A lot happened during the month of September. The Bank of Canada (BoC) announced its decision to keep its overnight interest rate at 0.25%, which means rates for variable mortgages will remain unchanged. The Canadian Real Estate Association (CREA) also reported that August was the sixth-busiest month on record for home sales, surpassing a hot July. Insured mortgages are also on an upward trajectory, with more home buyers making smaller down payments despite CMHC warnings earlier this year. Read the latest in mortgage news and what happened over this past month:
Earlier this month, the BoC confirmed its decision to keep its overnight interest rate steady at 0.25%, with plans to provide continued support to the Canadian economy as businesses reopen.
CREA reported that 58,645 homes were sold in August. Despite the global pandemic and large loss of employment nationwide, last month was the sixth-busiest month on record for home sales, and stands as the busiest August ever.
Despite CMHC warnings earlier this year, the BoC reported that the number of insured mortgages grew in the second quarter of 2020, which means more home buyers with smaller down payments are purchasing homes.