REAL ESTATE BOOK FOR PEI – DECEMBER 2014

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DEC PEIREBOOK 2014

PEI REAL ESTATE BOOK

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Real Estate book (September 2014 Edition)

 

 

Vacancy Rates in Retirement Homes Vary Across Atlantic Canada in 2014

Source: http://www.dailycommercialnews.com

The vacancy rate for standard spaces1 in retirement homes in Atlantic Canada was 11.0 per cent in the spring of 2014, according to Canada Mortgage and Housing Corporation’s (CMHC) Seniors’ Housing Report, Atlantic edition released today. The current vacancy rate is down from 11.2 per cent a year earlier.

The overall average rent for a standard retirement home space was $2,415 in Atlantic Canada in 2014. Prince Edward Island and Nova Scotia recorded above average rents of $2,785 and $2,557, respectively. Standard spaces in Newfoundland and Labrador and New Brunswick recorded rents below the regional average at $2,130 and $2,337, respectively.

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Rates… no change for the next quarter….

As expected, the Bank of Canada announced yesterday that it is not changing the benchmark rate. If you have a variable rate mortgage as the prime rate should stay at 3% and it’s unlikely we’ll see any increases in the near future. The next rate setting day is April 16.

Eight times a year, the Bank of Canada sets the rate that governs each lender’s prime rate. The lenders base their decision on this rate because it influences their own borrowing. Variable rate mortgages and lines of credit move in conjunction with the prime lending rate. Fixed rates are different and are based on the bond market.

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Market update, September 6, 2013

The Bank of Canada is holding its main interest rate at one per cent, where it has been since September 2010.

Economists widely expect the central bank to hold its trendsetting rate steady well into next year, so Wednesday’s announcement came as no surprise.

Great news for variable rate holders! The prime rate for most lenders should stay at 3%, exactly where it has been since September 2010.

This is approximatively what you should expect if you apply for a mortgage today with a mortgage broker. These are the best rates I found today on (http://www.ratehub.ca)
Rates SEP 5

Rates Last Updated on September 6, 2013

Rates may vary provincially and may be subject to change without notice.