July 7th, 2020 Mortgage Industry Update The Bank of Canada announced on June 3rd that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The possibility of further rate reductions remains unclear at this time as the economy deals with the COVID-19 pandemic. Additionally this week:– Government support measures and payment deferrals from creditors are keeping Canadian consumers afloat, resulting in the biggest year-over-year decline in insolvencies dating back to 1988. Filings down 51% to 6,111 in May, that’s ... Read more

June 30th, 2020 Mortgage Industry Update The Bank of Canada announced on June 3rd that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The possibility of further rate reductions remains unclear at this time as the economy deals with the COVID-19 pandemic. Additionally this week:– Borrowell survey: 35% of Canadians have missed at least one bill payment since COVID-19, 68% of delinquencies stemming from lack of funds. 53% burdened with anxiety about their finances, and 63% said that ... Read more

June 23rd, 2020 Mortgage Industry Update The Bank of Canada announced on June 3rd that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The possibility of further rate reductions remains unclear at this time as the economy deals with the COVID-19 pandemic. Additionally this week:– New Bank of Canada Governor Tiff Macklem on COVID-19 and interest rates: Rates would only go up once Canada is well into an economic recovery, which is still a long way off. “But ... Read more

June 16th, 2020 Mortgage Industry Update The Bank of Canada announced on June 3rd that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The possibility of further rate reductions remains unclear at this time as the economy deals with the COVID-19 pandemic. Additionally this week:– Rentals.ca: Average rent for apartments and condo units in March, April and May has decreased. In May, average rent in Toronto declined by 0.5% to $2,290 per month, which followed a decline of ... Read more

June 9th, 2020 Mortgage Industry Update The Bank of Canada announced on June 3rd that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The possibility of further rate reductions remains unclear at this time as the economy deals with the COVID-19 pandemic. Additionally this week:– Zoocasa: There were a total of 532 new listings in Mississauga in April and 260 home sales; a steep 72% year-over-year decline. Average home prices in Mississauga grew faster than the regional average ... Read more

June 2nd, 2020 Mortgage Industry Update The Bank of Canada announced on April 15th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The possibility of further rate reductions remains unclear at this time as the economy deals with the COVID-19 pandemic. Additionally this week:– Ipsos survey: 27% of respondents are likely to buy a house in the GTA within the next 12 months. The most likely to purchase in the near future are young professionals aged 18 ... Read more

May 26th, 2020 Mortgage Industry Update The Bank of Canada announced on April 15th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The possibility of further rate reductions remains unclear at this time as the economy deals with the COVID-19 pandemic. Additionally this week:– Statistics Canada: Inflation went negative for the first time since the 2009 recession after the coronavirus lockdown put the brakes on the world economy. Consumer prices dropped 0.2% in April from a year ... Read more

May 19th, 2020 Mortgage Industry Update The Bank of Canada announced on April 15th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The possibility of further rate reductions remains unclear at this time as the economy deals with the COVID-19 pandemic. Additionally this week:– Scotiabank chief economist: Reports of Canadian housing market’s death have been greatly "exaggerated". Market is experiencing “Covid-related pause” rather than prolonged downturn. National housing prices will decline 4% by year-end relative to 2019, ... Read more

May 12th, 2020 Mortgage Industry Update The Bank of Canada announced on April 15th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The possibility of further rate reductions remains unclear at this time as the economy deals with the COVID-19 pandemic. Additionally this week:– Zoocasa: There were 520 home sales across the Peel Region in April, a 73% decline from 2019. Halton Region sales totalled 338, which was a 65% annual decline. However average home prices rose ... Read more

May 5th, 2020 Mortgage Industry Update The Bank of Canada announced on April 15th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The possibility of further rate reductions remains unclear at this time as the economy deals with the COVID-19 pandemic. Additionally this week:– New data from TD Bank suggests home prices in Toronto may increase by nearly 8% in the remainder of 2020, in light of the current state of both the economy and the real ... Read more