December 1st Mortgage Industry Update

December 1st, 2020 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 2023, as they observe the full effects of the pandemic.  Additionally this week:– CMHC's quarterly financial report: It had deferrals on 5% of its entire portfolio of insured mortgages since September 30. That’s a decline from ... Read more

November 24th Mortgage Industry Update

November 24th, 2020 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 2023, as they observe the full effects of the pandemic.  Additionally this week:– CIBC report: Canadian consumers and businesses are sitting on an unprecedented $170 billion in excess cash as of Q3. CIBC said it suspects ... Read more

November 17th Mortgage Industry Update

November 17th, 2020 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 2023, as they observe the full effects of the pandemic.  Additionally this week:– CIBC report: Number of Canadians counted as long-term unemployed went up by approximately 151,000 in October and 79,000 in September. Total of almost ... Read more

November 10th Mortgage Industry Update

November 10th, 2020 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 2023, as they observe the full effects of the pandemic.  Additionally this week:– TRREB: Average selling price for all homes across GTA climbed to $968,318 in October, up 13.7% from 2019, marking fifth consecutive month of ... Read more

November 3rd Mortgage Industry Update

November 3rd, 2020 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 2023, as they observe the full effects of the pandemic.  Additionally this week:– TRREB: Toronto condo rentals are up 30.2% in Q3 from 2019. There were 14,036 leases, up from 10,781 in 2019. Total of 34,971 ... Read more

October 27th Mortgage Industry Update

October 27th, 2020 Mortgage Industry Update The Bank of Canada announced on September 9th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada has openly stated that it will more than likely keep rates at this "effective lower bound" for the immediate future until the effects of the pandemic are more clear. Additionally this week:– Pollara Strategic Insights survey: 56% of participants said they would seek help from family as they geared up to ... Read more

October 20th Mortgage Industry Update

October 20th, 2020 Mortgage Industry Update The Bank of Canada announced on September 9th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada has openly stated that it will more than likely keep rates at this "effective lower bound" for the immediate future until the effects of the pandemic are more clear. Additionally this week:– Rentals.ca report: The average listing price for a one-bedroom in the old city of Toronto for September was $1,967. ... Read more

October 13th Mortgage Industry Update

October 13th, 2020 Mortgage Industry Update The Bank of Canada announced on September 9th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada has openly stated that it will more than likely keep rates at this "effective lower bound" for the immediate future until the effects of the pandemic are more clear. Additionally this week:– TRREB: September 2020 GTA sales were up 42.3% from 2019 to 11,083 (set a new record for home sales ... Read more

October 6th Mortgage Industry Update

October 6th, 2020 Mortgage Industry Update The Bank of Canada announced on September 9th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada has openly stated that it will more than likely keep rates at this "effective lower bound" for the immediate future until the effects of the pandemic are more clear. Additionally this week:– Royal LePage Luxury Property Report: From March 15 to September 9, price of a luxury condo in Toronto dipped ... Read more

September 29th Mortgage Industry Update

September 29th, 2020 Mortgage Industry Update The Bank of Canada announced on September 9th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada has openly stated that it will more than likely keep rates at this "effective lower bound" for the immediate future until the effects of the pandemic are more clear. Additionally this week:– A very strong majority of Ontarians think housing is an important (60%) or somewhat important (32%) contributor to the ... Read more
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