September 15th, 2015 Mortgage Industry Update

The Bank of Canada announced on September 9th 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:
– Fitch Ratings says that investors in Europe and the US are buying Canadian mortgage-backed covered bonds in record amounts so far this year.

– New report reveals that 1 in 5 Canadian renter households are spending more than half their income on rent payments.

– Liberals want to eliminate GST on all new rental builds while giving up to $125 million a year to landlords renovating aging rental units. Also propose allowing to dig into RRSPs to pay for home if you have to move for work, death of a spouse, divorce, or move in a senior

– BNN survey of 40 leading economists suggest analysts forecast the chance of an interest rate hike at 55%, but not until 2017.

– Bank of Canada maintains overnight rate target at 1/2 per cent. No change to prime mortgage rate! Says its economic stimulation efforts are “working their way through the Canadian economy.”

 
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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