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 2014, as compared to 2013.
– Condo sales cancelled as developer decides to convert to rentals. [fancy_link link_text=”Learn More” url=”http://www.thestar.com/business/real_estate/2015/01/27/builder-quietly-cancels-condo-complex.html” float=”none”].
– A further 0.25 per cent cut in interest rates is being forecast for March in a new report from the TD Bank.
– Finance Minister Joe Oliver stated: “I have no current plans to introduce new rules regarding residential mortgages.”
– Alberta households are Canada’s top spenders; Alberta ($71,429), BC ($61,007), Ontario ($60,718). Lowest in PEI ($47,410)
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.
