March 22nd, 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:
– Doug Porter, chief economist at BMO, sees further gains for Vancouver and Toronto’s selling season due to low mortgage rates and demand.

– U.K. property consultancy report: Vancouver high-end housing is the most sought after in the world, higher than Monaco, Shanghai, Sydney.

– Statistics Canada report: Mortgage growth has spurred the Canadian household-to-debt ratio to a record high of 165.4% by the end of 2015.

– Statistics Canada shows that average debt rose by 1.5 per cent from the previous quarter to $263,200 per household.

– Home prices increased by 0.1 per cent on a national basis in January, the same as December.

– A few rate changes:
TD Bank lowers their 3 year fixed promotional mortgage rate to 2.39%
Scotiabank cuts their 5 year fixed promotional mortgage rate to 2.69%, 5 year variable to 2.45%

 
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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