April 13th, 2021 Mortgage Industry Update The Bank of Canada announced on March 10th 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 2023, as they observe the full effects of the pandemic. Due to recent increased confidence in the markets, fixed rates have been slightly increasing.  Additionally this week: – TRREB: There were 15,652 property sales across the GTA ... Read more

April 6th, 2021 Mortgage Industry Update The Bank of Canada announced on March 10th 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 2023, as they observe the full effects of the pandemic. Due to recent increased confidence in the markets, fixed rates have been slightly increasing.  Additionally this week: – Citing data from Statistics Canada, Brookfield Institute report said ... Read more

March 30th, 2021 Mortgage Industry Update The Bank of Canada announced on March 10th 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 2023, as they observe the full effects of the pandemic. Due to recent increased confidence in the markets, fixed rates have been slightly increasing.  Additionally this week: – Royal LePage expects the aggregate price of a home ... Read more

March 23rd, 2021 Mortgage Industry Update The Bank of Canada announced on March 10th 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 2023, as they observe the full effects of the pandemic. Due to recent increased confidence in the markets, fixed rates have been slightly increasing.  Additionally this week: – CREA says it expects 700,000 properties to trade hands ... Read more

March 16th, 2021 Mortgage Industry Update The Bank of Canada announced on March 10th 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 2023, as they observe the full effects of the pandemic. Due to recent increased confidence in the markets, fixed rates have been slightly increasing.  Additionally this week: – Bank of Canada stands still on the overnight rate ... Read more

March 2nd, 2021 Mortgage Industry Update The Bank of Canada announced on January 20th 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 2023, as they observe the full effects of the pandemic.  Additionally this week: – In its analysis of figures from Statistics Canada, CIBC said that job losses spurred by the COVID-19 recession mainly occurred in the segment ... Read more

February 23rd, 2021 Mortgage Industry Update The Bank of Canada announced on January 20th 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 2023, as they observe the full effects of the pandemic.  Additionally this week: – The country will probably welcome closer to 275,000 new permanent residents this year, versus a target of 401,000, Royal Bank of Canada says. ... Read more

February 16th, 2021 Mortgage Industry Update The Bank of Canada announced on January 20th 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 2023, as they observe the full effects of the pandemic.  Additionally this week: – Statistics Canada: Employment in Canada fell more than expected in January, with a loss of 212,800 positions that reversed five months of gains. ... Read more

February 9th, 2021 Mortgage Industry Update The Bank of Canada announced on January 20th 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 2023, as they observe the full effects of the pandemic.  Additionally this week: – BILD: 37,669 new homes sold in the GTA in 2020, up 5% annually, up 2% from 10 yr avg. New single-family homes accounted ... Read more