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

August 27th Mortgage Industry Update

August 27th, 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:- Point2Homes: In 2001, 7.8% of all homes in the country were empty. In 2006, the vacancy rate had jumped to 8.4% and by ... Read more

August 20th Mortgage Industry Update

August 20th, 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:- CMHC: Homeownership rate among 65+ in the Toronto metro area was 75.1% as of 2016, up from 73.4% in 2006. Seniors owned 1/4 ... Read more

August 13th Mortgage Industry Update

August 13th, 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:- Statistics Canada: Canadian families more likely to be homeowners now than in 1999. Share of those with paid off mortgages down from 46% ... Read more

August 6th Mortgage Industry Update

August 6th, 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:- Bank of Canada: Outstanding balance of mortgage debt was 3.7% higher year-over-year in June, up to $1.57 trillion. Last month saw the largest ... Read more

July 30th Mortgage Industry Update

July 30th, 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:- Toronto has been ranked as Canada’s most attractive city to move to, according to a survey from Finder(.)com. Asked 1,200 Canadian adults to ... Read more

July 23rd Mortgage Industry Update

July 23rd, 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:- CREA: Number of home sales in Canada up 0.3% in June from 2018, but down 0.2% from May. Up 10% from the six-year ... Read more

July 16th Mortgage Industry Update

July 16th, 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:- Bank of Canada stands still on the overnight rate at 1.75%. Good news for variable rate mortgage holders as there is no expected ... Read more

July 9th Mortgage Industry Update

July 9th, 2019 Mortgage Industry Update The Bank of Canada announced on May 29th 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. Additionally this week:- Marcus & Millichap: Spurred by heightened demand, the GTA’s commercial sector seeing some of lowest vacancy rates in North America. Net absorption expected to approach 5M square feet this year, pulling down ... Read more
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