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. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/report-on-business/economy/housing/the-real-estate-beat/price-gap-between-toronto-homes-condos-hits-record-high/article22532509/” float=”none”].
– Bank Of Canada cuts overnight rate to 0.75%, first change since 2010.
– Vancouver is second most unaffordable market in the world. [fancy_link link_text=”Learn More” url=”http://www.demographia.com/dhi.pdf” float=”none”].
– Toronto condo prices rose 5.2 per cent to $361,836 in December, as compared to the previous year.
– TD Bank and Scotiabank both reduce their 5 year fixed promotional mortgage rate to 2.89%
– CMHC, Genworth – view micro condos the same as normal condos when it comes to insurance underwriting. Canada Guaranty still unclear.
– Royal Le Page predicts that the West will decrease in prices due to oil prices, while GTA will benefit from the largest price increases.
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.