December 27th Mortgage Industry Update

December 27th, 2016 Mortgage Industry Update The Bank of Canada announced on December 7th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Many fixed rates have risen by 10-30 points due to the new mortgage rule changes. Additionally this week: - CMHC: In wake of tighter mortgage qualification rules 2018 will see rebound in condo construction due to demand for more affordable housing. - CREA: Annual sales in B.C. will decline by 12.2% in 2017. Average sale prices ... Read more

December 20th Mortgage Industry Update

December 20th, 2016 Mortgage Industry Update The Bank of Canada announced on December 7th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Many fixed rates have risen by 10-30 points due to the new mortgage rule changes. Additionally this week: - CREA: Sales next year are expected to be 518,900 units, a drop of 3.3 per cent compared with the revised forecast for 2016 (6.2% @ 536,700). - BC Government launches new program. Will match down payment of ... Read more

December 13th Mortgage Industry Update

December 13th, 2016 Mortgage Industry Update The Bank of Canada announced on December 7th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Many fixed rates have risen by 10-30 points due to the new mortgage rule changes. Additionally this week: - Equifax: Canadian households have increased average debt by 3.6 per cent this quarter compared to a year ago. Average debt is now $22,081. - B.C. Tax Assessment: Many Vancouver single-family homes will see “significant increases” of as ... Read more

December 6th Mortgage Industry Update

December 6th, 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 by 10-30 points due to the new mortgage rule changes. Additionally this week: - CMHC: Share of foreign ownership of condos remains low, with Toronto at 2.3% and Vancouver at 2.2%; both markets saw lower share than 2015. Foreigners represent small segment of home owners in country’s most active markets; ... Read more
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