamic shifts in Canada's mortgage landscape throughout 2023 as the Bank of Canada's 10 rate hikes since March 2022 reshape the industry. 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