Mortgage brokers in Simcoe County and the surrounding area are encouraged by the return of buyers to the market and renewals amid concerns of future defaults this year.
"As much as people want to buy bigger houses and things like that, they have been limited in terms of those higher rates," said Jason Nugent, a mortgage broker with Dominion Lending in Newmarket. "But because of the halt on hikes, we've actually seen some optimism return to those seeking to re-enter the market."
The Bank of Canada's halt on rate hikes occurred earlier this month after a year of hikes to slow down inflation nationwide.
"In fact, we've actually seen a little bit of a reduction in the rates in the last week or so," said Michael Oziel, Mortgage Broker with Sherwood Mortgage Group. "We're starting to see a lot of buyers coming off the sidelines and get back into the pre-approval process."
However, only some have been able to qualify for conventional mortgages.
A November 2022 report from CMHC revealed 33 per cent of borrowers renewed with alternative lenders in the third quarter of 2022, up from 29 per cent the year prior.
"When you look at the gig economy, people working hourly, two or three jobs, the banks have certain restrictions about how much time you have to be on that job before we can use that income," Nugent said. "So we have seen a small increase in defaults, but we're still very stable."
Simcoe County's default rate currently sits at 0.47, which Michael Oziel said is a sign of resiliency.
"How people have been ensuring that their finances are in order to withstand these rates, I'm actually quite impressed with how low defaults have been," he added.
Canada's special rapporteur on foreign interference David Johnston will be questioned by MPs at committee Tuesday morning, about his role, his report into election meddling, his decision against a public inquiry, and allegations of a conflict of interest.
Prince Harry entered a courtroom witness box Tuesday, swearing to tell the truth in testimony against a tabloid publisher he accuses of phone hacking and other unlawful snooping.
Canada's emergency preparedness minister says images of wildfires burning across the country are some of the most severe ever witnessed in Canada and the current forecast for the next few months indicates the potential for continued higher-than-normal fire activity.
Many Canadian parents are stretching themselves thin — even going as far as to postpone their retirement in some cases — in order to help pay for their children’s education, according to a new survey.
The wall of a major dam in a part of southern Ukraine that Moscow controls collapsed Tuesday, triggering floods, endangering Europe's largest nuclear power plant and threatening drinking water supplies as both sides in the war rushed to evacuate residents and blamed each other for the emergency.
Police in Australia are investigating the suspicious death of a woman who used to live in Surrey, BC, after her body was found in her apartment on the outskirts of Sydney.
Pope Francis briefly went to Rome's main hospital on Tuesday for tests and returned to the Vatican, two months after he was hospitalized with an acute case of bronchitis.
Astrud Gilberto, the Brazilian singer, songwriter and entertainer whose off-hand, English-language cameo on 'The Girl from Ipanema' made her a worldwide voice of bossa nova, has died at age 83.
Canada’s housing market saw the largest improvement in affordability in nearly four years in the first quarter of 2023, according to a report from economists at the National Bank of Canada.
Canada's emergency preparedness minister says images of wildfires burning across the country are some of the most severe ever witnessed in Canada and the current forecast for the next few months indicates the potential for continued higher-than-normal fire activity.
A 53-year-old man was shot and killed in the Montreal suburb of Dorval on Monday afternoon. A source told CTV News that the victim is Francesco Del Balso, who has links to Montreal's Mafia.
The numerous forest fires raging in certain regions of Quebec have led to thousands of evacuations since the weekend and continue to threaten infrastructure on Tuesday. Temporary accommodation centres have been opened in nine municipalities on the Côte-Nord, in Abitibi-Témiscamingue and in Saguenay-Lac-Saint-Jean, to accommodate evacuees.
The Quebec national assembly's ethics commissioner Ariane Mignolet argues that the fact that MNAs are debating their own salaries can raise issues of conflict of interest.
Officials are asking people living around Centennial Lake to evacuate their homes as a forest fire burns in the area west of Calabogie, Ont. An evacuation order has been extended to Wednesday afternoon.
Capital Pride will be receiving money from the federal government to cover costs of added security measures at this year's Pride parade and other events.
A grieving widow whose husband was run over and killed by a speeding OPP officer can't believe the force told her it won't hold a public hearing into the case because it decided the misconduct was 'not serious.'
Flames and smoke could be seen shooting out of a home on Graham Street in Waterloo shortly after midnight on Monday, creating a scene that firefighters say was intense before they arrived.
A report going before regional councillors on Tuesday will recommend beginning the process of environmental remediation at the former Charles Street bus terminal in Kitchener.
On this day in 2021, four out of five members of a London, Ont. family were killed while they were out for a walk and struck by a vehicle, in an apparently deliberate attack.
CTV cameras captured the moment London, Ont. firefighters discovered a sparking lithium battery pack in a charred apartment at 122 Base Line Rd. W. Sunday.
There was emotional testimony on Monday from the husband of the woman killed in a crash in south London, Ont. almost four years ago. Paul Kay testified about the last moments in the life of his 68-year-old wife, Penny.
A grieving widow whose husband was run over and killed by a speeding OPP officer can't believe the force told her it won't hold a public hearing into the case because it decided the misconduct was 'not serious.'
Canada's emergency preparedness minister says images of wildfires burning across the country are some of the most severe ever witnessed in Canada and the current forecast for the next few months indicates the potential for continued higher-than-normal fire activity.
Officials are asking people living around Centennial Lake to evacuate their homes as a forest fire burns in the area west of Calabogie, Ont. An evacuation order has been extended to Wednesday afternoon.
Buses will run during festival hours on Thursday, Friday and Saturday with final pick-ups at the Vollmer Culture and Recreation Complex just after the festival closes.
Windsor police are looking to identify a suspect who allegedly sexually assaulted a teenage girl and stole from her at a Walkerville park Saturday night.
Calgary-based Cenovus Energy says it has safely restarted a portion of its production that was shut down because of the threat of wildfires in northern and central Alberta.
While Saskatoon Tribal Council (STC) publicly mulled moving its downtown emergency shelter to a location on 20th Street near the city's core, city documents reveal the wellness centre's present Fairhaven area location was heavily favoured early in the process.
Canada's emergency preparedness minister says images of wildfires burning across the country are some of the most severe ever witnessed in Canada and the current forecast for the next few months indicates the potential for continued higher-than-normal fire activity.
A long-awaited trail linking the town of Watrous to nearby Manitou Beach is now open to the public, but the meaning behind this simple gravel path goes much further than meets the eye.
Canada's emergency preparedness minister says images of wildfires burning across the country are some of the most severe ever witnessed in Canada and the current forecast for the next few months indicates the potential for continued higher-than-normal fire activity.
Edmonton police launched a new tool Monday to encourage reports of "hate incidents," something officers believe will help them track people who may escalate to "hate crimes."
Many Canadian parents are stretching themselves thin — even going as far as to postpone their retirement in some cases — in order to help pay for their children’s education, according to a new survey.
The provincial wildfire service is warning British Columbians to have a go-bag and make an evacuation plan with this year's wildfire season off to an alarming start.
Real estate experts say B.C.’s housing market is heating back after cooling off due to rising interest rates but the future is uncertain as several economists expect the Bank of Canada to hike rates again.
Police in Australia are investigating the suspicious death of a woman who used to live in Surrey, BC, after her body was found in her apartment on the outskirts of Sydney.
