January 19th Mortgage Industry Update
January 19th, 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 this week:
– 3 of Canada’s big 5 banks changing predictions to a rate cut on Wednesday. Bloomberg economist survey: 13/27 calling for cut, 14 saying none.
– Urbanation’s 2015 Q4 stats: GTA condo apartments rented through MLS up 19%, reaching 27,166.
– Sotheby’s: GTA sales of $4 million+ detached homes up by 67% in 2015, up 42% for $2-4 million range and up 49% in the $1-2 million range.
– CREA: House prices have jumped 10% in Toronto, 18% in Vancouver, slumped 2% in Calgary; in contrast to a 7% national average gain.
– New York Times deems Toronto the top tourist destination for 2016.
– A few rate changes:
CIBC Increases 3 and 4 year fixed rates, which rise 10 basis points to 2.59 per cent and 2.84 per cent respectively.
TD Bank increases their 5 year variable promotional mortgage rate to 2.45%, from 2.40%.
MCAP decreases their 5 year fixed promotional mortgage rate to 2.64%, from 2.74%.
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.