January 11th, 2022 Mortgage Industry Update The Bank of Canada announced on December 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – Equifax: In Q3 2021 Canadians in 35-44 age bracket accounted for 26% of mortgage borrowers, 30% of outstanding mortgage debt. 45-54 range represented ... Read more

January 4th, 2022 Mortgage Industry Update The Bank of Canada announced on December 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – Statistics Canada: Q2 2021, 123,482 people moved to another province or territory, which is highest for a Q2 since 1972, and highest of ... Read more

December 28th, 2021 Mortgage Industry Update The Bank of Canada announced on December 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – CREA: Average national selling price in November was $720,854, up 19.6% yearly - new all-time high! There were 54,222 home sales in November ... Read more

December 21st, 2021 Mortgage Industry Update The Bank of Canada announced on December 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – Statistics Canada: Total volume of mortgages deferred by non-bank lenders dropped by approximately $1 billion (down 15%) from Q1 to reach $5.9 billion ... Read more

December 14th, 2021 Mortgage Industry Update The Bank of Canada announced on December 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – Bank of Canada stands still on the overnight rate at 0.25%. Good news for variable rate mortgage holders as there is no expected ... Read more

December 7th, 2021 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – BILD: A total of 4,280 new home sales took place in the GTA last month, a level that was 7% above the 10-year ... Read more

November 30th, 2021 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – IG Private Wealth Management report: Affluent Canadians with at least $1 million in investable assets have been giving each child an average of ... Read more

November 23rd, 2021 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – CREA: Home sales surged 8.6% in October from the month before, biggest increase since July 2020 when the country was emerging from its ... Read more

November 16th, 2021 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – Zoocasa report: Five cities in the GTA have the lowest property tax rates in Ontario. Toronto was revealed as having the lowest property ... Read more

November 9th, 2021 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 mid 2022 now, as compared to initially saying late 2022.  Additionally this week: – BNN Bloomberg: Over the past year or so, most Canadians (59%) have been paying for home renovations out of own savings. Only 2% ... Read more