February 25th Mortgage Industry Update

February 25th, 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:– Toronto city council approved its $13.5 billion operating budget and its $43.4 billion 10-year capital budget. Residential property tax rates for 2020 will rise ... Read more

February 18th Mortgage Industry Update

February 18th, 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:– Statistics Canada: Toronto population 6,471,850 in 2019, up 127,575 from 2018. Montreal; 4,318,505, up 65,205. Vancouver; 2,691,351, up 39,045. Canada’s urban population growth estimated ... Read more

February 11th Mortgage Industry Update

February 11th, 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:– First-time home buyer incentive data: In total 3,252 applications were made to CMHC, with 2,730 accepted, last year. Total amount of money lent to ... Read more

February 4th Mortgage Industry Update

February 4th, 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:– TREB reported the detached benchmark reached $961,100 in December, up 5.8% from 2018. Marks the 7th consecutive month of acceleration. The City of Toronto ... Read more
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