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 buy an average home in Montreal; $88,578 in Calgary; $113,009 in Toronto; and $147,023 in Vancouver.
– Flipping could land you with a large tax bill, like it did for this Montreal women. [fancy_link link_text=”Learn More” url=”http://business.financialpost.com/2015/01/10/how-a-woman-who-flipped-6-properties-in-2-years-fell-afoul-of-the-taxman/” float=”none”].
– Canada’s housing is 63 per cent over-valued says Deutsche Bank. An outrageously high number, leaving people skeptical of it’s assessment. [fancy_link link_text=”Learn More” url=”http://business.financialpost.com/2015/01/08/deutsche-bank-reveals-7-reasons-why-canada-is-in-serious-trouble-starting-with-a-63-overvalued-housing-market/” float=”none”].
– Labrador West ‘bubble has burst’. House prices and rents are tumbling with the decline in the mining sector. [fancy_link link_text=”Learn More” url=”http://www.cbc.ca/news/canada/newfoundland-labrador/labrador-west-s-housing-bubble-is-deflating-rapidly-1.2892412″ 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.