March 29th, 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%. Most fixed rates also remain stable.

Additionally this week:
– CREA: Regional Municipality of Durham stood out as the locality with the greatest real estate growth; 32% from 2012 to the end of 2015.

– Figures from Toronto Real Estate Board showed that benchmark price for all types of homes grew by 14.9% in Feb compared to Feb 2015.

– UBC geographer recent study: Over 5 year period, Chinese + South Asians have purchased more homes in Toronto + Vancouver compared to others.

– Equifax revealed that the demographic most susceptible to fraud was the millennial and Gen Y (16-32). Approx 50% of suspect credit apps.

– Liberals to spend $500,000 to help understand the role of foreign homebuyers in the country’s housing market.

– A few rate changes:
Home Trust reduces their 5 year fixed promotional mortgage rate to 2.54%.

 
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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