July 26, 2025 • 9 mins
In this episode, the discussion begins with a welcome and introduction, followed by a sponsor message from Real Approved Inc. The conversation shifts to the rise in mortgage delinquencies and the economic factors influencing Ontario's market. The episode explores condo market trends and trade tensions within the province. Insights into the CMHC housing updates and the resilience of the Windsor-Essex market are shared. The discussion continues with the CMHC's 2026 forecast and challenges faced by the construction industry. The importance of industry standards is highlighted through FSRA's recent actions. The episode wraps up with closing remarks and a sponsor reminder from Real Approved Inc.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Welcome to the Ontario Mortgage & Real EstateInsights Podcast, your go-to source for the
(00:04):
latest developments, trends, and regulatorychanges in the industry.
I'm your host, Steve Hamoen, here to provideyou with insights sourced from reputable news
outlets to help you stay informed and makewell-informed decisions.
This podcast is brought to you by Real ApprovedInc., a trusted mortgage brokerage dedicated to
(00:26):
helping Canadians achieve their homeownershipdreams.
Visit realapproved.ca to learn more about howour experienced team can assist you with your
mortgage needs.
Let's dive into today's episode.
Today, we're tackling a pressing issue (00:39):
the rise in mortgage delinquencies in Ontario and
the Greater Toronto Area.
Recent data from Equifax Canada, prepared forthe Canada Mortgage and Housing Corporation,
shows an increase in mortgage delinquencies to0.22 percent in Ontario for the first quarter
of this year.
That's up from 0.15 percent in the firstquarter of 2024 and 0.09 percent in the first
(01:05):
quarter of 2023.
Toronto's numbers are slightly higher at 0.23percent.
It's definitely a concerning trend, Steve.
When you hear that more than 11,000 mortgagesin Ontario recorded a missed payment in the
last quarter of 2024, it's hard not to feelempathetic for those struggling homeowners.
(01:26):
People are facing tougher times with risinginterest rates and economic uncertainties.
Absolutely, Janine.
But it's important to look at the factorsbehind these numbers.
Experts attribute the rise to two main reasons: many homeowners are renewing their mortgages at (01:38):
undefined
much higher rates than what they initiallysigned up for during the pandemic, and there's
a notable economic uncertainty that's impactingthe labor market.
That's true, Steve.
During the pandemic, people had low borrowingcosts and some forced savings.
(01:59):
Now, those savings are dwindling, and thereality of higher payments is setting in.
It's predictable that some might struggle withthis transition back to normalcy.
Yes, and as Jordan Nanowski, CMHC's leadeconomist for the Greater Toronto Area, points
out, this wave of mortgage renewals isreflecting higher costs.
(02:19):
Plus, economic uncertainty is finding its wayinto the labor market, with job cuts in certain
industries adding to the pressure.
And we can't forget the impact of the softeningcondo market, Steve.
If people are looking to sell their propertiesand can't find buyers due to the weaker market,
they might end up in arrears for longer.
It's a tough situation for those tied to theirproperties.
(02:43):
Indeed, Janine.
Ontario is also particularly vulnerable due tothe ongoing trade tensions with the United
States, especially with industries targeted bytariffs.
This could potentially lead to more job lossesand, in turn, higher mortgage arrears in areas
like Windsor, Kitchener, and Hamilton.
That's right, Steve.
While the Greater Toronto Area has adiversified labor market that offers some
(03:06):
protection, there are still vulnerable spotslike Oshawa where jobs are tied to the auto
industry.
It's a delicate balance, and I hope we can findways to support those affected.
For now, though, it's important to note thatmortgage delinquencies are still below a
quarter of a percent.
As Maria Solovieva from TD Bank mentions, whilethere's strain, it's not yet a breaking point.
(03:29):
But we should keep a close eye on thesedevelopments.
The Canada Mortgage and Housing Corporation hasreleased its summer update for 2025,
forecasting a price drop in housing across thecountry by 2 percent.
Ontario, along with British Columbia, isexpected to experience even larger declines.
But Windsor-Essex is proving to be somewhat ofan exception in this trend.
(03:52):
That's right, Steve.
While the broader market faces challenges,Windsor-Essex is showing resilience,
particularly in the competitive sub-$600,000price bracket.
Julianna Biondo, president of the Windsor-EssexCounty Association of Realtors, highlights that
Windsor’s market is unique and niche, which maybe contributing to its stability.
