August 11th Mortgage Industry Update
August 11th, 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:
– Another record set for Toronto home sales in July, up 8% vs. July 2014; however detached home price dropped below $1M first time in months. In the GTA (including Toronto) the average price for a detached home in the GTA is now $787,607. TREB reports condo market had 2,429 sales in July, up 14.4% year over year. The average price for a condo is now $372,263, up 4.1%
– Lenient border laws, permissive property rules, loose regulations – identified as key drivers of foreign investment in real estate market
– Toronto condo sales continue their summer surge, with #sales showing year-over-year growth for Q2 2015; 11% growth over last year.
– CoreLogic: Home prices across U.S. spiked by 6.5% year-over-year in June. Marks 40th consecutive month of annual price increases nationwide
– Canadian GDP shrank for fifth straight month in May, contracting 0.2%. Was broad-based but on-going slump in #oil prices mostly to blame
– Conservative government has plans to implement a program that offers homeowners 15% tax refund on renovations up to $5,000 if reelected
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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Caio18 February 2016
Yes you can take out home equity loan. You will sign cttcranos which will state that your home will be in effect collateral for this loan. Shop around as the interest rates and terms will vary. You should seek out a highly recommended mortgage broker who will take the time explain the options available to you.