January 29th Mortgage Industry Update

January 29th, 2019 Mortgage Industry Update The Bank of Canada announced on January 9th 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 very gradually increase rates in 2019.  Additionally this week:- National Bank: Although Canadian insolvencies increased 5.2% in November compared to 2017, actual bankruptcies remained around record lows. Insolvency data lumps proposals in with bankruptcies. Proposals are plans to restructure debt, which is not an ... Read more

January 22nd Mortgage Industry Update

January 22nd, 2019 Mortgage Industry Update The Bank of Canada announced on January 9th 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 very gradually increase rates in 2019.  Additionally this week:- Sotheby's International Realty Canada: In GTA sales of luxury homes worth $1M+ declined 31%, while sales of homes over $4M fell 40% last year. In the city of Toronto, sales of homes over $1M fell ... Read more

January 15th Mortgage Industry Update

January 15th, 2019 Mortgage Industry Update The Bank of Canada announced on January 9th 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 very gradually increase rates in 2019.  Additionally this week:- 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! - Urbanation: Average monthly rent in Toronto jumped 9.3% ... Read more

January 8th Mortgage Industry Update

January 8th, 2019 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:- BILD: Sales of new homes totalled 2,823 in November. Condo sales down 24% from 2017 to 2,454, only 6% below 10 yr average. Price was $786,602, up 11.9% from 2017. Single-family sales up 8% from 2017 ... Read more
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