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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA
- Canadian lending conditions saw increased tightening across the board in Q1 (survey conducted near the end of the quarter) but most notably for household mortgages.
- We noted at the time that this was led by price factors for mortgages (rates & spreads) but non-price factors also tightened for the first time since the pandemic. This non-price tightening was also seen in business conditions although non-mortgage lending conditions tightened by less than the prior quarter.
- There is notable divergence with the US: business lending conditions were tightened by far less in Canada than the US but mortgage lending conditions were generally tightened by far more than the myriad of different measures in the Fed’s SLOOS.
- On the latter, GS reported the following for the US compared to total mortgage loan tightening of +35.6% in Canada: GSE-eligible (+0.2pp to +1.9%), non-jumbo, non-GSE eligible (+4.6pp to +11.5%), Qualified Mortgage jumbo (+3.2pp to +18.5%), non-Qualified Mortgage jumbo (+7.1pp to +21.6%), non-Qualified Mortgage non-jumbo (+10.9pp to +16.7%), and subprime residential mortgages (+19.0pp to +33.3%) tightened standards.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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