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. Learn More.

– Realtor says Calgary’s high-end homeowners are selling. Learn More.

– Is wood the future for large buildings? Learn More.

– 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.

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