August 15th, 2014 Mortgage Industry Update

Interest rates slightly decreased with a major lender as promotional rates declined from 2.99% (5Y fixed) to 2.89%. Often we see a domino effect when it comes to lenders changing rates as they feel the need to remain competitive in the mortgage market. This may serve as a reason for a possible small interest rate decline between some lenders for the month of August.

Additionally this week:
– CMHC forecast indicates a soft landing for the housing market for the rest of 2014 and into 2015. Learn More.

– Big banks see slowdown in insured mortgages, mainly due to buyers saving a large enough down payment. Learn More.

– A rise in asset values (mainly real estate) pushes up the average Canadian’s net worth to $442,130. Learn More.

– Government of Canada and Ontario announce $801M funding over 5 years to improve access to affordable housing. Learn More.

– July GTA home sales at near record levels. Prices up 7.5%, sales up 10% in comparison to 2013. Learn More.

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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