December 22nd Mortgage Industry Update

December 22nd, 2020 Mortgage Industry Update The Bank of Canada announced on December 9th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada suggests that they will more than likely keep rates at this "effective lower bound" until 2023, as they observe the full effects of the pandemic.  Additionally this week:– Canadian real estate brokerage Royal LePage expects home prices to rise 5.5% in 2021 to $746,100 in 2021. With the median price of ... Read more

December 15th Mortgage Industry Update

December 15th, 2020 Mortgage Industry Update The Bank of Canada announced on December 9th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada suggests that they will more than likely keep rates at this "effective lower bound" until 2023, as they observe the full effects of the pandemic.  Additionally this week:– RE/MAX: Toronto is closing out 2020 on top of the list of Canadian cities with the most home starts, completions, and absorption. Toronto ... Read more

December 8th Mortgage Industry Update

December 8th, 2020 Mortgage Industry Update The Bank of Canada announced on October 28th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada suggests that they will more than likely keep rates at this "effective lower bound" until 2023, as they observe the full effects of the pandemic.  Additionally this week:– TRREB: There were 8,766 property sales across the GTA last month, a 24.3% increase from 2019, but a 17% drop from last month. ... Read more

December 1st Mortgage Industry Update

December 1st, 2020 Mortgage Industry Update The Bank of Canada announced on October 28th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada suggests that they will more than likely keep rates at this "effective lower bound" until 2023, as they observe the full effects of the pandemic.  Additionally this week:– CMHC's quarterly financial report: It had deferrals on 5% of its entire portfolio of insured mortgages since September 30. That’s a decline from ... Read more
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