April 19th, 2016 Mortgage Industry Update
The Bank of Canada announced on April 13th 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:
– CREA: National home sales increased 1.5% month-over-month for March, and 12.2% year-over-year.
– IMF revised its predictions for Canada’s economic growth rate over the next two years, adjusting the values to 1.5% in 2016 and 1.9% in 2017.
– CBRE report: Vacancy rate for downtown Calgary offices has hit its highest rate for 30 years. At the end of Q1 2016 vacancies were at 20.2%.
– Bank of Canada maintains overnight rate target at 1/2 per cent. Variable rates to remain the same!
– Influx of Albertans into Toronto and Vancouver is helping drive home prices to new heights, according to a recent report by Royal LePage.
– A few rate changes:
National Bank decreases their 5 year fixed promotional mortgage rate to 2.84%, 5 year variable to 2.55%.
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.Share this post on: Connect with us on: