Tag Corporate

Also, Analysts: BoC must show restraint in its rate hikes.

Too many increases too soon could harm the Canadian financial system in the long run, observers warn.

While the Bank of Canada’s rate hikes are more than justified by the current macroeconomic climate, policymakers should take care not to fall into the other extreme and introduce too many increases in too short of a period of time, according to market observers. Among those calling for restraint is Ed Devlin, founder and managing partner of Devlin Capital, who said that the best step that the central bank can take at the moment is to approach its rate hikes in a circumspect manner. “The market is now pricing an actual tightening, even though we’re still emerging from a pandemic, and we’re dealing with the outbreak of war in Europe. For me, this starts to smell like an overshoot,” Devlin said. “I think you want to take every day’s price action with a bit of a grain of salt … we could roll out of bed tomorrow and there’s been an offensive somewhere in Ukraine, and we’re back to where we started.” Sam Ansari, Mortgage Broker, Centum Liberty Mortgages Corp, 7191 Yonge Street, Suite 505, Thornhill ON L3T0C4.

Canada Mortgage and Housing Corporation has announced the launch of its latest multi-unit mortgage loan insurance product, MLI SELECT.

This new product is designed to incentivize the preservation and creation of rental supply, as well as address the need for affordable and accessible housing that adheres to climate-conscious engineering principles.

The incentives will be available for both new projects and existing properties, CMHC added.

“As Canada’s only provider of multi-unit mortgage insurance for residential properties, we believe that MLI SELECT will be a critical component to achieving better housing outcomes for renter households,” said Romy Bowers, president and CEO of CMHC. “Increasing rental supply and preserving existing rental stock will offer more affordable options for renters, including those in core housing need, getting us closer to our aspiration of, by 2030, everyone in Canada has a home they can afford and that meets their needs.”