February 19th Mortgage Industry Update
February 19th, 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:
– Poll by Sun Life shows that 60% think they will be working past their 65th birthday, 32% expecting to still be employed full time.
– Super rich love Vancouver and Toronto. [fancy_link link_text=”Learn More” url=”http://graphics.wsj.com/luxury-home-prices-02162015/?standalone=1″ float=”none”].
– Townhouses needed to ease Vancouver’s affordability issue. [fancy_link link_text=”Learn More” url=”http://www.vancouversun.com/business/affordability/UDI/Vancity+Housing+Affordability+Index+Townhouse/10809374/story.html#__federated=1″ float=”none”].
– Alberta builders expect moderate decline. [fancy_link link_text=”Learn More” url=”http://www.chbaalberta.ca/alberta-home-builders-expect-moderate-decline-in-2015?id=993″ float=”none”].
– Warning for Canadians with homes south of the border. [fancy_link link_text=”Learn More” url=”http://business.financialpost.com/2015/02/11/why-canadian-snowbirds-face-more-u-s-scrutiny-this-year-and-how-to-avoid-running-afoul-of-rules/#__federated=1″ float=”none”].
– Poll by BMO found that 46% of Canadians who hold a credit card have debt on account; Almost a third of card holders carry monthly balance.
– Micro condos are set to be real estate’s next big thing. [fancy_link link_text=”Learn More” url=”http://www.huffingtonpost.ca/2015/02/09/micro-condos-canada_n_6645216.html?utm_hp_ref=canada-business” float=”none”].
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.