December 7th Mortgage Industry Update

December 7th, 2021 Mortgage Industry Update The Bank of Canada announced on October 28th 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – BILD: A total of 4,280 new home sales took place in the GTA last month, a level that was 7% above the 10-year ... Read more

November 30th Mortgage Industry Update

November 30th, 2021 Mortgage Industry Update The Bank of Canada announced on October 28th 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – IG Private Wealth Management report: Affluent Canadians with at least $1 million in investable assets have been giving each child an average of ... Read more

November 23rd Mortgage Industry Update

November 23rd, 2021 Mortgage Industry Update The Bank of Canada announced on October 28th 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – CREA: Home sales surged 8.6% in October from the month before, biggest increase since July 2020 when the country was emerging from its ... Read more

November 16th Mortgage Industry Update

November 16th, 2021 Mortgage Industry Update The Bank of Canada announced on October 28th 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – Zoocasa report: Five cities in the GTA have the lowest property tax rates in Ontario. Toronto was revealed as having the lowest property ... Read more

November 9th Mortgage Industry Update

November 9th, 2021 Mortgage Industry Update The Bank of Canada announced on October 28th 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – BNN Bloomberg: Over the past year or so, most Canadians (59%) have been paying for home renovations out of own savings. Only 2% ... Read more

November 2nd Mortgage Industry Update

November 2nd, 2021 Mortgage Industry Update The Bank of Canada announced on October 28th 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – Bank of Canada stands still on the overnight rate at 0.25%. Good news for variable rate mortgage holders as there is no expected ... Read more

October 26th Mortgage Industry Update

October 26th, 2021 Mortgage Industry Update The Bank of Canada announced on September 8th 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 recovery from COVID-19.  Additionally this week: – Teranet’s Q4 market report: Toronto’s activity comprised 17% of total Ontario property transfers in period January 2011 to August ... Read more

October 19th Mortgage Industry Update

October 19th, 2021 Mortgage Industry Update The Bank of Canada announced on September 8th 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 recovery from COVID-19.  Additionally this week: – RBC's Housing Trends and Affordability report: Amount of income needed to cover ownership costs of home in Canada has ... Read more

October 12th Mortgage Industry Update

October 12th, 2021 Mortgage Industry Update The Bank of Canada announced on September 8th 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 recovery from COVID-19.  Additionally this week: – RE/MAX Canada 2021 Fall Housing Market Outlook Report: Average residential sale price for all home types could increase by ... Read more

October 5th Mortgage Industry Update

October 5th, 2021 Mortgage Industry Update The Bank of Canada announced on September 8th 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 recovery from COVID-19.  Additionally this week: – BILD: Condo apartments now dominant residential asset class in GTA. The property type accounted for 3,162 homes sold in ... Read more
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