February 2nd, 2016 Mortgage Industry Update

The Bank of Canada announced on January 20th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Additionally, almost all fixed rates have climbed and stabilized, as compared to the end of 2015.

Additionally this week:
– StatsCan: GDP expanded for first time in 3 months in November on manufacturing and wholesaling rebound; sign economy is shaking off damage.

– Housing prices will rise by nearly 10 per cent this year, TREB predicted.

– StatsCan numbers show the number of Canadians now considered to be self-employed is pegged at 2.76 million, nearly 16% of working population.

– U.S. research firm Demographia: Average Vancouver home is now almost 11 times greater than the average national pre-tax household income.

– BMO: Fears of housing correction in Toronto and Vancouver unlikely to be realized, expects homes to continue to appreciate during 2016.

– A few rate changes:
Home Trust increases their 5 year promotional variable rate mortgage to 2.35%.
National Bank increases their 5 year variable promotional mortgage rate to 2.65%.

 
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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