September 4th Mortgage Industry Update
September 4th, 2014 Mortgage Industry Update
Interest rates remain steady with major lenders. 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. As this effect was observed through the month of August, interest rates for the month of September are likely to stable off.
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.
– Toronto approves 6800 new condo units and 370,000 sq. metres. of commercial space. Toronto quoted to be experiencing “manhattanization”. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/news/toronto/toronto-experiencing-manhattanization-of-downtown-core/article20229182/” float=”none”].
– The Globe and Mail released an article laying out predictions for the Canadian housing market up until 2017. Property cool down seems to be looming. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/report-on-business/economy/housing/canada-house-prices-to-climb-further-crash-fears-rising/article20258278/?utm_campaign=Industry%20Knowledge&utm_content=7546974&utm_medium=social&utm_source=twitter” float=”none”].
– The Financial Post stated seniors are staying in their homes as opposed to moving into retirement residences. They are convinced that this could be the next big trend in home renovation. [fancy_link link_text=”Learn More” url=”http://business.financialpost.com/2014/08/09/seniors-staying-in-their-home-the-next-big-trend-in-home-renovation/?__federated=1″ float=”none”].
– The lack of concrete information and data about the housing market could have severe implications in the near future. The Huffington Post is concerned. [fancy_link link_text=”Learn More” url=”http://www.huffingtonpost.ca/2014/08/07/real-estate-canada-missing-data_n_5658382.html” float=”none”].
– Condo owners put grocery stores high on their wish list, rather than cafes and bars. Buyers willing to pay extra for such features. [fancy_link link_text=”Learn More” url=”http://www.whichmortgage.ca/article/condo-owners-put-grocery-stores-high-on-their-wish-list-181704.aspx?utm_source=twitterfeed&utm_medium=twitter” float=”none”].
– Bank of Canada keeps the overnight rate at 1%.
– An interesting article was published showing a TD executive whom was worried about the percentage of downtown condos owned by foreign investors. A lot of concerns about an oversupply. [fancy_link link_text=”Learn More” url=”http://www.whichmortgage.ca/article/condo-overbuilding-is-a-risk-says-bank-executive-181756.aspx?utm_source=twitterfeed&utm_medium=twitter” 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.