August 28th Mortgage Industry Update
August 28th, 2014 Mortgage Industry Update
Interest rates slightly decreased with a major lender. Promotional rates for 5 year fixed products slightly declined for a limited time. Often we see a domino effect when it comes to lenders changing rates as they feel the need to remain competitive in the mortgage market. As this effect was observed through the month of August, interest rates for the month of September are likely to stable off.
Additionally this week:
– TD Canada Trust decreased their 2 year fixed rate from 2.59% to 2.34% for a limited time only. This offer expires September 15th, 2014.
– Three of the big six banks reported mortgage business growth: RBC, BMO, Scotia. They also saw a decline in the number of defaults. [fancy_link link_text=”Learn More” url=”http://www.whichmortgage.ca/article/banks-confident-of-mortgage-growth-181661.aspx?utm_source=twitterfeed&utm_medium=twitter” float=”none”].
– A report indicated that commercial property is seeing ownership changes from large pension funds to more smaller private investors. [fancy_link link_text=”Learn More” url=”http://www.whichmortgage.ca/article/commercial-ownership-sees-changing-trend-181637.aspx?utm_source=twitterfeed&utm_medium=twitter” float=”none”].
– TREB stated that real estate will always be a great investment and buyers are the most optimistic since 2008. [fancy_link link_text=”Learn More” url=”http://www.torontosun.com/2014/08/22/treb-real-estate-will-always-be-a-great-investment” float=”none”].
– Charges were laid in a massive $12M+ condo fraud in North York area. A lawyer was arrested, however the developer is still missing. [fancy_link link_text=”Learn More” url=”http://globalnews.ca/news/1526932/lawyer-involved-in-condo-fraud-investigation-may-have-license-suspended/” float=”none”].
– BMO reported that Canadians are stressed by their debt, especially the young demographic. [fancy_link link_text=”Learn More” url=”http://www.whichmortgage.ca/article/canadians-are-stressed-by-their-debts-181587.aspx?utm_source=twitterfeed&utm_medium=twitter” float=”none”].
– The average cost of raising a child hit $245,000. This is up to the age of 18 and does not include education. [fancy_link link_text=”Learn More” url=”http://finance.yahoo.com/news/average-cost-raising-child-hits-123100179.html” float=”none”].
– An interesting article was published by the Toronto Star showing 10 tips for the first time real estate investor. A great read for everyone. [fancy_link link_text=”Learn More” url=”http://www.thestar.com/business/personal_finance/2014/06/03/10_tips_for_first_time_real_estate_investors.html?utm_campaign=Real%20Estate%20Investing&utm_content=7431084&utm_medium=social&utm_source=twitter” float=”none”].
– A survey showed that 80% of renters under 50 want home ownership. [fancy_link link_text=”Learn More” url=”http://m.theglobeandmail.com/report-on-business/economy/housing/survey-show-80-of-renters-under-50-desire-home-ownership/article20128523/?service=mobile” float=”none”].
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.
