December 18th Mortgage Industry Update

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 ... Read more

December 11th Mortgage Industry Update

December 11th, 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: - Breaking News: Bank of Canada stands still on the overnight rate at 1.75%. Good news for variable rate mortgage holders as there is no expected change in prime rates! - Bank of Canada: October showed that the ... Read more

December 4th Mortgage Industry Update

December 4th, 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: - C.D. Howe Institute's Monetary Policy Council: Bank of Canada should hold put on interest rates until spring. Calling ... Read more
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