October 27th, 2015 Mortgage Industry Update

The Bank of Canada announced on October 21st that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Additionally, most fixed rates remain stable.

Additionally this week:
– Conference Board of Canada: Fraser Valley, Toronto, Oshawa, Hamilton, Sherbrooke expected to see largest short-term MLS price increases.

– “Canadian interest rates have bottomed. Most particularly, mortgage rates have bottomed,” says Dr. Sherry Cooper, economist.

– Many arguing CHMC should be a non-profit organization that should focus on helping a certain segment break into the housing market.

– Scotia bank report shows the year-over-year rise in price of Canada’s housing in Q2 of 2015 is one of the highest in the developed world.

– Bank of Canada will maintain its target for the overnight rate at 1/2%. Bank of Canada expects inflation to hit 2% in mid-2017, putting end to economic stimulus, as it reaches and stabilizes at full capacity.

– Alberta government proposing changes to condominium legislation; allowing buyers to cancel purchases if developers don’t meet move-in dates.

 
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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