Harpreet currently provides his services to all of Southern Ontario whether you are a first time homebuyer, sophisticated real estate investor, or any step in between.


(416) 795-1919

Search Mortgage Corp. 100-50 Village Centre Place Mississauga, Ontario, L4Z 1V9 License #: 12652


December 8th Mortgage Industry Update

December 8th, 2015 Mortgage Industry Update

The Bank of Canada announced on December 2nd that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Additionally, almost all fixed rates have climbed ahead of the winter season cool-down, and increases in the bond market.

Additionally this week:
– Stats Can: Canadian economy lost 36,000 jobs in November. Largely driven by declines in part-time work. Overall unemployment rate up to 7.1%.

– TREB: GTA sales 14% higher in November 2015 compared to a year earlier; 7,385 sales through MLS. Average selling price for all types of transactions was up by an annual rate of 9.6% to $632,685.

– CMHC Report, which surveyed property managers: Foreign owners of condos comprised 3.5% of market in Vancouver and 3.3% in Toronto.

– Liberal government could be imposing tougher restrictions on homebuyers by raising the minimum downpayment for a government-insured mortgage. Department of Finance is reportedly recommending a tiered structure that will require larger down payments for pricier homes.

– Statistics Canada says the Canadian economy grew at an annualized rate of 2.3% in Q3 2015, missing analysts’ expectation of 2.4% growth.

– CMHC: Oil at $35 a barrel for a period of 5 years would trigger a 26% collapse in Canadian home prices, according to stress tests.

– Bank of Canada decided to maintain overnight rate at 0.50% Wednesday morning, citing economic growth in line with its October Monetary Policy Report.

– A few rate changes ahead of the winter season:
Home Trust increases their 5 year fixed and variable promotional mortgage rates to 2.69%, and 2.30% respectively
Scotiabank increases their 5 year variable promotional mortgage rate to 2.50%
National Bank increases their 5 year fixed promotional mortgage rate to 2.89%, variable to 2.40%.
TD Bank increases their 5 year variable promotional mortgage rate to 2.40%

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.


Harpreet Singh

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