December 24th Mortgage Industry Update

December 24th, 2019 Mortgage Industry Update The Bank of Canada announced on December 4th that it’s overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent into early 2020, with the next major move likely being a rate decrease. Additionally this week:– Statistics Canada: Canadians paid a new record amount of interest on debts (across all loan types) in Q3 2019 – over $104 Billion. Up ... Read more

December 17th Mortgage Industry Update

December 17th, 2019 Mortgage Industry Update The Bank of Canada announced on December 4th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent into early 2020, with the next major move likely being a rate decrease. Additionally this week:- Royal LePage: Canadian house prices are forecast to increase by 3.2% to $669,800 next year led by Montreal, Ottawa and Toronto as ... Read more

December 10th Mortgage Industry Update

December 10th, 2019 Mortgage Industry Update The Bank of Canada announced on December 4th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent into early 2020, with the next major move likely being a rate decrease. Additionally this week:- TREB: 7,090 residential property sales across GTA in November; up 14.2% from 2018. Detached property sales rising at the fastest pace with ... Read more

December 3rd Mortgage Industry Update

December 3rd, 2019 Mortgage Industry Update The Bank of Canada announced on October 30th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019 and into early 2020, with the next major move likely being a rate decrease. Additionally this week:- RE/MAX predicting average Canadian residential prices to increase by 3.7% in 2020. As much as 51% of ... Read more
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