July 25th Mortgage Industry Update

July 25th, 2017 Mortgage Industry Update The Bank of Canada announced on July 12th that it's overnight lending rate will increase from 0.50% to 0.75%. The prime rate at almost all institutions has increased from 2.70% to 2.95%, the first increase in 7 years. Fixed rates have slightly risen over the last 3 weeks and seem to have stabilized now. Additionally this week: - The Bank of Canada increases qualifying interest rate on variable rate mortgages and 1-4 year terms to 4.84%, from 4.64%. - ... Read more

July 18th Mortgage Industry Update

July 18th, 2017 Mortgage Industry Update The Bank of Canada announced on July 12th that it's overnight lending rate will increase from 0.50% to 0.75%. The prime rate at almost all institutions has increased from 2.70% to 2.95%, the first increase in 7 years. Fixed rates have slightly risen over the last 3 weeks and seem to have stabilized now. Additionally this week: - Royal LePage forecasting GTA will close out the year with an average price of $862,264 – an 18.5% year-over-year increase. - ... Read more

July 11th Mortgage Industry Update

July 11th, 2017 Mortgage Industry Update The Bank of Canada announced on May 24th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Fixed rates have slightly risen over the last week with the expectation they will further slightly increase in the upcoming weeks. Additionally this week: - Real Estate Board of Greater Vancouver says that its MLS Home Price Index was up 7.9% year/year and 1.8% month/month in June to $998,700. - EKOS study: Little over 2/5 Canadians ... Read more

July 4th Mortgage Industry Update

July 4th, 2017 Mortgage Industry Update The Bank of Canada announced on May 24th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Fixed rates have slightly risen over the last week with the expectation they will further slightly increase in the upcoming weeks. Additionally this week: - Mercer’s Cost of Living Survey: Vancouver has overtaken Toronto as Canada’s most expensive city for expatriates according to annual ranking. - Altus Group: Market for newly-built low-rise homes in GTA down ... Read more
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