February 16th, 2016 Mortgage Industry Update

The Bank of Canada announced on January 20th 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:
– Economist David Rosenberg: Canada’s government needs to inject $50B into economy to help weather collapse in oil prices and stimulate growth.

– Bloomberg Nanos Consumer Confidence Index found 13.5% of respondents believed their personal finances had improved over the previous year.

– With commercial real estate outlay amounting to $8.3B, Canadians comprised a third of foreign investments in Manhattan properties in 2014.

– Scotiabank’s economists: CMHC foreign ownership numbers of “3.5%” in Vancouver Real Estate are “likely ridiculously low-balled.”

– Bank of Nova Scotia predicting 1.1% growth rate for this year; National Bank Financial expecting 0.9%; Capital Economics 0.7%. Bottom of G7.

– A few rate changes:
National Bank increases their 5 year variable promotional mortgage rate to 2.70%
TD Bank decreases their 5 year fixed promotional mortgage rate to 2.84%.
XCEED Mortgage Corp drops their 5 year fixed promotional mortgage rate to 2.64%.

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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