September 29th, 2020 Mortgage Industry Update The Bank of Canada announced on September 9th 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:– A very strong majority of Ontarians think housing is an important (60%) or somewhat important (32%) contributor to the ... Read more

September 22nd, 2020 Mortgage Industry Update The Bank of Canada announced on September 9th 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: Home sales in August climbed 6.2% compared with July to hit a record for the month at 58,645. ... Read more

September 15th, 2020 Mortgage Industry Update The Bank of Canada announced on September 9th 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:– At the Big Six banks alone, Canadians have around 510,530 mortgages on payment deferral as of the quarter ending ... Read more

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), ... Read more

September 1st, 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:– Bloomberg Nanos Canadian Confidence Index, a composite measure of financial health and economic expectations, ticked up to 52.8 last ... Read more