April 19th, 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 also remain stable.

Additionally this week:
– CREA: National home sales increased 1.5% month-over-month for March, and 12.2% year-over-year.

– IMF revised its predictions for Canada’s economic growth rate over the next two years, adjusting the values to 1.5% in 2016 and 1.9% in 2017.

– CBRE report: Vacancy rate for downtown Calgary offices has hit its highest rate for 30 years. At the end of Q1 2016 vacancies were at 20.2%.

– Bank of Canada maintains overnight rate target at 1/2 per cent. Variable rates to remain the same!

– Influx of Albertans into Toronto and Vancouver is helping drive home prices to new heights, according to a recent report by Royal LePage.

– A few rate changes:
National Bank decreases their 5 year fixed promotional mortgage rate to 2.84%, 5 year variable to 2.55%.

 
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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