September 19th, 2014 Mortgage Industry Update

Interest rates slightly increased with a few major lenders. The majority of rates remained stable for September thus far, and it is likely they will continue as such.

Additionally this week:
– CIBC’s top economist says Toronto and Vancouver’s red-hot housing markets aren’t as ‘insane’ as they look. Learn More.

– The Huffington Post released an interesting article on Canada’s “housing bubble” in select cities. Learn More.

– Mortgage amounts are increasing more than household incomes. Some are calling for CMHC to take action on minimum downpayment from 5% to 10%. Learn More.

– This week’s interest rate changes with major lenders: 4 year promotional interest rate to 2.89% (before: 2.77%), 5 year: 3.04% (before: 2.99%), 2 year: 2.59% (before: 2.34%), 4 year: 2.89% (before: 2.77%).

– CREA raises home sales forecast. Sales: 475,000 homes for 2014, up from the June prediction of 463,400. Learn More.

– Brampton remains top selling city for new low-rise homes. Learn More.

– BMO questions the longevity of increases in house prices without any growth in income. Learn More and Learn Even 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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