January 28th Mortgage Industry Update

January 28th, 2020 Mortgage Industry Update The Bank of Canada announced on January 22nd 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 early 2020, with the next major move likely being a rate decrease. 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 ... Read more

January 21st Mortgage Industry Update

January 21st, 2020 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: Canada’s economy created 35,200 jobs in December, after two straight monthly declines. This brings the total number of jobs added to 320,300 ... Read more

January 14th Mortgage Industry Update

January 14th, 2020 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:– BILD: November new home sales were up 53% from 2018 to 4,720. This was 19% above the 10-year average. There was a 207% surge ... Read more

January 7th Mortgage Industry Update

January 7th, 2020 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:– CMHC 2020 forecast: Ontario sales are expected to grow by 4.2% to 7.3%, or by 204,200 to 213,800 units this year. Prices are projected ... Read more
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