March 12th Mortgage Industry Update
March 12th, 2015 Mortgage Industry Update
The Bank of Canada announced on March 4th 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 are on the decline due to bond market declines.
Additionally this week:
– RBC boss defends Canadian housing market; says “feels good”. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/report-on-business/economy/housing/rbc-ceo-david-mckay-bullish-on-canadian-housing/article23397854/” float=”none”].
– Renovations across Canada boom in response to high prices. [fancy_link link_text=”Learn More” url=”http://globalnews.ca/news/1867993/reno-spending-accelerates-fueling-canadas-housing-boom/” float=”none”].
– Realtors warned of dangers from email scams. [fancy_link link_text=”Learn More” url=”http://www.symantec.com/content/en/us/enterprise/other_resources/b-intelligence-report-01-2015-en-us.pdf” float=”none”].
– Sotheby’s says that the $1 million-plus market in Calgary to suffer. [fancy_link link_text=”Learn More” url=”http://calgaryherald.com/business/real-estate/calgary-luxury-home-market-tempered-by-uncertain-economy” float=”none”].
– There were minor rate cuts with a few lenders across their 3 year promotional mortgage rates.
– Toronto still important for world’s wealthy. [fancy_link link_text=”Learn More” url=”http://www.knightfrank.com/resources/wealthreport2015/wealthpdf/04-wealth-report-global-cities-infog-all.pdf” float=”none”].
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.
