October 16th Mortgage Industry Update
October 16th, 2014 Mortgage Industry Update
One of our main lenders decreased their 5 year variable interest rate to 2.20%!!! There is a possibility some lenders will follow, for the month of October.
Additionally this week:
– Canadian homeowners paying down mortgages faster than thought: CIBC. [fancy_link link_text=”Learn More” url=”http://www.vancouversun.com/touch/story.html?id=10291351″ float=”none”].
– Despite a positive year-over-year result, national home sales were down in September; the first monthly decline since January.
– CEO of Scotiabank says that concerns over a housing bubble are overblown and the word ‘bubble’ is overused. [fancy_link link_text=”Learn More” url=”http://www.mortgagebrokernews.ca/news/housing-bubble-fears-are-overblown-says-bank-chief-182593.aspx” float=”none”].
– Canadians spend more on renovation than new homes. [fancy_link link_text=”Learn More” url=”http://www.theglobeandmail.com/report-on-business/economy/housing/the-real-estate-beat/spending-on-renovations-outpaces-new-home-construction/article21034250/” float=”none”].
– Bloomberg says Toronto’s condo construction is still booming, according to the increasing number of parking lot sales. [fancy_link link_text=”Learn More” url=”http://www.bloomberg.com/news/2014-10-10/parking-lot-sale-shows-toronto-condo-juggernaut-powers-on.html” float=”none”].
– BMO states that Toronto Condo Boom is over. [fancy_link link_text=”Learn More” url=”http://www.huffingtonpost.ca/2014/10/09/toronto-condo-boom-bmo_n_5957930.html?utm_hp_ref=canada-business” float=”none”].
– Condo rental demand sees slowest pace of growth in two years. [fancy_link link_text=”Learn More” url=”http://www.thestar.com/business/real_estate/2014/10/09/condo_rental_demand_sees_slowest_pace_of_growth_in_two_years.html” float=”none”].
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.
