Harpreet currently provides his services to all of Southern Ontario whether you are a first time homebuyer, sophisticated real estate investor, or any step in between.

Contact

(416) 795-1919

Search Mortgage Corp. 100-50 Village Centre Place Mississauga, Ontario, L4Z 1V9 License #: 12652

harpreet@searchmortgage.ca

February 12th Mortgage Industry Update

February 12th, 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:
– RBC has forecasted the BoC overnight rate will sit at 0.50 per cent by year’s end before climbing back up to two per cent by the end of 2016

– Consumer optimism for the economy has hit its lowest point since May 2013 according to the Bloomberg Nanos Canadian Confidence Index; 54.57

– CEO of CMHC says that he doesn’t expect to see a crash in the housing market as a result of the lower interest rates. [fancy_link link_text=”Learn More” url=”http://www.cbc.ca/news/business/cmhc-ceo-says-low-rates-won-t-put-stress-on-overvalued-housing-market-1.2946978″ float=”none”].

– Realtor says Calgary’s high-end homeowners are selling. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/report-on-business/economy/housing/the-real-estate-beat/panic-hits-calgarys-luxury-real-estate-as-oil-takes-its-toll/article22796181/” float=”none”].

– Is wood the future for large buildings? [fancy_link link_text=”Learn More” url=”http://www.vancouversun.com/business/resources/future+points+manufactured+wood+buildings/10784563/story.html” float=”none”].

– GTA sales up 6.1% y/y, new listings up 9.5% y/y, average selling price up 4.9% to $552,575.

 
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.

Author

Harpreet Singh

Leave a comment

Your email address will not be published.