December 21st, 2015 Mortgage Industry Update

The Bank of Canada announced on December 2nd that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Additionally, almost all fixed rates have climbed ahead of the winter season cool-down, and increases in the bond market.

Additionally this week:
РCBRE: Commercial real estate investments moving through Canada’s markets would drop to $23.6B next year, down from $26.1B in 2014.

– US Federal Reserve announced its benchmark rate target and, as expected, raised the target for its benchmark rate by 0.25%.

– RE/MAX survey: Over 66% of Canadian consumers agreed that 10% (or greater)