February 26th Mortgage Industry Update
February 26th, 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:
– Canadians don’t know how in debt they are. [fancy_link link_text=”Learn More” url=”http://business.financialpost.com/2015/02/24/almost-one-in-5-ontario-residents-are-technically-insolvent-poll-finds/#__federated=1″ float=”none”].
– Tighter mortgage rules have led to unsold condos in smaller cities. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/report-on-business/smaller-canadian-cities-grapple-with-surplus-of-unsold-condos/article23165014/” float=”none”].
– Paying down your mortgage may be poor economics. [fancy_link link_text=”Learn More” url=”http://www.jamiegolombek.com/media/Mortgages_or_Margaritas_EN.PDF” float=”none”].
– Canadians weigh up big profits on snowbird homes. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/is-it-time-to-sell-your-us-snowbird-property/article23046347/” float=”none”].
– There were minor rate cuts with a few lenders across their 3 year, and 5 year promotional mortgage rates.
– No areas are sellers’ markets says BMO. [fancy_link link_text=”Learn More” url=”http://www.bmonesbittburns.com/economics/reports/20150218/sr150218.pdf” 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.
