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July 16th Mortgage Industry Update

July 16th, 2019 Mortgage Industry Update The Bank of Canada announced on July 10th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019, with the small possibility of a rate decrease. Additionally this week:- Bank of Canada stands still on the overnight rate at 1.75%. Good news for variable rate mortgage holders as there is no expected ... Read more

July 9th Mortgage Industry Update

July 9th, 2019 Mortgage Industry Update The Bank of Canada announced on May 29th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019. Additionally this week:- Marcus & Millichap: Spurred by heightened demand, the GTA’s commercial sector seeing some of lowest vacancy rates in North America. Net absorption expected to approach 5M square feet this year, pulling down ... Read more

July 2nd Mortgage Industry Update

July 2nd, 2019 Mortgage Industry Update The Bank of Canada announced on May 29th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019. Additionally this week:- Better Dwelling: Housing data between January 2000 and March 2019 reveals that Vancouver’s home prices grew 316%; more than major US cities - New York City, Los Angeles, San Francisco, Seattle. Toronto ... Read more

June 25th Mortgage Industry Update

June 25th, 2019 Mortgage Industry Update The Bank of Canada announced on May 29th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019. Additionally this week:- Federal Government unveils new mortgage incentive details: For existing homes, incentive will be 5% while for new homes there will be a 5% or 10% option; aims to increase new supply. Interest ... Read more

June 18th Mortgage Industry Update

June 18th, 2019 Mortgage Industry Update The Bank of Canada announced on May 29th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019. Additionally this week:- Finder.com: Canadian cities have some of the smallest discounts for moving out to the suburbs. Toronto: price is just 20 per cent cheaper than in the inner city, Vancouverites can save 24%. ... Read more

June 11th Mortgage Industry Update

June 11th, 2019 Mortgage Industry Update The Bank of Canada announced on May 29th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019. Additionally this week:- Bank of Canada: The balance of mortgage debt at institutional lenders Canada wide reached a new all-time high in April. The outstanding balance reached $1.56 trillion, up 0.17% from the month before. ... Read more

June 4th Mortgage Industry Update

June 4th, 2019 Mortgage Industry Update The Bank of Canada announced on May 29th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019. Additionally this week:- Organisation for Economic Co-operation and Development: Canada’s house price to income ratio is the highest in the world – by a large margin. Tops the list of high-income, advanced economies. The index ... Read more

May 28th Mortgage Industry Update

May 28th, 2019 Mortgage Industry Update The Bank of Canada announced on April 24th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for 2019. Additionally this week:- CMHC: 223,000 new mortgage loans in Canada in Q4 2018, 4.8% lower than 2017. Even as number of loans fell, average value of all mortgages in Canada reached $209,570, which is more than 3% higher ... Read more

May 21st Mortgage Industry Update

May 21st, 2019 Mortgage Industry Update The Bank of Canada announced on April 24th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for 2019. Additionally this week:- Teranet-National Bank Composite House Price Index: Prices were flat last month from March. It was just the second time in 21 years of data that index showed no increase in April. Prices fell in 6 ... Read more

May 14th Mortgage Industry Update

May 14th, 2019 Mortgage Industry Update The Bank of Canada announced on April 24th that it's overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for 2019. Additionally this week:- Sotheby’s International Realty Canada: 28% of ‘modern family’ homeowners in major Canadian metros said that transit-friendliness is one of their top 3 homebuying criteria. Transit links more important than car-friendliness (17%), with cycle-friendly neighbourhoods trailing ... Read more
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