February 16th Mortgage Industry Update
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.