Real Estate News Headlines // January 28th 2014

Jethro Seymour, a Top Toronto Real Estate Broker, providing you with Canadian real estate news headlines.


CBC News

Micro-condos promoted as ‘affordable luxury’ real estate in Surrey

The developer of a 35-storey concrete tower in Surrey, B.C., is the latest to jump into the small-home trend, with suites as small as 316 square feet offered to buyers for $93,900.

They’re being billed as “affordable luxury,” and a way to purchase something for under $100,000 in Greater Vancouver’s hot real estate market.

Toronto Star

Major banks cut prime lending rate

Canada’s biggest banks are lowering their prime lending rates, nearly a week after a surprise rate cut by the Bank of Canada.

Reuters

Royal Bank of Canada first Canadian bank to cut prime rate

The Royal Bank of Canada, Canada’s biggest lender, said on Tuesday it would cut its prime lending rate by 15 basis points, becoming the first of Canada’s big banks to trim borrowing costs nearly a week after the central bank stunned markets with a rate cut.

The move by RBC takes its prime rate to 2.85 percent from 3.0 percent and is effective Wednesday, RBC said.


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