December 18th, 2018 Mortgage Industry Update
The Bank of Canada announced on December 5th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands at the Bank of Canada will gradually increase rates in 2019.
Additionally this week:
- CMHC: 205k new mortgages in Q2, down 11.9% compared with 2017. Active mortgages up by 1.3% to 6M loans. Average loan value up by 3.7% to $205,980. Total outstanding mortgage balance up 5% to $1.23 trillion.Delinquent ...
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