March 26th Mortgage Industry Update
March 26th, 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:
– Price gap widens between Toronto houses and condos. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/report-on-business/economy/housing/torontos-price-gap-between-new-houses-and-condos-soars-to-record-level/article23574517/” float=”none”].
– How much income do you need to afford a home in major Canadian Cities? [fancy_link link_text=”Learn More” url=”http://business.financialpost.com/2015/03/20/heres-how-much-money-you-need-to-make-to-buy-a-house-in-your-city/” float=”none”].
– Vancouver mayor calls for action on affordability. [fancy_link link_text=”Learn More” url=”http://www.vancouversun.com/business/Vancouver+mayor+urges+overhaul+rental+legislation/10903024/story.html” float=”none”].
– Harper: No immediate action on housing market. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/news/politics/ottawa-not-planning-immediate-action-on-housing-market-harper-says/article23520357/” float=”none”].
– There were minor rate cuts with a few lenders across their 3,5,7,10 year promotional mortgage rates.
– Canadian debt increased by 2.3 per cent last year says credit agency. [fancy_link link_text=”Learn More” url=”http://www.cbc.ca/news/business/transunion-report-says-canadian-debt-loads-rose-2-3-in-2014-1.2999662″ 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.