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