October 16th, 2014 Mortgage Industry Update

One of our main lenders decreased their 5 year variable interest rate to 2.20%!!! There is a possibility some lenders will follow, for the month of October.

Additionally this week:
– Canadian homeowners paying down mortgages faster than thought: CIBC. Learn More.

– Despite a positive year-over-year result, national home sales were down in September; the first monthly decline since January.

– CEO of Scotiabank says that concerns over a housing bubble are overblown and the word ‘bubble’ is overused. Learn More.

– Canadians spend more on renovation than new homes. Learn More.

– Bloomberg says Toronto’s condo construction is still booming, according to the increasing number of parking lot sales. Learn More.

– BMO states that Toronto Condo Boom is over. Learn More.

– Condo rental demand sees slowest pace of growth in two years. 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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