July 14th, 2015 Mortgage Industry Update

The Bank of Canada announced on May 27th 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 have stabilized due to the bond market.

Additionally this week:
– According to CAAMP’s most recent statistics, 39% of first-timers chose the services of a Mortgage Broker from January 2013 to May 2015.

– Toronto saw an increase of 56% in sales of houses in excess of $1 million year/year while Vancouver enjoyed its own 48% increase. The average Toronto home went for $1,051,912 in June. Prices increased 14.2 per cent, year-over-year.

– CIBC survey shows that 51% of Canadians expect to leave wealth for their children and other family when they die.

– Hamilton breaking records! Recorded significant increase in home sales for third month in a row, 31.2% increase over last month. Year-over-year sales in Hamilton increased 27.1 per cent, to 1,089 from 857, while listings rose 18.5 per cent to 1,285 from 1,084.

– Derek Holt of Scotia Economists believes that there won’t be an interest rate cut as it would “risk inflaming housing imbalances”

– Four of 15 economists surveyed by Bloomberg last week believe an interest rate cut by the Bank of Canada is possible tomorrow, July 15.

 
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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