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. Learn More.

– How much income do you need to afford a home in major Canadian Cities? Learn More.

– Vancouver mayor calls for action on affordability. Learn More.

– Harper: No immediate action on housing market. Learn More.

– 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. 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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