April 26th, 2016 Mortgage Industry Update

The Bank of Canada announced on April 13th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have also slightly declined.

Additionally this week:
– TD study: 13% of buyers in Toronto + Vancouver purchased homes in rush for fear of missing out on good picks before becoming too expensive.

– BMO study: Currently, around 76 per cent of renting individuals aged 18 to 34 are expecting to buy their own homes within the next 5 years.

– Nanos Research Group: As of April 15, approximately 39.4% of Canadians are expecting that housing prices would grow in the next six months.

– National Bank of Canada economists: Approximately $12.7 billion was spent by Chinese buyers on real estate in Vancouver last year alone.

– Condo rents in Toronto have increased 6.8% year-over-year as vacancy rates fell to 0.5%, according to Urbanation.

– A few rate changes:
TD Bank decreases their 3 year fixed promotional mortgage rate to 2.29%, 5 year variable to 2.45%.

 
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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