March 8th, 2016 Mortgage Industry Update

The Bank of Canada announced on January 20th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Additionally, almost all fixed rates have climbed and stabilized, as compared to the end of 2015.

Additionally this week:
– TREB: Transaction volume in Toronto went up by 21.1% in February compared to last year. New down payment changes not having effect.

– Most analysts are not expecting a cut on Wednesday with the Bank of Canada interest rate announcement.

– Managing Director, Colliers International – “Waterloo student rental has been overbuilt,” Study shows oversupply of rental units by 27%.

– Angus Reid Institute report: 50% respondents – cost of housing in neighbourhoods too high. 66% of respondents say we need government action.

– “Risk of correction in Toronto and Vancouver will increase when interest rates rise, which won’t be this year” – BMO Capital Markets economist.

– A few rate changes:
Home Trust cuts their 5 year fixed promotional mortgage rate to 2.59%

 
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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