September 22nd, 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:
– BMO survey suggests 24% of Canadians have little/nothing in emergency fund. Roughly 56% have less than $10,000 saved for unexpected expenses.

– CREA: housing prices in the Hamilton area have jumped 16.6% over the past year, the biggest jump in any real estate market in Canada.

– Federal Reserve’s decision to keep the rates still predicted to keep both the Canadian fixed mortgage rates stable, and the dollar.

– Equifax: debt for those with a credit file, which includes most adults, rose 2% in Q2 2015 after rising 2.7% in Q1, excluding mortgage debt. Equifax says Canadians are adding to debt to buy new cars, with auto loans increasing by 3.9 per cent from the same period last year.

– CoreLogic says 14 of the United States’ top 100 housing markets are currently overvalued.

– Teranet: Toronto home prices rose 8.7 per cent year-over-year and Hamilton is benefitting from the overspill with an 8.76 per cent rise.

 
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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