October 30th, 2018 Mortgage Industry Update The Bank of Canada announced on October 24th that it's overnight lending rate will increase to 1.75% from 1.50%. The prime rate increases from 3.70% to 3.95%. The common prediction currently stands at the Bank of Canada continuing to increase rates in the near future as the word "gradual" was omitted from their recent release. Additionally this week: - Breaking News: Bank of Canada increases overnight rate to 1.75% from 1.50%. The Bank rate is correspondingly 2% ... Read more

October 23rd, 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: - B.C.'s finance minister has introduced legislation to move ahead with a speculation tax on vacant or underutilized properties. Tax ranges from 0.5% ... Read more

October 16th, 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: - Urbanation: Condo rents in GTA increased 9.4% year-over-year on per sq ft basis in Q3 2018 to $3.26. Average unit size leased ... Read more

October 9th, 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: - Up to 41% of Millennials said they believe that the GTA is well prepared to provide housing for the number of new ... Read more

October 2nd, 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: - Zoocasa report for most affordable markets reveals Thunder Bay is best, with an average price of $227,750 and an average median income ... Read more