P.E.I. sec­ond in Canada

In­crease in new mort­gages con­sis­tent with near record growth in im­mi­gra­tion

The Guardian (Charlottetown) - - THE ISLAND - BY TER­RENCE MCEACHERN

Prince Ed­ward Is­land is sec­ond among Canadian prov­inces for growth in new mort­gages and ex­ist­ing home­own­ers mov­ing to a new home, ac­cord­ing to a re­port re­leased on Tues­day by the Canadian Mort­gage and Hous­ing Cor­po­ra­tion.

From 2015 to 2016, P.E.I. had a 6.6-per-cent in­crease in the cat­e­gory of new mort­gages and own­ers mov­ing to a new home.

“There was a near record num­ber of im­mi­grants in 2015. So, this could ex­plain some of the de­mand for new mort­gages from that seg­ment.” Laura Cooper

Lead­ing the coun­try in that cat­e­gory was Bri­tish Columbia with an eight-per-cent in­crease. B.C. also led the coun­try with a 17.6-per-cent in­crease in re­fi­nances, re­newals with a new lender and mul­ti­ple mort­gage hold­ers com­pared to P.E.I. with a 0.5-per-cent in­crease.

Laura Cooper, an econ­o­mist with Royal Bank of Canada, said the in­crease in new mort­gages is con­sis­tent with other trends on the Is­land, such as im­mi­gra­tion.

“There was a near record num­ber of im­mi­grants in 2015. So, this could ex­plain some of the de­mand for new mort­gages from that seg­ment,” she said.

With the in­crease in own­ers/ movers, Cooper said this was con­sis­tent with the trend in re­sales.

“Re-sales were up al­most 18 per cent last year, so quite strong.”

New Brunswick and Nova Sco­tia had de­clin­ing growth in both cat­e­gories while Canada as a whole had a 0.6-per­cent de­cline in new mort­gages and movers and a 3.4-per-cent in­crease in re­fi­nances, re­newals with a new lender and mul­ti­ple mort­gage hold­ers.

TER­RENCE MCEACHERN/THE GUARDIAN

Paul Lom­bardi, a con­trac­tor with New Homes Plus, works on a new res­i­den­tial prop­erty in Char­lot­te­town on Tues­day.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.