June 9th Mortgage Industry Update
June 9th, 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:
– GTA May sales rose 6.3% y/y with the average price for all types of homes rising 8.9% to $650,000.
– Toronto average price of a detached home hits $1.1 million; an 18% increase from last year.
– CNBC: US mortgage market suffering volatility currently as bond market yields have increased leading to a spike in mortgage rates
– New data from Statistics Canada shows the gap between Canada’s richest 20 per cent and the poorest almost doubled in the period 1999-2012
– CIBC chief economist Avery Shenfeld states that he does not expect another cut in interest rates from the Bank of Canada.
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.