January 26th, 2021 Mortgage Industry Update The Bank of Canada announced on January 20th 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:– Bank of Canada stands still on the overnight rate at 0.25%. Good news for variable rate mortgage holders as there is no expected ... Read more

January 19th, 2021 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:– This fall, Canada’s Immigration Minister, Marco Mendicino said the country will welcome more than 1.2 million new immigrants over the next three years, ... Read more

January 12th, 2021 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:– TorontoRentals.com forecast: Price of rent will drop approximately $100 per month by mid-2021 from November’s average: $2,060. Will sharply rise 13 or 14% ... Read more

January 5th, 2021 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:– OREA: 23.4% annual increase in transactions last month. 19,740 total transactions; new record for the month. Year-to-date, home sales went up 6.7% to ... Read more