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, 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, 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, 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, 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