April 26th Mortgage Industry Update
April 26th, 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 have also slightly declined.
Additionally this week:
– TD study: 13% of buyers in Toronto + Vancouver purchased homes in rush for fear of missing out on good picks before becoming too expensive.
– BMO study: Currently, around 76 per cent of renting individuals aged 18 to 34 are expecting to buy their own homes within the next 5 years.
– Nanos Research Group: As of April 15, approximately 39.4% of Canadians are expecting that housing prices would grow in the next six months.
– National Bank of Canada economists: Approximately $12.7 billion was spent by Chinese buyers on real estate in Vancouver last year alone.
– Condo rents in Toronto have increased 6.8% year-over-year as vacancy rates fell to 0.5%, according to Urbanation.
– A few rate changes:
TD Bank decreases their 3 year fixed promotional mortgage rate to 2.29%, 5 year variable to 2.45%.
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.