July 31st Mortgage Industry Update

July 31st, 2014 Mortgage Industry Update Firstly, I'd like to start off this week's update with some inquires I had regarding financing purchases in America. Since it was a common concern this week from a few of my partners, I'd like to address it as a whole as I feel many people would be able to benefit from the answer. From an overall perspective, financing in the States is difficult. American lenders usually do not lend to people who are not American ... Read more

July 24th Mortgage Industry Update

July 24th, 2014 Mortgage Industry Update Interest rates this week remained the same. No major changes were observed and interest rates are likely to remain stable for the month of July. Additionally this week: Some major lenders reduced their lending criteria slightly, allowing a easier borrowing process Royal Lepage reported that a limited supply of single family homes is driving housing prices up The Greater Toronto Area condo market held strong with increased prices and sales Among people who have renewed mortgages during the past year, 54% ... Read more

July 16th Mortgage Industry Update

July 16th, 2014 Mortgage Industry Update Interest rates this week remained the same. No major changes were observed and interest rates are likely to remain stable for the month of July. Additionally this week: The Bank of Canada maintained its overnight interest rate at 1%. The Canadian housing market beat expectations with resales going up 11.2%, and prices up 5.4%. RBC reported that consumer credit is holding steady and being managed a lot better by Canadians. A CMHC survey indicated that interest rates are the biggest factor ... Read more

July 9th Mortgage Industry Update

July 9th, 2014 Mortgage Industry Update Interest rates this week remained the same. No major changes were observed and seems like the beginning of July has got off to a smooth start. Interest rates are likely to remain stable for the month of July. Additionally this week: CMHC released the number of housing starts for Canada for the month of June on July 9th, 2014. The number of housing starts slightly beat expectations, going against the prediction of a slow-down. The majority of housing ... Read more

July 2014 Industry Stats

July 2014 Industry Stats The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on June 3rd, 2014. The major statistics are summarized as follows: Bank of Canada interest rate remains at 1% Prime lending rate remains at 3% The 5Y variable qualifying rate remains at 4.79%, a drop from earlier in the year The Government of Canada Bonds overall maintain their position The number of housing starts decreased slightly from 70,300 (May 2013) to 66,100 (May 2014) The average MLS resale price in ... Read more
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