August 21st, 2018 Mortgage Industry Update
The Bank of Canada announced on July 11th that it's overnight lending rate will increase to 1.50% from 1.25%. The prime rate thus increases to 3.70% from 3.45% with most lenders. The common prediction remains that there will be no further rate increases for the remainder of the year.
Additionally this week:
- Better Dwelling: Average monthly housing mortgage payments much higher in Q1 2018 compared to Q4 2017. In Toronto: reached $1,662 in Q1, 6.4% increase ...
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