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


January 12th Mortgage Industry Update

January 5th, 2016 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 and stabilized, as compared to the end of 2015.

Additionally this week:
– CMHC final 2015 housing starts report: Canadian starts down to 203,502 in Dec from 208,204 in Nov. Starts for 2015 up as compared to 2014. Toronto reported a total of 42,287 total starts in 2015; an increase of 46% over 2014’s 28,929.

– StatsCan: Value of building permits issued down 19.6% from October to $6.2B in November, falling below $7B for first time since May 2015.

– Canada added 40,000 self-employed people to the workforce in December, according to StatsCan. Unemployment numbers remain stable.

– TREB: MLS sales in the GTA of 4,945 in December took the year’s total to 101,299, a rise of 9.2 per cent over 2014. Average selling price for 2015 as a whole was $622,217 – up 9.8 per cent compared to $566,624 in 2014.

– Average national sale price expected to hit $448,700 this year, an increase of 1.4% year-over-year. 2015 was 8.4% year-over-year increase.

– Canada Pension Plan Investment Board has entered joint venture to purchase student housing properties in United States for total of US$1.4B.

– A few rate changes:
Home Trust decreases their 5 year fixed and variable promotional mortgage rates to 2.69%, and 2.30% respectively.
RBC increases their fixed terms between 2 and 5 years by 10 points, 5 year fixed is now 3.04%.
National Bank increases their 5 year fixed promotional mortgage rate to 2.99%, and variable to 2.60%.
Scotiabank increases their 5 year variable promotional mortgage rate to 2.60%, from 2.50%.

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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