Latest news with #Toronto-DominionBank
Yahoo
2 days ago
- Business
- Yahoo
Young families are shrinking their mortgages. But does this mean they are priced out?
Younger Canadian families are bucking the national trend and reducing their overall mortgage debt, figures from Statistics Canada suggest, but the decrease may not be all good news. After hitting a peak in the third quarter of 2022, average mortgage balances among families where the primary income earner is aged 35 or younger have fallen by about $15,500, according to a report out Tuesday from Toronto-Dominion Bank citing data from Statistics Canada. Even accounting for any seasonal variation, when comparing the first quarter of 2023 to this first quarter of 2025, there was an 8.5 per cent decline (or about $10,400 less on average) in mortgage balances among younger Canadians, said Maria Solovieva, TD economist and author of the report. All other age groups have seen a steady increase in household mortgage debt since the second quarter of 2020, Statistics Canada data show. It is likely many younger households are unable to access the housing market altogether due to affordability challenges, Solovieva said. After home prices hit their peak in March 2022, following the frenzy of homebuying amid lower interest rates during the COVID-19 pandemic, the Bank of Canada started raising interest rates and home sales began to soften. Solovieva said younger Canadians have been prioritizing reducing their debt obligations in the face of rising borrowing costs. About 35 per cent of young adults are likely to rent, compared with less than a quarter of older age groups, according to Statistics Canada's 2024 Canadian Social Survey. There may also be other reasons for the drop in mortgage balances among young people. It is possible some younger Canadians are purchasing cheaper homes or own their homes outright, especially if they have received financial gifts from their parents, Solovieva said. Since the total value of real estate assets for younger Canadians has grown since the third quarter of 2022, it suggests more people in this age group are receiving financial help to buy homes than those who may be buying less expensive homes, Solovieva said. In the meantime, older Canadians are taking on more debt, although there is no sign they are taking on more investment properties or renovations to account for this, she said. In fact, Statistics Canada reported recently that households aged 55 to 64 years increased their mortgage balances by more than eight per cent from the first quarter of 2024 to the same period in 2025, while those aged 65 years and older increased their mortgage balances by nearly nine per cent. Older Canadians are expected to pass down $1 trillion to their heirs over the next few years, according to the most recent data from the Chartered Professional Accountants Canada. Many wealth advisers have reported these wealth transfers are already arriving in the form of early inheritances; in most cases to help adult children purchase their first homes. A 2024 Bank of Canada report also found more than 20 per cent of first-time home buyers received gifts to help make their down payments. Younger first-time home buyers were even more likely to receive gifts when purchasing their homes. This could exacerbate an existing trend, Solovieva said. Data show the lowest-income young households have seen their debt-to-income ratio balloon from 244 per cent before the pandemic to 446 per cent in Q1 2025. 'A lot of wealth (is) built through real estate, (so) somebody who is not in the market is left out,' said Solovieva, noting existing homeowners have largely benefited from rising real estate values over time. 'It's basically going to continue on as long as we still have this dynamic of unaffordability.' The best mortgage rates in Canada right now The best reverse mortgage rates in Canada right now Solovieva does not expect this trend of waning mortgage balances to entirely reverse in the near future but does anticipate it to level off as immigration levels decline, which could cool growth in housing prices. The latest report from the Canadian Real Estate Association revealed the national average sale price was down 1.3 per cent year-over-year to hit $691,643 in June. • Email: slouis@ Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Vancouver Sun
2 days ago
- Business
- Vancouver Sun
Young families are shrinking their mortgages. But does this mean they are priced out?
