April 5th Mortgage Industry Update
April 5th, 2016 Mortgage Industry Update
The Bank of Canada announced on March 9th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates also remain stable.
Additionally this week:
– KPMG: Canada among most competitive countries for businesses based on cost of industry essentials; taxes, labour, facilities, transportation.
– National Bank Chief Economist: Toronto + Vancouver price rises being driven by influx of “highly educated immigrants”; wanting best jobs.
– We now offer 1 to 5 year term unsecured loans from 4.8%!!!
– UBC Study: Buyers in 25-34 age bracket need to work for 12 years to save up for the 20% down payment required for the average Canadian home.
– CIBC Poll: 86% of millennials say home ownership is important although 2/3 are either renting (42%) or living with parents (21%).
– A few rate changes:
New 2 year fixed promotional #mortgage rate of 2.14%!
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.