April 2nd Mortgage Industry Update
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? [fancy_link link_text=”Learn More” url=”http://www.montrealgazette.com/business/Amazon+coms+home+referral+service+covers+everything+from/10932098/story.html” float=”none”].
– 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’. [fancy_link link_text=”Learn More” url=”http://business.financialpost.com/personal-finance/mortgages-real-estate/big-city-bright-light-mattamy-homes-founder-outgrows-the-suburbs-sets-sights-on-downtown-toronto” float=”none”].
– 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. [fancy_link link_text=”Learn More” url=”http://calgaryherald.com/business/real-estate/budget-dramatic-fee-hikes-coming-to-real-estate-market” 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.
