August 30th Mortgage Industry Update

August 30th, 2016 Mortgage Industry Update The Bank of Canada announced on July 13th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have stabilized. Additionally this week: - Alberta builders to see moderate increase in activity in 2017 (5.7%) following major reduction (40%) in home building this year. - REBGV: New tax curbing sales and limiting price gains. Sales fell 5% to 758 transactions in first 2 weeks of Aug from same period in 2015. - ... Read more

August 23rd Mortgage Industry Update

August 23rd, 2016 Mortgage Industry Update The Bank of Canada announced on July 13th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have stabilized. Additionally this week: - Vancouver, Toronto, Calgary made the Economist’s top-10 most livable cities list. Came in the 3,4,5 spots in list out of 140 major cities. - Latest official figures: Victoria outstripped every other Canadian city in terms of home sales in July; up 20% compared to last year. - Teranet-National ... Read more

August 16th Mortgage Industry Update

August 16th, 2016 Mortgage Industry Update The Bank of Canada announced on July 13th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have stabilized. Additionally this week: - CREA: National home sales fell for a 3rd consecutive month: 1.3% month-over-month in July and 2.9% year-over-year. - CIBC Economist: Issue of supply should be the main focus of officials to combating overheated prices in Vancouver and Toronto. - TransUnion Report: Canadians’ non-mortgage debt reached $21,580 in the ... Read more

August 9th Mortgage Industry Update

August 9th, 2016 Mortgage Industry Update The Bank of Canada announced on July 13th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have stabilized. Additionally this week: - Urbanation: Supply of new condos in GTA @ lowest level since 2010. Sales up 26%, total inventory down to decade low of 6.8 months of supply. - OREA survey: 51% of millennials are intending to buy a detached property within the next 2 years. 28% said condo, ... Read more

August 2nd Mortgage Industry Update

August 2nd, 2016 Mortgage Industry Update The Bank of Canada announced on July 13th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have stabilized. Additionally this week: - Toronto Mayor: No hurry to make a decision on cooling foreign investment with measures like those that will apply in BC. - TD Bank: New BC foreign investment tax could result in 5% drop in average prices, 20% drop in Vancouver residential home sales. - CMHC housing market ... Read more
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