(04:13):
It’s interesting to note, Janine, that despitethe economic pressures from the ongoing
Canada-U.S.
trade tariffs, Windsor-Essex is managing tohold its ground.
The tariffs are expected to peak later thisyear, leading to a mild recession.
Yet, the real estate market in Windsor seems tobe weathering this storm better than other
regions.
(04:33):
Absolutely, Steve.
Even with a high unemployment rate, whichStatistics Canada reported at 11.2 percent for
Windsor, the market remains steady.
Buyers are becoming more selective, ensuringthat their conditions are met before making
purchases.
This cautious behavior is contributing to amore stable environment in the housing market.
(04:55):
And it seems that the market dynamics areshifting in Windsor-Essex, with an increase in
average sale prices of nearly 3 percent,despite a decline in home sales and a rise in
new listings.
This suggests that while buyers are choosier,they're still willing to invest in properties
that meet their criteria.
That's a great point, Steve.
Julianna Biondo also mentioned thatWindsor-Essex is still very much a seller’s
(05:19):
market, particularly in the under $600,000category.
This suggests that despite the broader marketslowdown, there is still strong demand in this
price range.
Looking ahead, the CMHC forecast anticipates arecovery in 2026.
However, challenges like rising constructioncosts and lower investor confidence are
(05:41):
expected to persist, especially in Ontario andBritish Columbia.
These factors are leading to delays andcancellations in new construction projects.
Yes, and while those challenges aresignificant, Windsor-Essex's ability to
maintain a competitive market amidst theseissues is noteworthy.
The community seems to be holding onto hopethat the trade disputes will eventually
(06:04):
resolve, allowing for a more stable economicenvironment in the future.
In our final segment today, we're turning ourattention to a significant regulatory
development in Ontario's mortgage industry.
The Financial Services Regulatory Authority, orFSRA, has taken decisive action by revoking the
mortgage brokerage license of Expert FinancialCorporation.
(06:26):
This move also comes with administrativepenalties for Expert Financial and its
principal figures, Upanshuman Pandey andVarinder Singh Virk.
Yes, Steve.
FSRA's decision reflects the seriousness of theviolations.
Expert Financial, along with Pandey and Virk,have been penalized for facilitating unlicensed
(06:47):
mortgage business.
This is a clear reminder of the importance ofmaintaining professional standards and ensuring
that all parties involved in the mortgageprocess are properly licensed.
According to FSRA, the penalties amount tothirty-six thousand dollars for Expert
Financial, thirty-two thousand dollars forPandey, and two thousand dollars for Virk.
(07:09):
The infractions included allowing anindividual, Nasir Syed Zaidi Hussain, to
operate as a mortgage agent without a license.
This involved meeting clients and collectingdocuments, which were then processed by Pandey
who submitted mortgage applications and sharedfees.
It's a troubling situation, Steve.
Consumers trust that their mortgage agents andbrokers are operating within legal boundaries.
(07:33):
When that trust is broken, it can havewidespread implications.
Elissa Sinha, Director of Litigation andEnforcement at FSRA, emphasized that licensees
must not facilitate activities for unlicensedindividuals, underscoring the need for
accountability in the industry.
Absolutely, Janine.
(07:54):
FSRA's enforcement actions underline theircommitment to ensuring that consumers are
advised by licensed professionals who meetlegal and professional standards.
This case highlights the responsibilities thatcome with being a licensed professional in the
financial services sector.
And it's also a reminder of the importance oftransparency and record-keeping.
(08:15):
Pandey and Expert Financial failed to verifyborrower identities adequately and did not
maintain proper records, violating severalregulatory sections.
These oversights can lead to significantpenalties and reputational damage.
Indeed, Janine.
While this situation serves as a cautionarytale for others in the industry, it's also
(08:37):
worth noting that FSRA has settled with theparties involved, which might indicate a
willingness to resolve these issues amicably.
Nonetheless, the message is clear (08:45):
adherence to the law is non-negotiable.
Absolutely, Steve.
It's vital for the integrity of the industrythat such standards are upheld.
As we wrap up this episode, it's crucial forlisteners to understand the importance of
working with licensed professionals to ensure asafe and legal mortgage process.
(09:08):
Thanks for tuning in to another episode of theOntario Mortgage & Real Estate Insights
Podcast.
We hope you found today's insights valuable asyou navigate the world of mortgages and real
estate.
Before you go, a quick reminder (09:20):
Real Approved is here to make your mortgage journey smoother.
