May 31st, 2016 Mortgage Industry Update The Bank of Canada announced on May 25th 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 and become stable. Additionally this week: - Bank of Canada maintaining its target for the overnight rate at 1/2 per cent. Prime rate to remain the same! - BMO: 44% of consumers in the 18-35 age bracket are forced to depend on parents or other earning family members ... Read more

May 24th, 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 and become stable. Additionally this week: - York Region awarded as one of Ontario's highest appreciating regions in past year: April 2015 avg price: $772,287/April 2016: $939,299. Up 21.6%. - CMHC: Average Canadian home price expected to continue to increase in the next two years. Doesn’t expect any ... Read more

May 17th, 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: - CREA: The national home sale price skyrocketed 13.1% year-over-year. Not including Toronto and Vancouver, increased 8.7% year-over-year. - CREA: National home sales increased by 3.1% month-over-month in April and activity was up 10.3% year-over-year. - BCREA: Record 12,969 residential sales were reported in April – ... Read more

May 10th, 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: - CMHC: The trend measure for housing starts in Canada was 195,064 units in April, down slightly from March’s mark of 196,103. - Statistics Canada said Friday that the national unemployment rate for April remained unchanged at 7.1 per cent. - CREB: Benchmark value of average ... Read more

May 3rd, 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: - Toronto saw 500 properties worth north of $2 million sold between January 1 and March 31 of this year. - BMO Survey: Although 60% of millennials say they are tired of renting, 70% will wait until they can afford a home that meets requirements. - ... Read more