February 23rd Mortgage Industry Update

February 23rd, 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: – The country will probably welcome closer to 275,000 new permanent residents this year, versus a target of 401,000, Royal Bank of Canada says. ... Read more

February 16th Mortgage Industry Update

February 16th, 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: – Statistics Canada: Employment in Canada fell more than expected in January, with a loss of 212,800 positions that reversed five months of gains. ... Read more

February 9th Mortgage Industry Update

February 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: – BILD: 37,669 new homes sold in the GTA in 2020, up 5% annually, up 2% from 10 yr avg. New single-family homes accounted ... Read more

February 2nd Mortgage Industry Update

February 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: – Rentals.ca’s national rent report: Average rent for a one-bedroom in the City of Toronto was down 20.4% annually in December. Average prices for ... Read more

January 26th Mortgage Industry Update

January 26th, 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:– 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

January 19th Mortgage Industry Update

January 19th, 2021 Mortgage Industry Update The Bank of Canada announced on December 9th 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:– This fall, Canada’s Immigration Minister, Marco Mendicino said the country will welcome more than 1.2 million new immigrants over the next three years, ... Read more

January 12th Mortgage Industry Update

January 12th, 2021 Mortgage Industry Update The Bank of Canada announced on December 9th 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:– TorontoRentals.com forecast: Price of rent will drop approximately $100 per month by mid-2021 from November’s average: $2,060. Will sharply rise 13 or 14% ... Read more

January 5th Mortgage Industry Update

January 5th, 2021 Mortgage Industry Update The Bank of Canada announced on December 9th 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:– OREA: 23.4% annual increase in transactions last month. 19,740 total transactions; new record for the month. Year-to-date, home sales went up 6.7% to ... Read more

December 22nd Mortgage Industry Update

December 22nd, 2020 Mortgage Industry Update The Bank of Canada announced on December 9th 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:– Canadian real estate brokerage Royal LePage expects home prices to rise 5.5% in 2021 to $746,100 in 2021. With the median price of ... Read more

December 15th Mortgage Industry Update

December 15th, 2020 Mortgage Industry Update The Bank of Canada announced on December 9th 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:– RE/MAX: Toronto is closing out 2020 on top of the list of Canadian cities with the most home starts, completions, and absorption. Toronto ... Read more
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