Economic and Real Estate News for the week

The Canadian Real Estate Association releases April resale data last week which reflected a market which was up from last year but still just below the ten year average for the month. Prices continue to rise with the average Canadian home reaching $409,708, representing an annual gain of 7.6%. The MLS Home Price Index was also up by 5%.

One Canadian lender made big news last week with a mortgage offer at less than 2%. The business press ran with the story and under-reported the product’s significant restrictions. Brokers reported receiving a wave of inquiries about the product.

The benchmark government of Canada five year bond yield ended the week at 1.55%, down from 1.63% the previous week.

 

Original Article from:  MCAP Mortgage News