August 21st Mortgage Industry Update
August 21st, 2014 Mortgage Industry Update
Interest rates slightly decreased with a few major lenders. Promotional rates for 2 year, 3 year, and 5 year fixed products slightly declined for a limited time. 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:
– TD Canada Trust decreased their 2 year fixed rate from 2.59% to 2.34% for a limited time only. This offer expires September 15th, 2014.
– RBC predicts the housing market to moderate in 2015 due to an increase in interest rates. This year, expectations were beat as interest rates declined. [fancy_link link_text=”Learn More” url=”http://www.rbc.com/economics/economic-reports/pdf/canadian-housing/housingforecastAugust2014.pdf?utm_campaign=Real%20Estate%20Investing&utm_content=7375959&utm_medium=social&utm_source=twitter” float=”none”].
– A report indicated that Toronto homes spend an average of just 23 days on the market, down from 25 days in early 2013. [fancy_link link_text=”Learn More” url=”http://news.buzzbuzzhome.com/2014/08/days-on-the-market-toronto-2014.html” float=”none”].
– A report indicated that buyers are turning away from MLS to find great deals, and are focusing on relationships with realtors & specialist companies. [fancy_link link_text=”Learn More” url=”http://www.canadianrealestatemagazine.ca/news/item/2147-buyers-turning-away-from-mls” float=”none”].
– The Hamilton Skyline is due for some major changes and here are some up and coming transformations. A sign of major development coming to the Hamilton area. [fancy_link link_text=”Learn More” url=”http://www.thespec.com/news-story/4751562-condo-projects-to-transform-hamilton-skyline/” float=”none”].
– An interesting article was published in the Toronto Star breaking down the myth of Toronto’s “long overdue housing market crash”. [fancy_link link_text=”Learn More” url=”http://www.thestar.com/business/personal_finance/2014/08/15/weisleder_real_estate_to_crash_not_by_these_yardsticks.html” float=”none”].
– July 2014 sales and average selling price was up 10% from last year. GTA’s resale market is doing well. Also, the condo market was up 5%. [fancy_link link_text=”Learn More” url=”http://blog.newinhomes.com/news/gtas-resale-market-fire/” float=”none”].
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.