March 18th 2020 - Latest Market Update

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Mortgage Rates Collapse

The latest update:

  • Prime lending rate is down a full 1% and prime is now 2.95% and variable rate mortgages are as low as 1.95%

  • Mortgage stress test improvements slated for April 6 has been suspended indefinitely

  • Banks and mortgage lenders offer mortgage payment deferrals of up to six months

  • Ottawa is planning to purchase up to $50 billion in mortgages

  • Global Financial markets are in correction territory along with oil prices

  • Canadian dollar falls sharply against US dollar

  • Personal income tax deadline extended to June1

  • Real estate supply remains constrained and prices are trending higher

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