April 16th, 2015 Mortgage Industry Update

The Bank of Canada announced on April 15th that it’s overnight lending rate will remain at 0.75%. The prime lending rate at most lending institutions thus remains at 2.85%. Additionally, most fixed rates are on the decline due to bond market declines.

Additionally this week:
– The Bank of Canada announced that there will be no change to its overnight lending rate!

– There were minor rate cuts with a few lenders across their 1, 3, and 5 year promotional mortgage rates.

– Royal Le Page has been named 2015 Outstanding Corporate Citizen by the Canadian Franchise Association and becomes a real estate first.

– The International Monetary Fund has expressed concerns over the low mortgage rates in Canada, warning that a housing bubble could transpire.

– Consumer confidence still edging higher: Increases to 55.37 from 55.04 a week earlier.

– CMHC shows that housing starts remained steady across Canada, with 179,016 units in March, compared to 180,236 in February.

– Report from TD Bank says that the building boom in Toronto is coming to an end: house prices will reach their peak and decline soon.

– Statistics Canada says the economy gained 29,000 jobs in March and the unemployment rate remained unchanged from last month at 6.8 per cent.

 
Stay tuned for the next update!

For any questions and concerns please do not hesitate to call Harpreet Singh The Mortgage King at (416) 795-1919.

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