September 12th Mortgage Industry Update
September 12th, 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.
– A major lender changed it’s 5 year fixed promotional rate from 2.94% to 2.89%.
– New CMHC numbers show a cooling effect in house building in August. New housing starts falling for the first time in five months. [fancy_link link_text=”Learn More” url=”http://www.whichmortgage.ca/article/housing-starts-fall-in-august-181933.aspx?utm_source=twitterfeed&utm_medium=twitter” float=”none”].
– An interesting article from REIN Canada was released showing six land lording lessons learnt in 10 years. A great read: [fancy_link link_text=”Learn More” url=”http://blog.reincanada.com/lessons-on-landlording-with-jared-hope” float=”none”].
– The condo market continues to significantly outrun the single detached market where supply is constrained in the GTA. [fancy_link link_text=”Learn More” url=”http://www.thestar.com/business/real_estate/2014/09/09/condo_boom_taking_hold_in_905_regions_housing_starts_dip_in_august_says_cmhc_report.html” float=”none”].
– After the August slow down, the fall housing market starts to gain pace. [fancy_link link_text=”Learn More” url=”http://www.whichmortgage.ca/article/after-the-august-slowdown-the-fall-market-gains-pace-181812.aspx” 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.