May 26th, 2015 Mortgage Industry Update

The Bank of Canada announced on April 15th that it’s overnight lending rate will remain at 0.75%. The prime lending rate at most lending institutions thus remains at 2.85%. Additionally, most fixed rates are stabilizing due to the bond market.

Additionally this week:
– Mortgage rates hold steady!

– CMHC condo survey reveals 55% of investors anticipate value gains this year in Vancouver and Toronto. Last year, only 48% agreed.

– The Canada Mortgage and Housing Corporation will stay as a federal agency, at least for the next ten years, says Finance minister Joe Oliver

– There have been 5,655 home sales so far this month in the GTA, representing a 9.6 per cent year-over-year increase. Records set to be broken

– In Toronto and Vancouver, condo sales were up 16.1 per cent and 34.4 per cent, year over year, respectively.

– Real estate sales in Ontario up 17.4 per cent year-over-year.

 
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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