April 2nd, 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:
– Could Amazon’s new venture benefit mortgage, real estate agents? Learn More.

– Poll by CIBC reveals that more Canadians are opting to lock in monthly payments, betting that mortgage rates won’t fall in the near future.

– Poll by the Chartered Professional Accountants of Canada found that 59% of households are “living comfortably and doing well financially”.

– Builder shifts from the suburbs to downtown, stating ‘no bubble’. Learn More.

– There were minor rate cuts with a few lenders across their 3 and 5 year promotional mortgage rates.

– Alberta mortgage and land fees soar in budget. 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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