September 25th Mortgage Industry Update
September 25th, 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 for the month of October.
Additionally this week:
– Bloomberg released an article stating that Toronto is flooded with office space, and this is spurring fears of a new commercial real estate bust. [fancy_link link_text=”Learn More” url=”http://www.bloomberg.com/news/2014-09-25/toronto-flooded-with-office-space-spurs-fears-of-new-bust.html” float=”none”].
– Bank of Canada deputy says low interest rates are still needed. [fancy_link link_text=”Learn More” url=”http://thechronicleherald.ca/business/1238195-low-rates-still-needed-bank-of-canada-senior-deputy-governor-says” float=”none”].
– CMHC says there is no need to have fear over a suspected “housing bubble”. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/report-on-business/economy/housing/cmhc-doesnt-fear-a-housing-bubble-ceo-says/article20711061/” float=”none”].
– BMO Fall Home-Buying Report states that nearly half of prospective buyers are increasing their price to $483,397 and shifting to semi-detached homes. [fancy_link link_text=”Learn More” url=”http://newsroom.bmo.com/press-releases/bmo-fall-home-buying-report-nearly-half-of-prospe-tsx-bmo-201409190968818001″ float=”none”].
– TREB reports GTA realtors MLS housing figures. Sales and price looking strong. [fancy_link link_text=”Learn More” url=”http://www.torontorealestateboard.com/market_news/release_market_updates/news2014/nr_mid_month_0914.htm” 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.