April 29th Mortgage Industry Update
April 29th, 2015 Mortgage Industry Update
The Bank of Canada announced on April 15th 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 stabilizing due to the bond market.
Additionally this week:
– Bloomberg Nanos Index shows an overall increase in sentiment about economy and household finances. Index up to 56.15 (from 56.09 last week).
– Almost all interest rates at major lenders remained stable this week.
– Toronto needs almost 10,000 homes, mayor John Tory claims.
– The Altus Group says that sales of new Calgary condos plunged 61 per cent in the first quarter of 2015 compared to the same period last year.
– Report from BMO shows that increasing number of first-time home buyers only considering home ownership thanks to help from family: up to 42%.
– Asians dominate list of billionaires in real estate: according to Forbes.
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.