September 26th, 2017 Mortgage Industry Update

The Bank of Canada announced on September 6th that it’s overnight lending rate will increase from 0.75% to 1.00%. The prime rate at almost all institutions has increased from 2.95% to 3.20%, the second consecutive increase in 2017. Most fixed rates remain stable.

Additionally this week:
– CMHC: Nationwide in Q1 2017, 81% of borrowers with a mortgage had a good or excellent credit score, up 1% from the same time in 2016.

– Bloomberg and Nanos Canadian Confidence Index at 58.42 for week ending September 15, down from the 58.45 for the week prior.

– Equifax Canada: Massive cybersecurity breach at the company may have exposed the personal information of about 100,000 Canadian consumers.

– CREA: Ontario sales posted a 14.3% month-over-month gain from July to August of this year.

– Sotheby’s International Realty Canada: Super-luxury Toronto market ($4M +) hasn’t suffered quite as badly as lower price points.

– CREA: Small increase (1.3%) in national home sales in August, reversing a four-month trend of decline, as the GTA rebounded.

Stay tuned for the next update!

For any questions and concerns please do not hesitate to call Harpreet Singh The Mortgage King at (416) 795-1919.

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