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 when switching lenders.

The unemployment rate climbed to 7.1% as 9000+ jobs were lost.

Stay tuned for the next update!

For any questions and concerns please do not hesitate to call Harpreet Singh The Mortgage King at (416) 795-1919.

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