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. [fancy_link link_text=”Learn More” url=”http://www.cbc.ca/news/business/manulife-survey-suggests-27-don-t-count-mortgages-as-debt-1.2855974″ float=”none”].
– 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. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/report-on-business/economy/housing/the-real-estate-beat/price-for-detached-home-in-greater-vancouver-nears-1-million/article21887389/” float=”none”].
– The Bank of Canada announced it will hold its interest rate at one per cent, despite the economy showing signs of recovery.
– Toronto loses its reputation on the top 10 most reputable cities in the world but Vancouver and Montreal join. [fancy_link link_text=”Learn More” url=”http://www.huffingtonpost.ca/2014/11/28/cities-best-reputation-vancouver-montreal-toronto_n_6234654.html?utm_hp_ref=canada-business” float=”none”].
– Baby boomers would be happier not downsizing, says expert. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/retirement-security-starts-at-home/article21802309/” float=”none”].
– Home ownership is now more affordable, says RBC. [fancy_link link_text=”Learn More” url=”http://thechronicleherald.ca/business/1253657-housing-in-canada-slightly-more-affordable-in-third-quarter-2014″ 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.