January 15th Mortgage Industry Update

January 15th, 2015 Mortgage Industry Update As the year starts, we see lenders continue to offer promotional rates that were common throughout last year. No significant changes have occurred, or are expected. Additionally this week: - RBC says household debt grew in November by 4.5%, marking a 2-year high. Residential mortgages accounted for a 5.2% growth. - Colliers International saying office market in Ottawa set for a shake up due to acquisition from KPR properties. - You now need an income of $68,884 to ... Read more

January 8th Mortgage Industry Update

January 8th, 2015 Mortgage Industry Update As the year starts, we see lenders continue to offer promotional rates that were common throughout last year. No significant changes have occurred, or are expected. Additionally this week: - Alberta housing market starting to slowdown says BMO; Due to slow down in energy sector. . - Average Toronto home price rose to $566,726 in 2014, an 8.4 per cent year-over-year increase. TREB says because shortage of available homes. - GTA sees 46 per cent increase ... Read more

January 2015 Industry Stats

January 2015 Industry Stats The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on January 6th, 2015. The major statistics are summarized as follows: Bank of Canada interest rate remains at 1% Prime lending rate remains at 3% The 5Y variable qualifying rate remains at 4.79% The Government of Canada Bonds maintain their overall position The number of housing starts decreased from 59,500 (November 2013) to 58,600 (November 2014) The average MLS resale price in Toronto increased from $538,881 (November 2013) to $577,936 ... Read more

December 18th Mortgage Industry Update

December 18th, 2014 Mortgage Industry Update As the year ends, we see lenders start to stabilize their interest rates. For this reason, mortgage promotional rates are likely to remain the same, as 2014 concludes. Additionally this week: - PM Harper reassures Canadians that federal budget will balance and tax measures and spending plans will remain, despite lower oil revenues. - Foreign condo investment in Toronto is 2.4%, according to a survey conducted by the CMHC. The survey was the first of its kind. - ... Read more

December 11th Mortgage Industry Update

December 11th, 2014 Mortgage Industry Update As the year ends, we see lenders start to stabilize their interest rates. For this reason, mortgage promotional rates are likely to remain the same, as 2014 concludes. Additionally this week: - BoC warns of an overvalued housing market, by as much as 10-30%. . - Canadian realtors take to the skies! . - Canada needs another 4.5 million homes, warns study. . - Lenders face challenges in 2015 despite $31.7 billion profits. . ... Read more

December 2014 Industry Stats

December 2014 Industry Stats The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on December 5th, 2014. The major statistics are summarized as follows: Bank of Canada interest rate remains at 1% Prime lending rate remains at 3% The 5Y variable qualifying rate remains at 4.79% The Government of Canada Bonds maintain their overall position The number of housing starts decreased from 70,600 (October 2013) to 53,200 (October 2014) The average MLS resale price in Toronto increased from $539,058 (October 2013) to $587,505 ... Read more

December 4th Mortgage Industry Update

December 4th, 2014 Mortgage Industry Update As the year ends, we see lenders start to stabilize their interest rates. For this reason, promotional rates are likely to remain the same, as 2014 concludes. Additionally this week: - Canadians expect to be debt free on retirement… except for the mortgage. . - TD Bank decreases their 5 year fixed promotional mortgage rate to 3.04%, from 3.09%. - Typical detached home in Vancouver approaches $1 million, something we are likely to see in Toronto's future. ... Read more

November 27th Mortgage Industry Update

November 27th, 2014 Mortgage Industry Update Our 5 year fixed promotional rate has dropped to 2.69%, from 2.79%!!! It is possible that we could see some major banks follow the trend in the upcoming month. Additionally this week: - New 5 Year Fixed Promotional rate - 2.69%!!! Please call for an approval today! - New office report puts Canada’s cities in North America’s top 10. . - Seniors are opting for retirement in the suburbs, not condo living downtown. . - CMHC ... Read more

November 20th Mortgage Industry Update

November 20th, 2014 Mortgage Industry Update Our 5 year fixed promotional rate has dropped to 2.69%, from 2.79%!!! It is possible that we could see some major banks follow the trend in the upcoming month. Additionally this week: - New 5 Year Fixed Promotional rate - 2.69%!!! Please call for an approval today! - Mortgage rates set to stay lower for the next six months. View the full report at: . - Analysts warn house prices can’t keep climbing. . - ATB ... Read more

November 13th Mortgage Industry Update

November 13th, 2014 Mortgage Industry Update Our 5 year fixed promotional rate has dropped to 2.69%, from 2.79%!!! It is possible that we could see some major banks follow the trend in the upcoming month. Additionally this week: - New 5 Year Fixed Promotional rate - 2.69%!!! Please call for an approval today! - Ontario’s consumers more confident now than Alberta; consumer confidence slipping due to disruption in energy sector. . - ‘Palace of Love’ becomes most expensive US property ever to go ... Read more
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