Whether you're buying your first home orrefinancing, their experienced team is ready to
guide you with personalized support every stepof the way.
Visit realapproved.ca to get started and takethe next step toward achieving your
(09:40):
homeownership goals. Catch you next time, and stay informed with the latest industry
insights!
Welcome to the Ontario Mortgage & Real EstateInsights Podcast, your go-to source for the
(00:04):
latest developments, trends, and regulatorychanges in the industry.
I'm your host, Steve Hamoen, here to provideyou with insights sourced from reputable news
outlets to help you stay informed and makewell-informed decisions.
This podcast is brought to you by Real ApprovedInc., a trusted mortgage brokerage dedicated to
(00:26):
helping Canadians achieve their homeownershipdreams.
Visit realapproved.ca to learn more about howour experienced team can assist you with your
mortgage needs.
Let's dive into today's episode.
Today, we're tackling a pressing issue (00:39):
the rise in mortgage delinquencies in Ontario and
the Greater Toronto Area.
Recent data from Equifax Canada, prepared forthe Canada Mortgage and Housing Corporation,
shows an increase in mortgage delinquencies to0.22 percent in Ontario for the first quarter
of this year.
That's up from 0.15 percent in the firstquarter of 2024 and 0.09 percent in the first
(01:05):
quarter of 2023.
Toronto's numbers are slightly higher at 0.23percent.
It's definitely a concerning trend, Steve.
When you hear that more than 11,000 mortgagesin Ontario recorded a missed payment in the
last quarter of 2024, it's hard not to feelempathetic for those struggling homeowners.
(01:26):
People are facing tougher times with risinginterest rates and economic uncertainties.
Absolutely, Janine.
But it's important to look at the factorsbehind these numbers.
Experts attribute the rise to two main reasons: many homeowners are renewing their mortgages at (01:38):
undefined
much higher rates than what they initiallysigned up for during the pandemic, and there's
a notable economic uncertainty that's impactingthe labor market.
That's true, Steve.
During the pandemic, people had low borrowingcosts and some forced savings.
(01:59):
Now, those savings are dwindling, and thereality of higher payments is setting in.
It's predictable that some might struggle withthis transition back to normalcy.
Yes, and as Jordan Nanowski, CMHC's leadeconomist for the Greater Toronto Area, points
out, this wave of mortgage renewals isreflecting higher costs.
(02:19):
Plus, economic uncertainty is finding its wayinto the labor market, with job cuts in certain
industries adding to the pressure.
And we can't forget the impact of the softeningcondo market, Steve.
If people are looking to sell their propertiesand can't find buyers due to the weaker market,
they might end up in arrears for longer.
It's a tough situation for those tied to theirproperties.
(02:43):
Indeed, Janine.
Ontario is also particularly vulnerable due tothe ongoing trade tensions with the United
States, especially with industries targeted bytariffs.
This could potentially lead to more job lossesand, in turn, higher mortgage arrears in areas
like Windsor, Kitchener, and Hamilton.
That's right, Steve.
While the Greater Toronto Area has adiversified labor market that offers some
(03:06):
protection, there are still vulnerable spotslike Oshawa where jobs are tied to the auto
industry.
It's a delicate balance, and I hope we can findways to support those affected.
For now, though, it's important to note thatmortgage delinquencies are still below a
quarter of a percent.
As Maria Solovieva from TD Bank mentions, whilethere's strain, it's not yet a breaking point.
(03:29):
But we should keep a close eye on thesedevelopments.
The Canada Mortgage and Housing Corporation hasreleased its summer update for 2025,
forecasting a price drop in housing across thecountry by 2 percent.
Ontario, along with British Columbia, isexpected to experience even larger declines.
But Windsor-Essex is proving to be somewhat ofan exception in this trend.
(03:52):
That's right, Steve.
While the broader market faces challenges,Windsor-Essex is showing resilience,
particularly in the competitive sub-$600,000price bracket.
Julianna Biondo, president of the Windsor-EssexCounty Association of Realtors, highlights that
Windsor’s market is unique and niche, which maybe contributing to its stability.
(04:13):
It’s interesting to note, Janine, that despitethe economic pressures from the ongoing
Canada-U.S.
trade tariffs, Windsor-Essex is managing tohold its ground.
The tariffs are expected to peak later thisyear, leading to a mild recession.
Yet, the real estate market in Windsor seems tobe weathering this storm better than other
regions.
