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, 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

September 28th, 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: – Statistics Canada: Inflation rose to 4.1% in August from a year earlier. Marks the fifth consecutive month of inflation ... Read more

September 21st, 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: – Statistics Canada: Mortgage borrowing hit a record in Q2 as the amount Canadians owe relative to their income climbed ... Read more

September 14th, 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: – TRREB: Detached homes averaged $1,674,641 selling price in August, up 3% from July and 11.2% from last year but ... Read more

September 7th, 2021 Mortgage Industry Update The Bank of Canada announced on July 14th 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 faster than expected recovery from COVID-19.  Additionally this week: – Equifax Canada: Canadians drove new mortgage volumes up to a quarterly high, soaring 60.2% to more ... Read more

August 31st, 2021 Mortgage Industry Update The Bank of Canada announced on July 14th 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 faster than expected recovery from COVID-19.  Additionally this week: – According to the Economist, which released the results of its biennial Safe Cities Index this week, ... Read more

August 24th, 2021 Mortgage Industry Update The Bank of Canada announced on July 14th 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 faster than expected recovery from COVID-19.  Additionally this week: – Bloomberg-Nanos Canadian Confidence Index: More than half of Canadians continue to believe that home prices will ... Read more

August 17th, 2021 Mortgage Industry Update The Bank of Canada announced on July 14th 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 faster than expected recovery from COVID-19.  Additionally this week: – Statistics Canada: Investment in building construction across Canada decreased by 4.5% to $18.4 billion in June. ... Read more

August 10th, 2021 Mortgage Industry Update The Bank of Canada announced on July 14th 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 faster than expected recovery from COVID-19.  Additionally this week: – NBC report: During Q2 housing affordability has worsened by widest margin in 27 years. To save ... Read more