June 2nd, 2015 Mortgage Industry Update

The Bank of Canada announced on May 27th 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 have stabilized due to the bond market.

Additionally this week:
– Mortgage rates hold steady as the Bank of Canada maintains overnight rate target at 3/4 per cent

– TREB reports condo sales up in April: jumped 28 per cent

– TREB reports record April sales: 17 per cent increase over last April

– “Canada is a vibrant economy and some people ought to step in and take advantage of it” – George Ross, EVP & senior counsel to the Trump Organization

– Ontario government announced Wednesday that it has reformed condominium legislation, with the hopes of providing more consumer protection

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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