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. Learn More.

– Townhouses needed to ease Vancouver’s affordability issue. Learn More.

– Alberta builders expect moderate decline. Learn More.

– Warning for Canadians with homes south of the border. Learn More.

– 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. Learn More.

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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