New Home Mortgage Updates 2013

Talking about Canada’s real estate market, the start of the year was not very promising for the industry. This slow start in the market was due to some softening of sales in the real estate industry in Canada. However now people believe that things are changing and trends are improving, which can be seen by the increase in profits of major companies here.

Let’s have a look at the profits and financial information of “Home Capital Group Inc” which is Canada’s largest non-bank mortgage lender. According to their financial reports, Net profits of the company increased nearly by 16% to $61.6 million. This is for the second quarter of the year, Which is a positive sign not only for the company but for the industry overall and so is a motivating trend for the investors.

If we talk about Loans, their demand even grow up within the company. In the first quarter of the year total mortgage increased from $1.4 billion to $1.6 billion. This predicts customer’s interest in residential mortgages and that is the reason that the company is focusing on this specific part to get maximum advantage out of it. People are encouraged to apply for residential mortgage with “Home capital” as they are taking it as their traditional product and so value it which makes it more attractive for the customers.

At the same time where things are improving there are some weaker spots as well in the industry. Let’s have a look at them to have a clear view of the picture. There has been a negative trend in multi-unit residential mortgage originations where they dropped from $87.8 million to $54.3 million in the quarter. The reason is that these specific mortgages are for apartment buildings, which are large purchases and so they may vary in volume from quarter to quarter.  

Similarly Commercial mortgage advances for the quarter dropped from $106 million to $44 million. Store and apartment mortgage advances were down aswell. These values are compared with the same quarter last year and so it gives us an idea as of where we are standing as compared to the last year and so we can judge a trend within the market.

Natural disasters which do have their impact on many aspects could not affect the market fully this time. There were severe storms in some parts of Alberta and Toronto areas, though they do cause widespread devastation but they are not expected to affect the portfolio of the company or the mortgage industry as timely measures were taken.

The good news for the stakeholders is that the company has increased its dividends from 26 cents to 28 cents per share which is a sign of confidence in the overall Canadian real estate market. The markets are looking quite healthy and people are motivated and so good results are expected by the companies in the coming quarter.

Information about investor business daily

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