July 7th, 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:
– Bank of Canada figures show that total household debt was $1.835 trillion in May, up by 4.8 per cent year-over-year.

– As mortgage brokers, we recommend the general public to check their credit at least once a year, to monitor mistakes and inaccuracies!

– Statistics Canada released employment data on Friday, and the results were weaker job numbers.

– A new product, The Certified Resale Home, takes an innovative approach to the pre-listing inspection, providing warranty for the prospective buyer, from the seller.

– Effective July 1, electronic signatures became legal for real estate deals, and some brokers fear an increase in fraud as a result.

 
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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