April 12th, 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:
– Royal LePage report: Trump presidency fears to drive Canada housing growth.

– Benchmark prices in Vancouver up by 23.2% on a year-over-year basis last month, while Toronto prices saw an 11.6% increase in same period.

– CMHC: Foreign condo ownership in Toronto: 10% of newer buildings (built after 2010), compared to 2% of those buildings built in the 1990s.

– CMHC Condominium Owners Survey: Most investments in condos in Toronto and Vancouver are for long-term gains rather than making a quick buck.

– New home sales record: There were 10,326 sales in March and 22,575 sales in the first quarter, according to the Toronto Real Estate Board.

– A few rate changes:
Scotiabank reduces their 3 year fixed rate to 2.44%.
Home Trust decreases their 3 year fixed rate to 2.34%

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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