November 27th Mortgage Industry Update
November 27th, 2014 Mortgage Industry Update
Our 5 year fixed promotional rate has dropped to 2.69%, from 2.79%!!! It is possible that we could see some major banks follow the trend in the upcoming month.
Additionally this week:
– New 5 Year Fixed Promotional rate – 2.69%!!! Please call for an approval today!
– New office report puts Canada’s cities in North America’s top 10. [fancy_link link_text=”Learn More” url=”http://www.calgaryherald.com/business/commercial-real-estate/Calgary+office+market+North+American/10409093/story.html?__lsa=4b55-4d76″ float=”none”].
– Seniors are opting for retirement in the suburbs, not condo living downtown. [fancy_link link_text=”Learn More” url=”http://www.huffingtonpost.ca/2014/11/24/seniors-moving-suburbs-canada_n_6209974.html?utm_hp_ref=canada-business” float=”none”].
– CMHC released an analysis of house prices. They conclude that while there is some overvaluation, there is little risk from overheating/overbuilding.
– Burnaby is fast becoming the hottest place for condo construction in Metro Vancouver. [fancy_link link_text=”Learn More” url=”http://www.vancouversun.com/business/real-estate/Burnaby+courts+towers+near+transit+economic+driver/10403843/story.html” float=”none”].
– TD Bank increases their 5 year fixed promotional mortgage rate to 3.09%
– CMHC is concerned that housing here is more expensive than the US.
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.