(04:33):
Absolutely, Steve.
Even with a high unemployment rate, whichStatistics Canada reported at 11.2 percent for
Windsor, the market remains steady.
Buyers are becoming more selective, ensuringthat their conditions are met before making
purchases.
This cautious behavior is contributing to amore stable environment in the housing market.
(04:55):
And it seems that the market dynamics areshifting in Windsor-Essex, with an increase in
average sale prices of nearly 3 percent,despite a decline in home sales and a rise in
new listings.
This suggests that while buyers are choosier,they're still willing to invest in properties
that meet their criteria.
That's a great point, Steve.
Julianna Biondo also mentioned thatWindsor-Essex is still very much a seller’s
(05:19):
market, particularly in the under $600,000category.
This suggests that despite the broader marketslowdown, there is still strong demand in this
price range.
Looking ahead, the CMHC forecast anticipates arecovery in 2026.
However, challenges like rising constructioncosts and lower investor confidence are
(05:41):
expected to persist, especially in Ontario andBritish Columbia.
These factors are leading to delays andcancellations in new construction projects.
Yes, and while those challenges aresignificant, Windsor-Essex's ability to
maintain a competitive market amidst theseissues is noteworthy.
The community seems to be holding onto hopethat the trade disputes will eventually
(06:04):
resolve, allowing for a more stable economicenvironment in the future.
In our final segment today, we're turning ourattention to a significant regulatory
development in Ontario's mortgage industry.
The Financial Services Regulatory Authority, orFSRA, has taken decisive action by revoking the
mortgage brokerage license of Expert FinancialCorporation.
(06:26):
This move also comes with administrativepenalties for Expert Financial and its
principal figures, Upanshuman Pandey andVarinder Singh Virk.
Yes, Steve.
FSRA's decision reflects the seriousness of theviolations.
Expert Financial, along with Pandey and Virk,have been penalized for facilitating unlicensed
(06:47):
mortgage business.
This is a clear reminder of the importance ofmaintaining professional standards and ensuring
that all parties involved in the mortgageprocess are properly licensed.
According to FSRA, the penalties amount tothirty-six thousand dollars for Expert
Financial, thirty-two thousand dollars forPandey, and two thousand dollars for Virk.
(07:09):
The infractions included allowing anindividual, Nasir Syed Zaidi Hussain, to
operate as a mortgage agent without a license.
This involved meeting clients and collectingdocuments, which were then processed by Pandey
who submitted mortgage applications and sharedfees.
It's a troubling situation, Steve.
Consumers trust that their mortgage agents andbrokers are operating within legal boundaries.
(07:33):
When that trust is broken, it can havewidespread implications.
Elissa Sinha, Director of Litigation andEnforcement at FSRA, emphasized that licensees
must not facilitate activities for unlicensedindividuals, underscoring the need for
accountability in the industry.
Absolutely, Janine.
(07:54):
FSRA's enforcement actions underline theircommitment to ensuring that consumers are
advised by licensed professionals who meetlegal and professional standards.
This case highlights the responsibilities thatcome with being a licensed professional in the
financial services sector.
And it's also a reminder of the importance oftransparency and record-keeping.
(08:15):
Pandey and Expert Financial failed to verifyborrower identities adequately and did not
maintain proper records, violating severalregulatory sections.
These oversights can lead to significantpenalties and reputational damage.
Indeed, Janine.
While this situation serves as a cautionarytale for others in the industry, it's also
(08:37):
worth noting that FSRA has settled with theparties involved, which might indicate a
willingness to resolve these issues amicably.
Nonetheless, the message is clear (08:45):
adherence to the law is non-negotiable.
Absolutely, Steve.
It's vital for the integrity of the industrythat such standards are upheld.
As we wrap up this episode, it's crucial forlisteners to understand the importance of
working with licensed professionals to ensure asafe and legal mortgage process.
(09:08):
Thanks for tuning in to another episode of theOntario Mortgage & Real Estate Insights
Podcast.
We hope you found today's insights valuable asyou navigate the world of mortgages and real
estate.
Before you go, a quick reminder (09:20):
Real Approved is here to make your mortgage journey smoother.
Whether you're buying your first home orrefinancing, their experienced team is ready to
guide you with personalized support every stepof the way.
Visit realapproved.ca to get started and takethe next step toward achieving your
(09:40):
homeownership goals. Catch you next time, and stay informed with the latest industry
insights!
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