November 29th, 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%. Many fixed rates have risen due to the new mortgage rule changes.
Additionally this week:
- The Licensing and Standards Committee: Recommending City Council approve new by-laws for rental apartments that would require licensing.
- Over past year, average price of Ontario homes has swelled by more than $88,000, translating to growth rate of around $2,000 ...
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