April 28th Mortgage Industry Update

April 28th, 2020 Mortgage Industry Update The Bank of Canada announced on April 15th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The possibility of further rate reductions remains unclear at this time as the economy deals with the COVID-19 pandemic. Additionally this week:– Forum Research survey: 6% of respondents said they missed their mortgage payment recently due to the ongoing pandemic. Of those who had already missed a payment, 76% said they will miss another before ... Read more

April 21st Mortgage Industry Update

April 21st, 2020 Mortgage Industry Update The Bank of Canada announced on April 15th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The possibility of further rate reductions remains unclear at this time as the economy deals with the COVID-19 pandemic. Additionally this week:– CREA: Home sales across Canada fell by 14.3% in March compared to February. However, they are still up 7.8% compared to 2019. The national average home price climbed 12.5% from 2019 to $540,000. ... Read more

April 14th Mortgage Industry Update

April 14th, 2020 Mortgage Industry Update The Bank of Canada held another emergency rate announcement on March 27th and cut its overnight lending rate from 0.75% to 0.25%. The prime rate has decreased to 2.45%. The possibility of further rate reductions remains unclear at this time as the economy deals with the COVID-19 pandemic. Additionally this week:– Statistics Canada: Employment plunged by 1.01 million in March from prior month, largest decline in records dating back to 1976. Jobless rate up to 7.8%, up ... Read more

April 7th Mortgage Industry Update

April 7th, 2020 Mortgage Industry Update The Bank of Canada held another emergency rate announcement on March 27th and cut its overnight lending rate from 0.75% to 0.25%. The prime rate has decreased to 2.45%. The possibility of further rate reductions remains unclear at this time as the economy deals with the COVID-19 pandemic. Additionally this week:– Realosophy Realty: Last week's sales down 37% compared to 2019. 27% increase in cancelled listings. Some of those cancelled listings may end up getting relisted at ... Read more
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