September 25th Mortgage Industry Update

September 25th, 2018 Mortgage Industry Update The Bank of Canada announced on September 5th that it's overnight lending rate will remain at 1.50%. The prime rate thus remains 3.70%. Good news for variable rate mortgage holders as they can expect no changes to their rates! The common prediction currently stands at another rate increase for October's meeting. Additionally this week: - TransUnion: Number of new mortgages taken up in Q2 fell by 3.4% compared to 2017. Decrease of 18% in millennial borrowers, 22% ... Read more

September 18th Mortgage Industry Update

September 18th, 2018 Mortgage Industry Update The Bank of Canada announced on September 5th that it's overnight lending rate will remain at 1.50%. The prime rate thus remains 3.70%. Good news for variable rate mortgage holders as they can expect no changes to their rates! The common prediction currently stands at another rate increase for October's meeting. Additionally this week: - Knight Frank’s quarterly global house price index: Just last year, Canada ranked 4th in a widely cited global home price ranking. But ... Read more

September 11th Mortgage Industry Update

September 11th, 2018 Mortgage Industry Update The Bank of Canada announced on September 5th that it's overnight lending rate will remain at 1.50%. The prime rate thus remains 3.70%. Good news for variable rate mortgage holders as they can expect no changes to their rates! The common prediction currently stands at another rate increase for October's meeting. Additionally this week: - Realosophy: Approximately 28% of GTA properties listed for sale through Toronto’s MLS are empty, up 17% from 2017. Many of these properties ... Read more

September 4th Mortgage Industry Update

September 4th, 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: - Altus Group: Benchmark price of new single-family homes in GTA in July was $1,142,574, representing an almost flat 0.85% increase from June and 13.2% ... Read more
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