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October 23rd, 2014 Mortgage Industry Update

Interest rates are likely to remain steady for the remainder of the month of October, without any major changes to promotional rates.

Additionally this week:
– The Toronto Star published an interesting article stating that developers are shifting sights to two-bedroom condos. [fancy_link link_text=”Learn More” url=”http://www.thestar.com/business/real_estate/2014/10/22/developers_shifting_sights_to_twobedroom_condos.html” float=”none”].

– The Bank of Canada kept the lending rate at 3%!

– The Vancouver Sun is stating that major Canadian markets, including Toronto, will continue to be “hot” through 2015. [fancy_link link_text=”Learn More” url=”http://www.vancouversun.com/opinion/columnists/Barbara+Yaffe+Vancouver+real+estate+forecast+stay/10312696/story.html?__federated=1″ float=”none”].

– US housing market continues to grow. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/report-on-business/economy/us-existing-home-sales-hit-one-year-high-prices-rise/article21189563/” float=”none”].

– CMHC admits it has little knowledge of foreign investment in the real estate market, but insists that it’s not a problem. [fancy_link link_text=”Learn More” url=”http://www.huffingtonpost.ca/2014/10/21/foreign-investors-housing-canada-cmhc_n_6022378.html?utm_hp_ref=canada-business” float=”none”].

– The president of CMHC says that they are not alarmed by high prices and insists that the market is robust. [fancy_link link_text=”Learn More” url=”http://www.thestar.com/business/real_estate/2014/10/20/real_risk_to_housing_market_is_constrained_liquidity.html” 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.