March 15th, 2016 Mortgage Industry Update

The Bank of Canada announced on March 9th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%.

Additionally this week:
– Statistics Canada: Employment in Canada was almost unchanged in February, as the country lost 2,300 jobs. National UE rate up to 7.3%

– Ombudsman for Banking Services & Investments annual report: Mortgage prepayment penalties among top 5 most complained about banking issues.

– Toronto Real Estate Board revealed that home resales in the “905” suburban area increased by 23 per cent over the past year.

– Live forum, CBC News: Revealed that most domestic consumers wish for tighter regulation of foreign money moving through Canada’s markets.

– Bank of Canada maintains the overnight rate at 1/2%. No changes to the prime rate.

– A few rate changes:
TD Bank lowers their 5 year fixed promotional mortgage rate to 2.74%, 3 year to 2.44%.
Scotiabank lowers their 5 year fixed promotional mortgage rate to 2.74%, 3 year fixed to 2.54%, 5 year variable to 2.50%.

 
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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