Younger Canadian families are bucking the national trend and reducing their overall mortgage debt , figures from Statistics Canada suggest, but the decrease may not be all good news. After hitting a peak in the third quarter of 2022, average mortgage balances among families where the primary income earner is aged 35 or younger have fallen by about $15,500, according to a report out Tuesday from Toronto-Dominion Bank citing data from Statistics Canada. Even accounting for any seasonal variation, when comparing the first quarter of 2023 to this first quarter of 2025, there was an 8.5 per cent decline (or about $10,400 less on average) in mortgage balances among younger Canadians, said Maria Solovieva, TD economist and author of the report. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. All other age groups have seen a steady increase in household mortgage debt since the second quarter of 2020, Statistics Canada data show. It is likely many younger households are unable to access the housing market altogether due to affordability challenges , Solovieva said. After home prices hit their peak in March 2022, following the frenzy of homebuying amid lower interest rates during the COVID-19 pandemic, the Bank of Canada started raising interest rates and home sales began to soften. Solovieva said younger Canadians have been prioritizing reducing their debt obligations in the face of rising borrowing costs. About 35 per cent of young adults are likely to rent, compared with less than a quarter of older age groups, according to Statistics Canada's 2024 Canadian Social Survey. There may also be other reasons for the drop in mortgage balances among young people. It is possible some younger Canadians are purchasing cheaper homes or own their homes outright, especially if they have received financial gifts from their parents, Solovieva said. Since the total value of real estate assets for younger Canadians has grown since the third quarter of 2022, it suggests more people in this age group are receiving financial help to buy homes than those who may be buying less expensive homes, Solovieva said. In the meantime, older Canadians are taking on more debt, although there is no sign they are taking on more investment properties or renovations to account for this, she said. In fact, Statistics Canada reported recently that households aged 55 to 64 years increased their mortgage balances by more than eight per cent from the first quarter of 2024 to the same period in 2025, while those aged 65 years and older increased their mortgage balances by nearly nine per cent. Older Canadians are expected to pass down $1 trillion to their heirs over the next few years, according to the most recent data from the Chartered Professional Accountants Canada. Many wealth advisers have reported these wealth transfers are already arriving in the form of early inheritances; in most cases to help adult children purchase their first homes. A 2024 Bank of Canada report also found more than 20 per cent of first-time home buyers received gifts to help make their down payments. Younger first-time home buyers were even more likely to receive gifts when purchasing their homes. This could exacerbate an existing trend, Solovieva said. Data show the lowest-income young households have seen their debt-to-income ratio balloon from 244 per cent before the pandemic to 446 per cent in Q1 2025. 'A lot of wealth (is) built through real estate, (so) somebody who is not in the market is left out,' said Solovieva, noting existing homeowners have largely benefited from rising real estate values over time. 'It's basically going to continue on as long as we still have this dynamic of unaffordability.' Solovieva does not expect this trend of waning mortgage balances to entirely reverse in the near future but does anticipate it to level off as immigration levels decline, which could cool growth in housing prices. The latest report from the Canadian Real Estate Association revealed the national average sale price was down 1.3 per cent year-over-year to hit $691,643 in June. • Email: slouis@
Bloomberg
3 days ago
- Business
- Bloomberg
TD Bank Names Birch Hill's John MacIntyre as New Board Chair
Toronto-Dominion Bank named John MacIntyre to lead its board of directors as the firm seeks to turn the page on several years of turmoil stemming from its US anti-money-laundering scandal. MacIntyre, 69, who is partner-emeritus and co-founder of Toronto-based private equity firm Birch Hill Capital Partners Management Inc., has been a director of the bank since 2023 and will become chair of the board on Sept. 1, Toronto-Dominion said in a statement Monday.
Economic Times
23-07-2025
- Business
- Economic Times
TD Bank tells employees: Get ready to work four days in office! Following trend among largest Canadian banks
Toronto-Dominion Bank (TD) is the latest major Canadian lender to require more in‑office days, following similar moves from RBC, BMO, and Scotiabank, as per a report. The bank informed its staff that starting from November 3, most TD employees will be expected to work four days a week from corporate headquarters on a more full-time basis, with executives to begin as early as October 6, as reported by The Globe and Mail. In an internal memo shared with staff, TD's Chief Human Resources Officer Melanie Burns emphasized the benefits of in-person work like development opportunities and strengthens the bank's culture, according to the report. Burns said that, 'TD has made strong progress over the last several months and there is clear momentum in our business as we advance an ambitious agenda,' as quoted in the report. Burns also highlighted that, 'We've seen that when we work together in person, we collaborate more effectively, make better decisions more quickly, learn from each other, and deliver stronger outcomes,' as quoted in The Globe and Mail report. ALSO READ: Netflix's The Hunting Wives sets the stage for Season 2! Cast, plot, spoiler, ending explained, and all details you need to know The Toronto-Dominion Bank also revealed that many of its locations will be prepared to accommodate the new work-from-office mandate by November, but it may also need to take some more time to ensure others are ready, according to the report. To have everyone on board, the new requirement may take effect at a later date for certain teams, as per The Globe and Mail new office requirements are already causing a stir in downtown Toronto's corporate towers as employees were reportedly scrambling to secure desks during the hybrid work era, leading to concerns about how even before the November rollout, space is becoming a precious commodity, as per the Toronto-Dominion Bank also justified its new move by highlighting that it recognizes that workplace flexibility allows workers to manage personal and professional priorities, as reported by The Globe and even said in the internal memo that, 'If from time to time you need additional flexibility to work from home, please check with your people manager and we will work with you to support your needs,' as quoted in the report. ALSO READ: Paid too much for 'The Outer Worlds 2'? Microsoft says sorry and starts sending refunds The Toronto-Dominion Bank joins RBC, BMO, and Scotiabank, all of which implemented or plan to implement four-day-office mandates recently, according to The Globe and Mail report. Those three banks will start the four-day rule as early as September 15, as per the report. RBC and Scotiabank are even planning to expand their office space to accommodate the shift, The Globe and Mail reported, citing sources familiar with the big banks, which are some of the county's largest employers, with hundreds of thousands of staff across the six largest lenders, are now spearheading a wider corporate move back to the office, as per The Globe and Mail report. The latest move is a milestone for companies hoping to bring employees back to corporate offices more frequently, as reported by The Globe and trend mirrors the approach of the United States, where US banks like JPMorgan Chase, the country's largest lender, have begun requiring all employees to work five days a week onsite since this year, as per The Globe and Mail will TD bank's new work-from-office rule start?Most employees will be required to work from the office four days a week starting November 3. Executives begin October 6. Will I still have one day to work remotely? Yes, the policy is four days in-office, so you can still work remotely one day a week and get more day if approved by managers.
