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.Share this post on: Connect with us on: