March 5th Mortgage Industry Update
March 5th, 2015 Mortgage Industry Update
The Bank of Canada announced on March 4th that it’s overnight lending rate will remain at 0.75%. The prime lending rate at most lending institutions thus remains at 2.85%. Additionally, most fixed rates are on the decline due to bond market declines.
Additionally this week:
– Vancouver sales surge 60 per cent in February. [fancy_link link_text=”Learn More” url=”http://www.rebgv.org/sites/default/files/February%202015%20Stats%20Package.pdf” float=”none”].
– Calgary proposes mass rezoning to ease tight rental market. [fancy_link link_text=”Learn More” url=”http://calgaryherald.com/news/local-news/city-takes-proposed-secondary-suite-changes-to-the-public” float=”none”].
– Developer says demand for rentals in Toronto is soaring. [fancy_link link_text=”Learn More” url=”http://business.financialpost.com/2015/02/26/torontos-rental-market-reborn-as-housing-prices-surge-out-of-reach-for-many/” float=”none”].
– Big banks view condo developments as lower risk. [fancy_link link_text=”Learn More” url=”http://business.financialpost.com/2015/02/25/big-banks-boost-condo-financing-even-as-unsold-units-in-toronto-hit-21-year-high/” float=”none”].
– There were minor rate cuts with a few lenders across their 5 year promotional mortgage rates.
– Alberta MLS sales decline in ‘most areas’. [fancy_link link_text=”Learn More” url=”http://calgaryherald.com/business/real-estate/slumping-mls-sales-in-january-hit-most-alberta-real-estate-boards” 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.
