October 6th, 2015 Mortgage Industry Update

The Bank of Canada announced on September 9th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Additionally, most fixed rates remain stable.

Additionally this week:
– GTA sales hit new record for September. TREB says that 8,200 homes were sold in the month, 2.5 per cent higher than a year earlier.

– Real Capital Analytics: Canadians bought US $3.85 billion of property in America’s largest city – New York, more than any other foreign buyer.

– Scotia bank has brought in external consultants to cut costs. Looking to save $150M through restructuring; causing growing fears of job loss.

– Stephen Harper says if re-elected his conservatives will give an extra 700,000 Canadians the opportunity to own their own homes by 2020.

– Waiting for 20% down payment to avoid CMHC fees, may actually cost you in the long run in hot markets, as prices rise higher and higher.

– Bank of Canada: Household debt rose by fastest pace since 2012. Rose to $1.869 trillion in August, up 5.9% from July, up 5% from August 2014.

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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