Ravi Punia - REALTOR®

Fraser Valley Specialist


The Bank of Canada today announced that it was keeping it's key overnight lending rate steady at 0.25%.  This means the rate that variable rate mortgages are based off of remains on hold.  The BOC suggested that their lending rate would remain low for a very long time still.

There is no expectation of any interest rate increase from the Bank at least until 2022 at the earliest.

Low mortgage rates have been and look to likely remain very supportive of the hot housing market in the Fraser...

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Some mixed news in the the news article below regarding Canadian debt levels.  On the positive side, credit card balances that our citizens are holding is down year over year.  Perhaps somewhat concerning, mortgage debt continues to trend up (i.e. higher by 5%).


Canadians, once world leaders in household debt, are putting away their credit cards

Many home buyers are being enticed by record low mortgage rates.  5 year money can be had for under 2%.  This is reigniting...

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The big story in the real estate market on Friday was Canada Mortgage and Housing Corporation (CMHC) setting stricter guidelines for its mortgage insurance business.

"The government-backed Canada Mortgage and Housing Corp said on Thursday it would tighten rules for offering mortgage insurance from July 1, after forecasting declines of between 9 per cent and 18 per cent in home prices over the next 12 months.  The move would make it harder for riskier borrowers, who offer down payments of less...

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*This blog communication is not intended to cause or induce breach of an existing agency agreement.  Views are my own and do not reflect those of any organizations that I may be associated with.

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