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 21st Mortgage Industry Update

December 21st, 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:
– CBRE: Commercial real estate investments moving through Canada’s markets would drop to $23.6B next year, down from $26.1B in 2014.

– US Federal Reserve announced its benchmark rate target and, as expected, raised the target for its benchmark rate by 0.25%.

– RE/MAX survey: Over 66% of Canadian consumers agreed that 10% (or greater) is a reasonable level for home mortgage down payment.

– CREA: Home sales in Ontario are expected to rise by 9.3% in 2016.

– CREA: Home sales rose 1.8% from October to November, activity up 10.9% year-over-year, new listings up 3.1%. Canadian average sales price up 1.4 percent from October and 10 percent from a year ago, to C$456,186.

– Rentseeker report found Vancouver’s homes are least affordable relative to average income. Buyer needs $120,297 income to buy $900k home.

– BMO Capital Markets: New downpayment changes will have small influence over prices given the narrow reach of the new rules.

– A few rate changes ahead of the winter season:
National Bank increases their 5 year promotional variable mortgage rate to 2.50%
B2B Bank increases 5 year fixed and variable promotional mortgage rates to 2.69%, 2.30% respectively.
Home Trust increases their fixed rate to 2.74%, variable to 2.35%.
TD Bank increases their fixed rate to 2.94%, from 2.84%.
National Bank increases their fixed rate to 2.94%, from 2.89%.

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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