July 28th Mortgage Industry Update

July 28th, 2015 Mortgage Industry Update The Bank of Canada announced on July 15th that it's overnight lending rate will be cut to 0.50%. The prime lending rate at most lending institutions thus decreased to 2.70%. Additionally, most fixed rates are rumoured to decrease in due time, as the overnight rate influences the bond market. Additionally this week: - Lenders cut their prime rate to 2.70%, giving us the 5 year promotional variable mortgage rate of 2.00%!!! - Foreign investors predicted to take advantage ... Read more

July 21st Mortgage Industry Update

July 21st, 2015 Mortgage Industry Update The Bank of Canada announced on July 15th that it's overnight lending rate will be cut to 0.50%. The prime lending rate at most lending institutions thus decreased to 2.70%. Additionally, most fixed rates have stabilized due to the bond market. Additionally this week: - Lenders cut their prime rate to 2.70%, giving us the 5 year promotional variable mortgage rate of 2.00%!!! - Ratings agency Fitch says that latest BoC interest rate cut underlines its view that Canadian ... Read more

July 14th Mortgage Industry Update

July 14th, 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: - According to CAAMP’s most recent statistics, 39% of first-timers chose the services of a Mortgage Broker from January 2013 to May 2015. - Toronto saw an increase of 56% in sales of houses in excess ... Read more

July 7th Mortgage Industry Update

July 7th, 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: - Bank of Canada figures show that total household debt was $1.835 trillion in May, up by 4.8 per cent year-over-year. - As mortgage brokers, we recommend the general public to check their credit at least ... Read more

July 2015 Industry Stats

July 2015 Industry Stats The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on July 2nd, 2015. The major statistics are summarized as follows: Bank of Canada interest rate remains at 0.75% Prime lending rate remains at 2.85% The 5Y variable qualifying rate remains at 4.64% The Government of Canada Bonds have slightly declined. The number of housing starts remained steady from 66,100 (May 2014) to 84,200 (May 2015) The average MLS resale price in Toronto increased from $585,204 (May 2014) to $649,599 ... Read more
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