Time of India
23-07-2025
- Business
- Time of India
TD Bank tells employees: Get ready to work four days in office! Following trend among largest Canadian banks
TD Bank Joins Canada's Banking Return‑to‑Office Trend Why TD Bank Wants Employees Back in the Office Live Events Desk Wars: Office Space in High Demand in Toronto TD Bank Follows Other Canadian Big Banks's 4-Day WFO Rule Work From Office Trend Even In United States FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Toronto-Dominion Bank (TD) is the latest major Canadian lender to require more in‑office days, following similar moves from RBC, BMO, and Scotiabank, as per a bank informed its staff that starting from November 3, most TD employees will be expected to work four days a week from corporate headquarters on a more full-time basis, with executives to begin as early as October 6, as reported by The Globe and an internal memo shared with staff, TD's Chief Human Resources Officer Melanie Burns emphasized the benefits of in-person work like development opportunities and strengthens the bank's culture, according to the said that, 'TD has made strong progress over the last several months and there is clear momentum in our business as we advance an ambitious agenda,' as quoted in the report. Burns also highlighted that, 'We've seen that when we work together in person, we collaborate more effectively, make better decisions more quickly, learn from each other, and deliver stronger outcomes,' as quoted in The Globe and Mail READ: Netflix's The Hunting Wives sets the stage for Season 2! Cast, plot, spoiler, ending explained, and all details you need to know The Toronto-Dominion Bank also revealed that many of its locations will be prepared to accommodate the new work-from-office mandate by November, but it may also need to take some more time to ensure others are ready, according to the report. To have everyone on board, the new requirement may take effect at a later date for certain teams, as per The Globe and Mail new office requirements are already causing a stir in downtown Toronto's corporate towers as employees were reportedly scrambling to secure desks during the hybrid work era, leading to concerns about how even before the November rollout, space is becoming a precious commodity, as per the Toronto-Dominion Bank also justified its new move by highlighting that it recognizes that workplace flexibility allows workers to manage personal and professional priorities, as reported by The Globe and even said in the internal memo that, 'If from time to time you need additional flexibility to work from home, please check with your people manager and we will work with you to support your needs,' as quoted in the READ: Paid too much for 'The Outer Worlds 2'? Microsoft says sorry and starts sending refunds The Toronto-Dominion Bank joins RBC, BMO, and Scotiabank, all of which implemented or plan to implement four-day-office mandates recently, according to The Globe and Mail report. Those three banks will start the four-day rule as early as September 15, as per the report. RBC and Scotiabank are even planning to expand their office space to accommodate the shift, The Globe and Mail reported, citing sources familiar with the big banks, which are some of the county's largest employers, with hundreds of thousands of staff across the six largest lenders, are now spearheading a wider corporate move back to the office, as per The Globe and Mail report. The latest move is a milestone for companies hoping to bring employees back to corporate offices more frequently, as reported by The Globe and trend mirrors the approach of the United States, where US banks like JPMorgan Chase, the country's largest lender, have begun requiring all employees to work five days a week onsite since this year, as per The Globe and Mail employees will be required to work from the office four days a week starting November 3. Executives begin October the policy is four days in-office, so you can still work remotely one day a week and get more day if approved by managers.
