November 3rd Mortgage Industry Update
November 3rd, 2015 Mortgage Industry Update
The Bank of Canada announced on October 21st that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Additionally, most fixed rates are predicted to slightly climb ahead of the winter season cool-down.
Additionally this week:
– Andy Yan, Vancouver city planner and researcher: 70% of detached homes in Vancouver’s west side were purchased by buyers from China, or with Chinese roots.
– RealNet Canada: Commercial real estate + land investment in GTA has recorded its best third quarter ever. Sales up 15 per cent from Q3 2014.
– Statistics Canada: Over 500k Canadians become self-employed every year. Mortgage brokers tend to specialize in mortgages for self-employed.
– Liberal government planning to permit all Ontario municipalities Ontario to double land transfer tax. Currently, only Toronto does so.
– CHMC’s Q4 Housing Market Outlook: Housing market will begin moderating in 2015 and continue to do so until 2017.
– A few rate changes ahead of the winter season: First National increases their 5 year fixed promotional mortgage rate to 2.64%, from 2.59%. Home Trust increases their 5 year promotional fixed and variable rate mortgages to 2.64%, 2.20% respectively. Scotia bank increases their 5 year variable promotional mortgage rate to 2.30%.
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.