September 19th, 2014 Mortgage Industry Update
Interest rates slightly increased with a few major lenders. The majority of rates remained stable for September thus far, and it is likely they will continue as such.
Additionally this week:
– CIBC’s top economist says Toronto and Vancouver’s red-hot housing markets aren’t as ‘insane’ as they look. Learn More›.
– The Huffington Post released an interesting article on Canada’s “housing bubble” in select cities. Learn More›.
– Mortgage amounts are increasing more than household incomes. Some are calling for CMHC to take action on minimum downpayment from 5% to 10%. Learn More›.
– This week’s interest rate changes with major lenders: 4 year promotional interest rate to 2.89% (before: 2.77%), 5 year: 3.04% (before: 2.99%), 2 year: 2.59% (before: 2.34%), 4 year: 2.89% (before: 2.77%).
– CREA raises home sales forecast. Sales: 475,000 homes for 2014, up from the June prediction of 463,400. Learn More›.
– Brampton remains top selling city for new low-rise homes. Learn More›.
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: