July 28th Mortgage Industry Update

July 28th, 2020 Mortgage Industry Update The Bank of Canada announced on July 15th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada has openly stated that it will more than likely keep rates at this "effective lower bound" for the immediate future until the effects of the pandemic are more clear. Additionally this week:– Statistics Canada: Investment in residential construction fell by 21.4% annually to $7.83 B nationally in May, despite significant 85.7% ... Read more

July 21st Mortgage Industry Update

July 21st, 2020 Mortgage Industry Update The Bank of Canada announced on July 15th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada has openly stated that it will more than likely keep rates at this "effective lower bound" for the immediate future until the effects of the pandemic are more clear. Additionally this week:– Bank of Canada Governor Tiff Macklem: “Interest rates are very low and they are going to be there for ... Read more

July 14th Mortgage Industry Update

July 14th, 2020 Mortgage Industry Update The Bank of Canada announced on June 3rd 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:– Household credit stood at $2.29 trillion in May, which was essentially flat from the month prior and 3.6% higher annually. The year-over-year pace was the slowest since June 2019, Better Dwelling reported. – TRREB: ... Read more

July 7th Mortgage Industry Update

July 7th, 2020 Mortgage Industry Update The Bank of Canada announced on June 3rd 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:– Government support measures and payment deferrals from creditors are keeping Canadian consumers afloat, resulting in the biggest year-over-year decline in insolvencies dating back to 1988. Filings down 51% to 6,111 in May, that’s ... Read more
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