“While these depressed levels may signal an attractive entry point, we believe caution and patience remain the appropriate strategy heading into [second-quarter] results and likely for the remainder of the year,” Jaeme Gloyn, an analyst with National Bank of Canada Financial Markets, said in a note on Tuesday.
He said the regulatory backdrop for mortgage companies “remains unfavourable for the foreseeable future” since Canada’s banking regulator has announced plans to cap loan-to-value thresholds for reverse mortgages and readvanceable mortgages, and could announce further measures to safeguard against potential housing market vulnerabilities.“In the near term, we believe the rapid increase in mortgage rates will most visibly transmit through reduced mortgage origination volumes,” Gloyn said.
“While these fundamental strengths do NOT provide EQB with immunity, the company is more favourably positioned to manage through the above-noted risks in our view,” he said. First National reported Tuesday mortgage origination volumes for single-family properties fell 10 per cent to $6.8 billion in its latest quarterly results due to lower housing activity. Although it noted single-family mortgage originations were well above pre-pandemic levels.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shopify rallies with tech stocks despite weaker earnings outlook - BNN BloombergShopify rallied, reversing losses in premarket trading, as Chief Executive Officer Tobi Lutke urged investors to overlook the slowdown in e-commerce and focus on the company’s longer-term growth strategy.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
U.S. stocks push higher amid bets on slower Fed hikes - BNN BloombergStocks rose on Thursday as the prospect of a slower pace of Federal Reserve monetary tightening filtered across global markets.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Apple stock surge raises stakes as earnings loom - BNN BloombergEven as Apple contends with rising inflation, cooling demand, the strengthening U.S. dollar and lockdowns in China, its share price has surged in recent weeks
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Toronto apartment rents soar 20% to record with market tightening - BNN BloombergToronto tenants are saying goodbye to the era of COVID-19 discounts, with rents fully recovering pandemic losses and reaching record levels, according to new data. Consumer is getting smoked every which way right now 😬 People are bidding up the rents to postpone their home buying by 2 or 3 years as by then home prices would have declined by over 40% due to rising interest rates. It's a smart strategy. Owning a home today is like inviting big losses in its value. While Shambhavi Anand knowingly broke 🇮🇳abortion law(20wks) TWICE (6 & 7mnths-A Criminal Offense) aborted 7mnths alive girl child then fled 2🇨🇦 BrockUniversity GoodmanSchool 2 b 'Future Business Leader' business BloombergCA BW cdnbiz UWSFL cdnpoli
Source: BNNBloomberg - 🏆 83. / 50 Read more »