April 9th Mortgage Industry Update
April 9th, 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:
– CMHC and Genworth announce higher premiums for risky loans. Buyers with less than 10% downpayment will pay 15% more for their insurance from June 1 2015.
– Condo owners struggling with insurance. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/report-on-business/economy/housing/the-real-estate-beat/insurers-increasingly-turning-away-from-the-condo-sector/article23763210/” float=”none”].
– Toronto prepares for surge in listings. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/life/home-and-garden/real-estate/let-the-deluge-begin-flood-of-new-toronto-home-listings-expected/article23629185/” float=”none”].
– There were minor rate cuts with a few lenders across their 2, 3, and 5 year promotional mortgage rates.
– Latest Tom Tom traffic index reveals that Vancouver, Toronto, Ottawa are the three cities that are most congested; 35, 31 and 27%.
– Consumer confidence up again last week according to Bloomberg Nanos Canadian Confidence Index. Up to 55.59 last week compared to 55.02.
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.