November 8th, 2016 Mortgage Industry Update

The Bank of Canada announced on October 19th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Almost all fixed rates remain stable at this point despite new recent mortgage rule changes.

Additionally this week:
– CBRE’s 2016 Scoring Canadian Tech Talent report: Toronto leads the way with markets expected to see tech industry growth in the near future.

– London-based think tank Legatum Institute ranks Canada as world’s fifth most prosperous.

– Premier Kathleen Wynne: Government currently has no plans of implementing property transfer tax similar to that of 15% levy initiated in BC.

– Moody’s: Canadian real estate will not suffer from crash anytime soon despite expected moderating influence of new federal mortgage rules.

– The Real Estate Board of Greater Vancouver says home sales plunged 38.8 per cent last month compared with October 2015.

– TD Bank raises prime rate for their clients to 2.85%, from 2.70%. All TD variable rate mortgages to be effected immediately.

 
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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