July 24th, 2014 Mortgage Industry Update

Interest rates this week remained the same. No major changes were observed and interest rates are likely to remain stable for the month of July.

Additionally this week:
Some major lenders reduced their lending criteria slightly, allowing a easier borrowing process

Royal Lepage reported that a limited supply of single family homes is driving housing prices up

The Greater Toronto Area condo market held strong with increased prices and sales

Among people who have renewed mortgages during the past year, 54% saw their interest rate fall by the average of 0.58.

The Hamilton housing market was reported to be one of the hottest in Canada, amongst Toronto, Calgary, and Vancouver

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.