March 31st Mortgage Industry Update

March 31st, 2020 Mortgage Industry Update The Bank of Canada held another emergency rate announcement on March 27th and cut its overnight lending rate from 0.75% to 0.25%. The prime rate has decreased to 2.45%. The possibility of further rate reductions remains unclear at this time as the economy deals with the COVID-19 pandemic. Additionally this week:– Conference Board of Canada analysis predicting social distancing will cause nation’s GDP to fall by 1.1% this year instead of growing by baseline forecast 0.3%. Also ... Read more

March 24th Mortgage Industry Update

March 24th, 2020 Mortgage Industry Update The Bank of Canada held an emergency rate announcement on March 13th and cut it’s overnight lending rate from 1.25% to 0.75%. The prime rate has decreased to 2.95%. The common prediction currently stands that the Bank of Canada will likely further reduce rates in the coming months to due the COVID-19 pandemic. Additionally this week:– Last month’s announced change to Canada’s insured mortgage stress test—which was to take effect April 6—has now been put on hold. ... Read more

March 17th Mortgage Industry Update

March 17th, 2020 Mortgage Industry Update The Bank of Canada announced on March 4th that it’s overnight lending rate will decrease from 1.75% to 1.25%. The prime rate has decreased to 3.45%. The common prediction currently stands that the Bank of Canada will likely either keep rates consistent for 2020, or the possibility of another rate drop sometime in the near future.  Additionally this week:– Oil crashed (30%) the most in 29 years as Saudi Arabia and Russia vowed to pump more in ... Read more

March 10th Mortgage Industry Update

March 10th, 2020 Mortgage Industry Update The Bank of Canada announced on March 4th that it’s overnight lending rate will decrease from 1.75% to 1.25%. The prime rate has decreased to 3.45%. The common prediction currently stands that the Bank of Canada will likely either keep rates consistent for 2020, or the possibility of another rate drop sometime in the near future.  Additionally this week:– Bank of Canada cuts its overnight rate target by 50 basis points from 1.75% to 1.25%! This was ... Read more

March 3rd Mortgage Industry Update

March 3rd, 2020 Mortgage Industry Update The Bank of Canada announced on January 22nd 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 early 2020, with the next major move likely being a rate decrease. Additionally this week:– BILD: GTA new house benchmark price of a single-family home reached $1,097,613 in January, down 2.9% from a year before. The condo apartment benchmark ... Read more

February 25th Mortgage Industry Update

February 25th, 2020 Mortgage Industry Update The Bank of Canada announced on January 22nd 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 early 2020, with the next major move likely being a rate decrease. Additionally this week:– Toronto city council approved its $13.5 billion operating budget and its $43.4 billion 10-year capital budget. Residential property tax rates for 2020 will rise ... Read more

February 18th Mortgage Industry Update

February 18th, 2020 Mortgage Industry Update The Bank of Canada announced on January 22nd 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 early 2020, with the next major move likely being a rate decrease. Additionally this week:– Statistics Canada: Toronto population 6,471,850 in 2019, up 127,575 from 2018. Montreal; 4,318,505, up 65,205. Vancouver; 2,691,351, up 39,045. Canada’s urban population growth estimated ... Read more

February 11th Mortgage Industry Update

February 11th, 2020 Mortgage Industry Update The Bank of Canada announced on January 22nd 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 early 2020, with the next major move likely being a rate decrease. Additionally this week:– First-time home buyer incentive data: In total 3,252 applications were made to CMHC, with 2,730 accepted, last year. Total amount of money lent to ... Read more

February 4th Mortgage Industry Update

February 4th, 2020 Mortgage Industry Update The Bank of Canada announced on January 22nd 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 early 2020, with the next major move likely being a rate decrease. Additionally this week:– TREB reported the detached benchmark reached $961,100 in December, up 5.8% from 2018. Marks the 7th consecutive month of acceleration. The City of Toronto ... Read more

January 28th Mortgage Industry Update

January 28th, 2020 Mortgage Industry Update The Bank of Canada announced on January 22nd 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 early 2020, with the next major move likely being a rate decrease. Additionally this week:– Bank of Canada stands still on the overnight rate at 1.75%. Good news for variable rate mortgage holders as there is no expected change ... Read more
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