September 28th Mortgage Industry Update

September 28th, 2021 Mortgage Industry Update The Bank of Canada announced on September 8th 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 the later half of 2022 now, as they observe the country's recovery from COVID-19.  Additionally this week: – Statistics Canada: Inflation rose to 4.1% in August from a year earlier. Marks the fifth consecutive month of inflation ... Read more

September 21st Mortgage Industry Update

September 21st, 2021 Mortgage Industry Update The Bank of Canada announced on September 8th 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 the later half of 2022 now, as they observe the country's recovery from COVID-19.  Additionally this week: – Statistics Canada: Mortgage borrowing hit a record in Q2 as the amount Canadians owe relative to their income climbed ... Read more

September 14th Mortgage Industry Update

September 14th, 2021 Mortgage Industry Update The Bank of Canada announced on September 8th 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 the later half of 2022 now, as they observe the country's recovery from COVID-19.  Additionally this week: – TRREB: Detached homes averaged $1,674,641 selling price in August, up 3% from July and 11.2% from last year but ... Read more

September 7th Mortgage Industry Update

September 7th, 2021 Mortgage Industry Update The Bank of Canada announced on July 14th 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 the later half of 2022 now, as they observe the country's faster than expected recovery from COVID-19.  Additionally this week: – Equifax Canada: Canadians drove new mortgage volumes up to a quarterly high, soaring 60.2% to more ... Read more
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