November 24th Mortgage Industry Update
November 24th, 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, almost all fixed rates have climbed ahead of the winter season cool-down.
Additionally this week:
– Scotiabank poll: 61% of home sellers seek those with a mortgage pre-approval, 69% buyers already likely to have pre-approval.
– CMHC: “On December 3, CMHC will release a national report highlighting foreign ownership as part of the HMI series”
– CBRE Group: Calgary vacancy (14%) already at 5 year high, rents lowest since 2006 after thousands of office jobs cut.
– Canadian Real Estate Association: Increase in volume of home sales in October compared to last month. Up 1.8% nationally, nearing 2015 peak.
– A few rate changes ahead of the winter season:
TD Bank increases 5 year variable rate to 2.35%, from 2.30%. Increases 5 year fixed to 2.84%.
Scotiabank increases 5 year variable rate to 2.40%. Increases 5 year fixed to 2.89%, from 2.79%. 3 year to 2.54%, from 2.44%.
Street Capital increases 5 year fixed to 2.69%, 5 year variable to 2.30%.
First National increases 5 year variable rate to 2.35%, from 2.30%.
XCEED mortgage increases their 5 year fixed rate to 2.74%.
National Bank increases their 5 year variable rate to 2.35%, from 2.30%. 5 year fixed to 2.84%, from 2.79%.
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.