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. Learn More.

– A report indicated that Toronto homes spend an average of just 23 days on the market, down from 25 days in early 2013. Learn More.

– A report indicated that buyers are turning away from MLS to find great deals, and are focusing on relationships with realtors & specialist companies. Learn More.

– 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. Learn More.

– An interesting article was published in the Toronto Star breaking down the myth of Toronto’s “long overdue housing market crash”. Learn More.

– 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%. 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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