June 28th Mortgage Industry Update

June 28th, 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 stabilized. Additionally this week: - Introducing a new 5 year fixed promotional low rate of 2.49%!!! - Economists forecast Bank of Canada is likely to continue to hold interest rates steady for longer or even cut them further due to brexit - CIBC’s Benjamin Tal: Additional taxation on overseas investors would ... Read more

June 21st Mortgage Industry Update

June 21st, 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 stabilized. Additionally this week: - Introducing a new 5 year fixed promotional low rate of 2.49%!!! - Bank of Canada: Economy expected to remain flat or shrink in second quarter of the year; will only show signs of “outsized recovery” by Q3. - Simon Fraser University: 91% of Vancouver's detached homes ... Read more

June 14th Mortgage Industry Update

June 14th, 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 stabilized. Additionally this week: - BoC governor Stephen Poloz: Consumers should not assume that the current frenzy in the country’s real estate sector is sustainable. - Stats Can: Gain of 13,800 jobs in May. Jobless rate down to 6.9 per cent from 7.1 per cent. Lowest level since last July. - ... Read more

June 7th Mortgage Industry Update

June 7th, 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: - TREB: Number of new listings in April dropped by nearly 10% on a year-over-year basis. 12,870 homes sold in May, 11% higher than last year. - National Bank CEO: Canadian mortgage down payments should return “over time” to 10% from 5% ... Read more
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