May 4th Mortgage Industry Update

May 4th, 2021 Mortgage Industry Update The Bank of Canada announced on April 21st 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: – National Bank of Canada Chief Executive Officer Louis Vachon said the country should consider ending the ... Read more

April 27th Mortgage Industry Update

April 27th, 2021 Mortgage Industry Update The Bank of Canada announced on April 21st 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: – Bank of Canada stands still on the overnight rate at 0.25%. Good news for variable rate ... Read more

April 20th Mortgage Industry Update

April 20th, 2021 Mortgage Industry Update The Bank of Canada announced on March 10th 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. Due to recent increased confidence in the markets, fixed rates have been slightly increasing.  Additionally this week: – StatsCan figures revealed that the nation’s three largest cities ... Read more

April 13th Mortgage Industry Update

April 13th, 2021 Mortgage Industry Update The Bank of Canada announced on March 10th 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. Due to recent increased confidence in the markets, fixed rates have been slightly increasing.  Additionally this week: – TRREB: There were 15,652 property sales across the GTA ... Read more

April 6th Mortgage Industry Update

April 6th, 2021 Mortgage Industry Update The Bank of Canada announced on March 10th 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. Due to recent increased confidence in the markets, fixed rates have been slightly increasing.  Additionally this week: – Citing data from Statistics Canada, Brookfield Institute report said ... Read more

March 30th Mortgage Industry Update

March 30th, 2021 Mortgage Industry Update The Bank of Canada announced on March 10th 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. Due to recent increased confidence in the markets, fixed rates have been slightly increasing.  Additionally this week: – Royal LePage expects the aggregate price of a home ... Read more

March 23rd Mortgage Industry Update

March 23rd, 2021 Mortgage Industry Update The Bank of Canada announced on March 10th 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. Due to recent increased confidence in the markets, fixed rates have been slightly increasing.  Additionally this week: – CREA says it expects 700,000 properties to trade hands ... Read more

March 16th Mortgage Industry Update

March 16th, 2021 Mortgage Industry Update The Bank of Canada announced on March 10th 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. Due to recent increased confidence in the markets, fixed rates have been slightly increasing.  Additionally this week: – Bank of Canada stands still on the overnight rate ... Read more

March 9th Mortgage Industry Update

March 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: – Altus Group: GTA market saw 1,506 new single-family homes sold in January, marking the largest number of January transactions involving this asset class ... Read more

March 2nd Mortgage Industry Update

March 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: – In its analysis of figures from Statistics Canada, CIBC said that job losses spurred by the COVID-19 recession mainly occurred in the segment ... Read more
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