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. Learn More.

– 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.

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