February 26th, 2015 Mortgage Industry Update

The Bank of Canada announced on January 21st that it’s overnight lending rate has decreased from 1% to 0.75%. The prime lending rate at most lending institutions has dropped to 2.85%. Additionally, most fixed rates are on the decline.

Additionally this week:
– Canadians don’t know how in debt they are. Learn More.

– Tighter mortgage rules have led to unsold condos in smaller cities. Learn More.

– Paying down your mortgage may be poor economics. Learn More.

– Canadians weigh up big profits on snowbird homes. Learn More.

– There were minor rate cuts with a few lenders across their 3 year, and 5 year promotional mortgage rates.

– No areas are sellers’ markets says BMO. Learn More.

 
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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