May 26th, 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:– Statistics Canada: Inflation went negative for the first time since the 2009 recession after the coronavirus lockdown put the brakes on the world economy. Consumer prices dropped 0.2% in April from a year ... Read more

May 19th, 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:– Scotiabank chief economist: Reports of Canadian housing market’s death have been greatly "exaggerated". Market is experiencing “Covid-related pause” rather than prolonged downturn. National housing prices will decline 4% by year-end relative to 2019, ... Read more

May 12th, 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:– Zoocasa: There were 520 home sales across the Peel Region in April, a 73% decline from 2019. Halton Region sales totalled 338, which was a 65% annual decline. However average home prices rose ... Read more

May 5th, 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:– New data from TD Bank suggests home prices in Toronto may increase by nearly 8% in the remainder of 2020, in light of the current state of both the economy and the real ... Read more