April 29th, 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 stabilizing due to the bond market.

Additionally this week:
– Bloomberg Nanos Index shows an overall increase in sentiment about economy and household finances. Index up to 56.15 (from 56.09 last week).

– Almost all interest rates at major lenders remained stable this week.

– Toronto needs almost 10,000 homes, mayor John Tory claims.

– The Altus Group says that sales of new Calgary condos plunged 61 per cent in the first quarter of 2015 compared to the same period last year.

– Report from BMO shows that increasing number of first-time home buyers only considering home ownership thanks to help from family: up to 42%.

– Asians dominate list of billionaires in real estate: according to Forbes.

 
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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