February 23rd Mortgage Industry Update

February 23rd, 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: – The country will probably welcome closer to 275,000 new permanent residents this year, versus a target of 401,000, Royal Bank of Canada says. ... Read more

February 16th Mortgage Industry Update

February 16th, 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: – Statistics Canada: Employment in Canada fell more than expected in January, with a loss of 212,800 positions that reversed five months of gains. ... Read more

February 9th Mortgage Industry Update

February 9th, 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: – BILD: 37,669 new homes sold in the GTA in 2020, up 5% annually, up 2% from 10 yr avg. New single-family homes accounted ... Read more

February 2nd Mortgage Industry Update

February 2nd, 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: – Rentals.ca’s national rent report: Average rent for a one-bedroom in the City of Toronto was down 20.4% annually in December. Average prices for ... Read more
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