January 14th Mortgage Industry Update

January 14th, 2020 Mortgage Industry Update The Bank of Canada announced on December 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 into early 2020, with the next major move likely being a rate decrease. Additionally this week:– BILD: November new home sales were up 53% from 2018 to 4,720. This was 19% above the 10-year average. There was a 207% surge ... Read more

January 7th Mortgage Industry Update

January 7th, 2020 Mortgage Industry Update The Bank of Canada announced on December 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 into early 2020, with the next major move likely being a rate decrease. Additionally this week:– CMHC 2020 forecast: Ontario sales are expected to grow by 4.2% to 7.3%, or by 204,200 to 213,800 units this year. Prices are projected ... Read more

December 24th Mortgage Industry Update

December 24th, 2019 Mortgage Industry Update The Bank of Canada announced on December 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 into early 2020, with the next major move likely being a rate decrease. Additionally this week:– Statistics Canada: Canadians paid a new record amount of interest on debts (across all loan types) in Q3 2019 – over $104 Billion. Up ... Read more

December 17th Mortgage Industry Update

December 17th, 2019 Mortgage Industry Update The Bank of Canada announced on December 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 into early 2020, with the next major move likely being a rate decrease. Additionally this week:- Royal LePage: Canadian house prices are forecast to increase by 3.2% to $669,800 next year led by Montreal, Ottawa and Toronto as ... Read more

December 10th Mortgage Industry Update

December 10th, 2019 Mortgage Industry Update The Bank of Canada announced on December 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 into early 2020, with the next major move likely being a rate decrease. Additionally this week:- TREB: 7,090 residential property sales across GTA in November; up 14.2% from 2018. Detached property sales rising at the fastest pace with ... Read more

December 3rd Mortgage Industry Update

December 3rd, 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:- RE/MAX predicting average Canadian residential prices to increase by 3.7% in 2020. As much as 51% of ... Read more

November 26th Mortgage Industry Update

November 26th, 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:- CMHC Study: 42% of buyers this year said they felt concerned or were uncertain about the process ... Read more

November 19th Mortgage Industry Update

November 19th, 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's new Residential Property Price Index: House prices increased 0.20% in Q3 2019, down 0.59% from ... Read more

November 12th Mortgage Industry Update

November 12th, 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:- RE/MAX: Sales of luxury residential properties worth $5 million+ are accelerating in GTA. Activity surpassed 2018 levels, ... Read more

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
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