January 5th, 2016 Mortgage Industry Update

The Bank of Canada announced on December 2nd 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 and stabilized, as compared to the end of 2015.

Additionally over the holiday season:
– CMHC: Millennials are set to drive growth in Canada’s housing market, perhaps to a greater extent than their parents did.

– Poll commissioned by Global News and conducted by Ipsos found that 53 per cent feel ‘good’ about the Canadian economy in 2016.

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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