August 25th Mortgage Industry Update

August 25th, 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:– In a recent market report, Toronto-based brokerage Zoocasa found that condo rental listings grew by 45 percent year-over-year in ... Read more

August 18th Mortgage Industry Update

August 18th, 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:– While GTA averaged 10-15 new condo launches per month in recent springs, was down to 3 during the height ... Read more

August 11th Mortgage Industry Update

August 11th, 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: Economy recorded a third straight month of strong employment gains tin July that have recouped more than ... Read more

August 4th Mortgage Industry Update

August 4th, 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: Economy has made up almost half of its historic contraction since the height of the pandemic. GDP ... Read more
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