September 8th, 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 remain stable.

Additionally this week:
– The unemployment rate increased 0.2 percentage points to 7.0% in August, as more people searched for work, reported StatsCan.

– Poll of 40 economists by Reuters reveals that the financial experts are not forecasting any rise in interest rates until 2017.

– Home sales in Calgary dropped 27 per cent in August from a year earlier: The Calgary Real Estate Association. Calgary benchmark prices remain relatively stable, totalling $456,300. Condos down 1.4 per cent.

– Derek Holt, Scotiabank: “I maintain the view that #recession talk remains off base … not sufficient condition for a recession call”

– TD Bank cuts their 5 year fixed promotional mortgage rate to 2.67%, from 2.69%

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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