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.
The prosecutor leading an investigation into a horrific knife attack in a French Alpine town says four children aged between 22 months and 3 years suffered life-threatening wounds and that two adults also were injured.
The hot, dry conditions that are fuelling wildfires countrywide are just the beginning of what summer could look like in Canada this year, according to Environment Canada senior climatologist Dave Phillips.
The battle against hundreds of wildfires continues, as almost every jurisdiction in Canada remains under either heat or air quality warnings from the federal government. The day after what was supposed to be national Clean Air Day, dozens of alerts remain in place for unseasonable heat or smoky air quality.
Norwegian officials said the smoke from Canadian wildfires that has enveloped parts of the U.S. and Canada in a thick haze is expected to pour into Norway on Thursday.
Pat Robertson, a religious broadcaster who turned a tiny Virginia station into the global Christian Broadcasting Network, tried a run for president and helped make religion central to Republican Party politics in America through his Christian Coalition, has died.
An official recommendation to wear a mask to protect yourself from wildfire smoke is being echoed by health experts as plumes of smoke make their way across parts of Canada, causing poor air quality.
The man who was found not criminally responsible in the stabbing deaths of five people at a house party in Brentwood more than nine years ago is seeking more freedoms.
New Brunswick students under the age of 16 who identify as trans and non-binary won't be able to officially change their names or pronouns in school without parental consent.
The Halifax Regional Municipality says it will announce Thursday when more residents can return to their homes in communities impacted by the Tantallon wildfires.
Irving Oil says it’s undertaking a “strategic review” with an eye to its future. In a release Wednesday, the company says it’s looking at a number of options, including the sale of its assets.
An Ontario man has been charged with first-degree murder in the death of Claudia Iacono, the daughter-in-law of Mafia associate Moreno Gallo, after she was gunned down at the wheel of her car in Montreal last month.
The hot, dry conditions that are fuelling wildfires countrywide are just the beginning of what summer could look like in Canada this year, according to Environment Canada senior climatologist Dave Phillips.
The man in the spotlight during the first two years of the COVID-19 pandemic in Quebec, Dr. Horacio Arruda, has been appointed assistant deputy minister at the Ministry of Health and Social Services.
Smoke and haze from wildfires cleared over Ottawa-Gatineau on Thursday, allowing outdoor recreational programming and activities to resume. Officials warm the smoke and haze could return on Friday afternoon.
The Ottawa Real Estate Board says home sales were up six per cent in May 2023 compared to a year prior, marking the first year-over-year unit sales volume increase since early last year.
Blue Jays pitcher Anthony Bass said he's "in a better place moving forward" after speaking with Pride Toronto's executive director in the wake of his social media post that supported anti-2SLGBTQ+ boycotts.
There's high levels of air pollution in Waterloo region and Wellington County as smoke plumes from wildfires burning in Quebec and northeastern Ontario continue to blow into the region, Environment Canada says.
Kitchener is hosting a series of watch parties to cheer on basketball star Jamal Murray as his Denver Nuggets take on the Miami Heat in the NBA Finals.
Just before 8 a.m. on Tuesday, police say a man entered a business on Dundas Street near Adelaide Street and once inside, tried to steal things and made threats towards employees while holding a knife.
According to CTV News London’s Meteorologist Julie Atchison, a large area of low pressure over the Canadian Maritimes and a blocking ridge over central North America is allowing a steady flow of northerly air to usher in smoke from forest fires in Northern Ontario and Quebec.
Romance scams have always been around, but they got worse during the pandemic, and fraudsters continue to use social media and dating sites to find victims.
Calgary city council has reconsidered its decision to vote against recommendations made by an expert panel to address the city’s housing affordability crisis.
Police say a man on a mobility scooter has life-altering injuries after he was struck by a vehicle in a northeast Calgary intersection on Wednesday evening.
An official recommendation to wear a mask to protect yourself from wildfire smoke is being echoed by health experts as plumes of smoke make their way across parts of Canada, causing poor air quality.
Drivers are being asked to find another way or prepare for delays on the Henday this weekend, because crews need to close a bridge over the North Saskatchewan River.
The Archdiocese of Edmonton will spend $3.2 million on reconciliation initiatives with First Nations, Métis and Inuit people in the Alberta capital region.
A human-caused wildfire on the Lower Mainland has grown to an estimated 800 hectares and continues to burn out of control Wednesday, according to the BC Wildfire Service.
Rental housing advocates interrupted an announcement by B.C.'s housing minister in Vancouver Wednesday morning to object to the provincial government's response to the affordability crisis.
