November 5th Mortgage Industry Update

November 5th, 2019 Mortgage Industry Update The Bank of Canada announced on October 30th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019 and into early 2020, with the next major move likely being a rate decrease. Additionally this week:- Statistics Canada: Real GDP only edged higher by 0.1% in August following an unchanged reading in July; ... Read more

October 29th Mortgage Industry Update

October 29th, 2019 Mortgage Industry Update The Bank of Canada announced on September 4th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019, with the small possibility of a rate decrease. Additionally this week:- Office of the Superintendent of Financial Institutions: Canada’s outstanding HELOC growth is showing no signs of stopping, with balance increasing by 4.27% annually ... Read more

October 22nd Mortgage Industry Update

October 22nd, 2019 Mortgage Industry Update The Bank of Canada announced on September 4th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019, with the small possibility of a rate decrease. Additionally this week:- RBC survey: 55% of non-retired Canadians aged 50+ expect to leverage equity in their home as a source of retirement income (up from ... Read more

October 15th Mortgage Industry Update

October 15th, 2019 Mortgage Industry Update The Bank of Canada announced on September 4th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019, with the small possibility of a rate decrease. Additionally this week:- Royal LePage: As a whole, GTA saw prices rise by 3.7% year-over-year last month, to a median home price of $858,443. 6.2% gain ... Read more

October 8th Mortgage Industry Update

October 8th, 2019 Mortgage Industry Update The Bank of Canada announced on September 4th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019, with the small possibility of a rate decrease. Additionally this week:- TREB: Benchmark price across all types of homes rose 5.2% in September from a year earlier to $805,500, the highest annual rate of ... Read more

October 1st Mortgage Industry Update

October 1st, 2019 Mortgage Industry Update The Bank of Canada announced on September 4th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019, with the small possibility of a rate decrease. Additionally this week:- Conservative leader Andrew Scheer has vowed to remove the stress test from mortgage renewals, and to reinstitute 30 year amortizations for first time ... Read more

September 24th Mortgage Industry Update

September 24th, 2019 Mortgage Industry Update The Bank of Canada announced on September 4th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019, with the small possibility of a rate decrease. Additionally this week:- CREA raises national home sales forecast to 482,000 units this year, up 5% from 2018, also up 19,000 from June forecast. Sales are ... Read more

September 17th Mortgage Industry Update

September 17th, 2019 Mortgage Industry Update The Bank of Canada announced on September 4th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019, with the small possibility of a rate decrease. Additionally this week:- Mortgage Professionals Canada survey: For those who already own a home, 90% are happy with their purchase. An overwhelming 76% of Canadians believe ... Read more

September 10th Mortgage Industry Update

September 10th, 2019 Mortgage Industry Update The Bank of Canada announced on September 4th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019, with the small possibility of a rate decrease. Additionally this week:- TREB: Home sales in the GTA in August were up 13.4% compared with 2018, and up 0.8% from July. There were 7,711 home ... Read more

September 3rd Mortgage Industry Update

September 3rd, 2019 Mortgage Industry Update The Bank of Canada announced on July 10th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019, with the small possibility of a rate decrease. Additionally this week:- Mortgage Professionals Canada survey: 6.99 out of 10 consumers agree that mortgage debt is good debt. Most people say that real estate is ... Read more
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