December 18th Mortgage Industry Update

December 18th, 2014 Mortgage Industry Update As the year ends, we see lenders start to stabilize their interest rates. For this reason, mortgage promotional rates are likely to remain the same, as 2014 concludes. Additionally this week: - PM Harper reassures Canadians that federal budget will balance and tax measures and spending plans will remain, despite lower oil revenues. - Foreign condo investment in Toronto is 2.4%, according to a survey conducted by the CMHC. The survey was the first of its kind. - ... Read more

December 11th Mortgage Industry Update

December 11th, 2014 Mortgage Industry Update As the year ends, we see lenders start to stabilize their interest rates. For this reason, mortgage promotional rates are likely to remain the same, as 2014 concludes. Additionally this week: - BoC warns of an overvalued housing market, by as much as 10-30%. . - Canadian realtors take to the skies! . - Canada needs another 4.5 million homes, warns study. . - Lenders face challenges in 2015 despite $31.7 billion profits. . ... Read more

December 2014 Industry Stats

December 2014 Industry Stats The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on December 5th, 2014. The major statistics are summarized as follows: Bank of Canada interest rate remains at 1% Prime lending rate remains at 3% The 5Y variable qualifying rate remains at 4.79% The Government of Canada Bonds maintain their overall position The number of housing starts decreased from 70,600 (October 2013) to 53,200 (October 2014) The average MLS resale price in Toronto increased from $539,058 (October 2013) to $587,505 ... Read more

December 4th Mortgage Industry Update

December 4th, 2014 Mortgage Industry Update As the year ends, we see lenders start to stabilize their interest rates. For this reason, promotional rates are likely to remain the same, as 2014 concludes. Additionally this week: - Canadians expect to be debt free on retirement… except for the mortgage. . - TD Bank decreases their 5 year fixed promotional mortgage rate to 3.04%, from 3.09%. - Typical detached home in Vancouver approaches $1 million, something we are likely to see in Toronto's future. ... Read more
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