January 26th, 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:– 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

January 19th, 2021 Mortgage Industry Update The Bank of Canada announced on December 9th 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:– This fall, Canada’s Immigration Minister, Marco Mendicino said the country will welcome more than 1.2 million new immigrants over the next three years, ... Read more

January 12th, 2021 Mortgage Industry Update The Bank of Canada announced on December 9th 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:– TorontoRentals.com forecast: Price of rent will drop approximately $100 per month by mid-2021 from November’s average: $2,060. Will sharply rise 13 or 14% ... Read more

January 5th, 2021 Mortgage Industry Update The Bank of Canada announced on December 9th 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:– OREA: 23.4% annual increase in transactions last month. 19,740 total transactions; new record for the month. Year-to-date, home sales went up 6.7% to ... Read more

December 22nd, 2020 Mortgage Industry Update The Bank of Canada announced on December 9th 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:– Canadian real estate brokerage Royal LePage expects home prices to rise 5.5% in 2021 to $746,100 in 2021. With the median price of ... Read more

December 15th, 2020 Mortgage Industry Update The Bank of Canada announced on December 9th 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:– RE/MAX: Toronto is closing out 2020 on top of the list of Canadian cities with the most home starts, completions, and absorption. Toronto ... Read more

December 8th, 2020 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 2023, as they observe the full effects of the pandemic.  Additionally this week:– TRREB: There were 8,766 property sales across the GTA last month, a 24.3% increase from 2019, but a 17% drop from last month. ... Read more

December 1st, 2020 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 2023, as they observe the full effects of the pandemic.  Additionally this week:– CMHC's quarterly financial report: It had deferrals on 5% of its entire portfolio of insured mortgages since September 30. That’s a decline from ... Read more

November 24th, 2020 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 2023, as they observe the full effects of the pandemic.  Additionally this week:– CIBC report: Canadian consumers and businesses are sitting on an unprecedented $170 billion in excess cash as of Q3. CIBC said it suspects ... Read more

November 17th, 2020 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 2023, as they observe the full effects of the pandemic.  Additionally this week:– CIBC report: Number of Canadians counted as long-term unemployed went up by approximately 151,000 in October and 79,000 in September. Total of almost ... Read more