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 once a year, to monitor mistakes and inaccuracies!
– Statistics Canada released employment data on Friday, and the results were weaker job numbers.
– A new product, The Certified Resale Home, takes an innovative approach to the pre-listing inspection, providing warranty for the prospective buyer, from the seller.
– Effective July 1, electronic signatures became legal for real estate deals, and some brokers fear an increase in fraud as a result.
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.