September 8th, 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:– CREA: Only five urban markets nationwide saw their condo values reach new heights in July. Ottawa ($369,200), Oakville ($600,600), ...
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