April 5th, 2016 Mortgage Industry Update

The Bank of Canada announced on March 9th 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:
– KPMG: Canada among most competitive countries for businesses based on cost of industry essentials; taxes, labour, facilities, transportation.

– National Bank Chief Economist: Toronto + Vancouver price rises being driven by influx of “highly educated immigrants”; wanting best jobs.

– We now offer 1 to 5 year term unsecured loans from 4.8%!!!

– UBC Study: Buyers in 25-34 age bracket need to work for 12 years to save up for the 20% down payment required for the average Canadian home.

– CIBC Poll: 86% of millennials say home ownership is important although 2/3 are either renting (42%) or living with parents (21%).

– A few rate changes:
New 2 year fixed promotional #mortgage rate of 2.14%!

 
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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