September 22nd, 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:– CREA: Home sales in August climbed 6.2% compared with July to hit a record for the month at 58,645. ... Read more

September 15th, 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:– At the Big Six banks alone, Canadians have around 510,530 mortgages on payment deferral as of the quarter ending ... Read more

September 8th, 2020 Mortgage Industry Update The Bank of Canada announced on July 15th 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:– CREA: Only five urban markets nationwide saw their condo values reach new heights in July. Ottawa ($369,200), Oakville ($600,600), ... Read more

September 1st, 2020 Mortgage Industry Update The Bank of Canada announced on July 15th 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:– Bloomberg Nanos Canadian Confidence Index, a composite measure of financial health and economic expectations, ticked up to 52.8 last ... Read more

August 25th, 2020 Mortgage Industry Update The Bank of Canada announced on July 15th 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:– In a recent market report, Toronto-based brokerage Zoocasa found that condo rental listings grew by 45 percent year-over-year in ... Read more

August 18th, 2020 Mortgage Industry Update The Bank of Canada announced on July 15th 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:– While GTA averaged 10-15 new condo launches per month in recent springs, was down to 3 during the height ... Read more

August 11th, 2020 Mortgage Industry Update The Bank of Canada announced on July 15th 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:– Statistics Canada: Economy recorded a third straight month of strong employment gains tin July that have recouped more than ... Read more

August 4th, 2020 Mortgage Industry Update The Bank of Canada announced on July 15th 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:– Statistics Canada: Economy has made up almost half of its historic contraction since the height of the pandemic. GDP ... Read more

July 28th, 2020 Mortgage Industry Update The Bank of Canada announced on July 15th 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:– Statistics Canada: Investment in residential construction fell by 21.4% annually to $7.83 B nationally in May, despite significant 85.7% ... Read more

July 21st, 2020 Mortgage Industry Update The Bank of Canada announced on July 15th 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:– Bank of Canada Governor Tiff Macklem: “Interest rates are very low and they are going to be there for ... Read more