September 6th Mortgage Industry Update

September 6th, 2016 Mortgage Industry Update The Bank of Canada announced on July 13th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have stabilized. Additionally this week: - Trimart Research Corporation report: Toronto low-rise sales dropped by 27.1% on a year-over-year basis and 38.5% month-over-month in July. - Reuters poll: Real estate prices estimated to grow by an average of 15% (Vancouver) and 22% (Toronto). - Royal LePage survey: Generation Xers most active buyers of recreational ... Read more

August 30th Mortgage Industry Update

August 30th, 2016 Mortgage Industry Update The Bank of Canada announced on July 13th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have stabilized. Additionally this week: - Alberta builders to see moderate increase in activity in 2017 (5.7%) following major reduction (40%) in home building this year. - REBGV: New tax curbing sales and limiting price gains. Sales fell 5% to 758 transactions in first 2 weeks of Aug from same period in 2015. - ... Read more

August 23rd Mortgage Industry Update

August 23rd, 2016 Mortgage Industry Update The Bank of Canada announced on July 13th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have stabilized. Additionally this week: - Vancouver, Toronto, Calgary made the Economist’s top-10 most livable cities list. Came in the 3,4,5 spots in list out of 140 major cities. - Latest official figures: Victoria outstripped every other Canadian city in terms of home sales in July; up 20% compared to last year. - Teranet-National ... Read more

August 16th Mortgage Industry Update

August 16th, 2016 Mortgage Industry Update The Bank of Canada announced on July 13th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have stabilized. Additionally this week: - CREA: National home sales fell for a 3rd consecutive month: 1.3% month-over-month in July and 2.9% year-over-year. - CIBC Economist: Issue of supply should be the main focus of officials to combating overheated prices in Vancouver and Toronto. - TransUnion Report: Canadians’ non-mortgage debt reached $21,580 in the ... Read more

August 9th Mortgage Industry Update

August 9th, 2016 Mortgage Industry Update The Bank of Canada announced on July 13th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have stabilized. Additionally this week: - Urbanation: Supply of new condos in GTA @ lowest level since 2010. Sales up 26%, total inventory down to decade low of 6.8 months of supply. - OREA survey: 51% of millennials are intending to buy a detached property within the next 2 years. 28% said condo, ... Read more

August 2nd Mortgage Industry Update

August 2nd, 2016 Mortgage Industry Update The Bank of Canada announced on July 13th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have stabilized. Additionally this week: - Toronto Mayor: No hurry to make a decision on cooling foreign investment with measures like those that will apply in BC. - TD Bank: New BC foreign investment tax could result in 5% drop in average prices, 20% drop in Vancouver residential home sales. - CMHC housing market ... Read more

July 26th Mortgage Industry Update

July 26th, 2016 Mortgage Industry Update The Bank of Canada announced on July 13th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have stabilized. Additionally this week: - BILD: GTA Low rise homes have more than doubled in price in the past decade; average appreciation in past year= $100,000, price = $887,543. - New Zealand’s central bank taking aim at investors by jacking the required down payment for an investment home to 40% to ... Read more

July 19th Mortgage Industry Update

July 19th, 2016 Mortgage Industry Update The Bank of Canada announced on July 13th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have stabilized. Additionally this week: - B.C. government announced that overseas nationals bought approximately 5 per cent of homes in the province over just 19 days last month. - Bank of Canada: Household spending, real gross domestic income, GDP all expected to increase. House prices expected to rise in Toronto, Vancouver. - Royal LePage: ... Read more

July 12th Mortgage Industry Update

July 12th, 2016 Mortgage Industry Update The Bank of Canada announced on May 25th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have also slightly declined. Additionally this week: - Introducing a new 5 year variable promotional low rate of 2.25%!!! - TREB: As of June 2016, average sale price of a detached house in Toronto stood at $979,445, spike from $816,583 the same month last year. - Statistics Canada: National unemployment rate fell to ... Read more

July 5th Mortgage Industry Update

July 5th, 2016 Mortgage Industry Update The Bank of Canada announced on May 25th that it's overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have also slightly declined. Additionally this week: - Introducing a new 5 year variable promotional low rate of 2.25%!!! - Toronto's house prices swelled to new heights, with the average price of a home in the GTA growing by 18.6% year-over-year to $734,924. - Statistics Canada: Economy grew in April by 0.1 per ... Read more
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