July 9th, 2014 Mortgage Industry Update

Interest rates this week remained the same. No major changes were observed and seems like the beginning of July has got off to a smooth start. Interest rates are likely to remain stable for the month of July.

Additionally this week:
CMHC released the number of housing starts for Canada for the month of June on July 9th, 2014. The number of housing starts slightly beat expectations, going against the prediction of a slow-down. The majority of housing starts were concentrated in Alberta. The total number of housing starts in Canada were 198,185, while 31,950 for Toronto.

Sothebys reported that sales were up 34% for luxury homes over $1M in Toronto and Vancouver. This is largely due to affordable interest rates and consumer confidence.

TD reported that house prices are likely to rise another 5% in Toronto by the holiday season.

Stay tuned for the next update!

For any questions and concerns please do not hesitate to call Harpreet Singh The Mortgage King at (416) 795-1919.

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