October 31st Mortgage Industry Update

October 31st, 2017 Mortgage Industry Update The Bank of Canada announced on October 25th that it's overnight lending rate will remain at 1.00%. The prime rate remains the same. It is common prediction for rates to rise another 2 times by the end of 2018. Most fixed rates have risen significantly and are now in the 3%+ range. Additionally this week: - The CRA analyzing 2,810 transactions involving cases of pre-construction condo flipping in Toronto to determine whether audits are needed. - Census: Home ownership ... Read more

October 24th Mortgage Industry Update

October 24th, 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: - Federation of Rental-housing Providers of Ontario: 1,000+ planned purpose-built rental units converted to condos in wake of new rent control. - Fitch Ratings: Overall, new mortgage rule changes will cool market, “positive ... Read more

October 17th Mortgage Industry Update

October 17th, 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: - Royal LePage: In Q3 2017, real estate in the GTA began to show signs of a recovery, “transitioning to a more balanced market”. - Urbanation: Average index rent in third quarter 2017 ... Read more

October 10th Mortgage Industry Update

October 10th, 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: - Ontario liberal government announces fines for unethical realtors doubled to $50,000, brokerages to $100,000 per violation. - TREB: GTA sales of all major types of residential property down 35% year-over-year in September, ... Read more

October 3rd Mortgage Industry Update

October 3rd, 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: - Bank of Canada Governor Stephen Poloz: "There is no predetermined path for interest rates from here". - RE/MAX Ontario-Atlantic Canada: Sales of condos priced $1M+ increased in the GTA in the first ... Read more
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