January 29th Mortgage Industry Update

January 29th, 2015 Mortgage Industry Update The Bank of Canada announced on January 21st that it's overnight lending rate has decreased from 1% to 0.75%. The prime lending rate at most lending institutions has dropped to 2.85%. Additionally, most fixed rates are on the decline. Additionally this week: - Many lending institutions made several changes to their promotional fixed mortgage rates. The decline in rates are visible across most term lengths. - Colliers International: Commercial real estate in Ottawa struggling: sales down 16% in ... Read more

January 22nd Mortgage Industry Update

January 22nd, 2015 Mortgage Industry Update The Bank of Canada announced on January 21st that it's overnight lending rate has decreased from 1% to 0.75%. These changes might be seen in the variable rate mortgage market in the near future. Additionally this week: - Toronto price gap between condos and houses widens. . - Bank Of Canada cuts overnight rate to 0.75%, first change since 2010. - Vancouver is second most unaffordable market in the world. . - Toronto condo prices rose 5.2 per cent to ... Read more

January 15th Mortgage Industry Update

January 15th, 2015 Mortgage Industry Update As the year starts, we see lenders continue to offer promotional rates that were common throughout last year. No significant changes have occurred, or are expected. Additionally this week: - RBC says household debt grew in November by 4.5%, marking a 2-year high. Residential mortgages accounted for a 5.2% growth. - Colliers International saying office market in Ottawa set for a shake up due to acquisition from KPR properties. - You now need an income of $68,884 to ... Read more

January 8th Mortgage Industry Update

January 8th, 2015 Mortgage Industry Update As the year starts, we see lenders continue to offer promotional rates that were common throughout last year. No significant changes have occurred, or are expected. Additionally this week: - Alberta housing market starting to slowdown says BMO; Due to slow down in energy sector. . - Average Toronto home price rose to $566,726 in 2014, an 8.4 per cent year-over-year increase. TREB says because shortage of available homes. - GTA sees 46 per cent increase ... Read more

January 2015 Industry Stats

January 2015 Industry Stats The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on January 6th, 2015. 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 59,500 (November 2013) to 58,600 (November 2014) The average MLS resale price in Toronto increased from $538,881 (November 2013) to $577,936 ... Read more
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