April 25th Mortgage Industry Update

April 25th, 2017 Mortgage Industry Update The Bank of Canada announced on April 12th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Both fixed and variable rates are generally stable within the market at this point in time. Additionally this week: - Ontario inaugurates Prescribed Information for Purposes of Section 5.0.1 Form. Requires homebuyer to provide citizenship, place of residence - Ontario Government extending rent controls to all buildings built after 1991, limiting annual increases to the rate ... Read more

April 18th Mortgage Industry Update

April 18th, 2017 Mortgage Industry Update The Bank of Canada announced on April 12th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Both fixed and variable rates are generally stable within the market at this point in time. Additionally this week: - Teranet-National Bank House Price index up 13.5% in March due to strong year-over-year increases in prices. Largest jump in 10 years. - Bank of Canada maintains overnight rate target at 1/2 per cent. Good news for ... Read more

April 11th Mortgage Industry Update

April 11th, 2017 Mortgage Industry Update The Bank of Canada announced on March 1st that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. CMHC has announced that its rate premiums will rise on March 17th. Many fixed rates are predicted to rise slightly. Additionally this week: - Ontario Premier Kathleen Wynne: Rent doubling is 'egregious,'. Promises rent control to come soon from Ontario government. - RBC Housing Trends and Affordability Report: National housing affordability levels for Q4 2016 remained ... Read more

April 4th Mortgage Industry Update

April 4th, 2017 Mortgage Industry Update The Bank of Canada announced on March 1st that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. CMHC has announced that its rate premiums will rise on March 17th. Many fixed rates are predicted to rise slightly. Additionally this week: - Average home sale price in Toronto up by 32.5 per cent year-over-year in February (up to $1.2 million). - Toronto condo apartment sales in February were up 79 percent over the same ... Read more
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