October 25th Mortgage Industry Update

October 25th, 2016 Mortgage Industry Update The Bank of Canada announced on October 19th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Almost all fixed rates remain stable at this point despite new recent mortgage rule changes. Additionally this week: - Moody’s Analytics: CDN real estate sector will experience more relaxed pace growth over next 5Y, rumors of massive crash greatly exaggerated. - National Bank: Home prices in Vancouver and Toronto facing imminent correction. 10% drop over next ... Read more

October 18th Mortgage Industry Update

October 18th, 2016 Mortgage Industry Update The Bank of Canada announced on September 7th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Almost all fixed rates remain stable at this point despite new recent mortgage rule changes. Additionally this week: - CREA: Federal government's recent changes to mortgage lending rules have injected uncertainty into the Canadian real estate market. - CREA: Number of home sales edged higher (0.8%) in September compared with August, ending a streak of month-over-month ... Read more

October 11th Mortgage Industry Update

October 11th, 2016 Mortgage Industry Update The Bank of Canada announced on September 7th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Almost all fixed rates remain stable ahead of the autumn season. Additionally this week: - IMF estimates the Canadian GDP to grow by 1.2 per cent in 2016 and 1.9 per cent in 2017. Down from earlier predictions. - Genworth Canada: 1/3 of its 2016 insured clients would have had difficulty qualifying under the new requirements ... Read more

October 4th Mortgage Industry Update

October 4th, 2016 Mortgage Industry Update The Bank of Canada announced on September 7th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Almost all fixed rates remain stable ahead of the autumn season. Additionally this week: - Finance Minister: Federal government will no longer allow non-residents who buy homes to claim tax exemption on sales of those properties. Preventative measures = standardizing lending criteria for high- and low-ratio mortgages, including a mortgage stress test. All applicants required ... Read more
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