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. Learn More.

– Calgary proposes mass rezoning to ease tight rental market. Learn More.

– Developer says demand for rentals in Toronto is soaring. Learn More.

– Big banks view condo developments as lower risk. Learn More.

– There were minor rate cuts with a few lenders across their 5 year promotional mortgage rates.

– Alberta MLS sales decline in ‘most areas’. 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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