February 19th, 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:- CMHC: Homes in Toronto + Victoria showing fewer signs of being overvalued, taking some pressure off a market that remains "vulnerable". Now shows “moderate” overvaluation, down from the riskiest rating of “high” given in October.
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