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 19th Mortgage Industry Update

January 19th, 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:
– 3 of Canada’s big 5 banks changing predictions to a rate cut on Wednesday. Bloomberg economist survey: 13/27 calling for cut, 14 saying none.

– Urbanation’s 2015 Q4 stats: GTA condo apartments rented through MLS up 19%, reaching 27,166.

– Sotheby’s: GTA sales of $4 million+ detached homes up by 67% in 2015, up 42% for $2-4 million range and up 49% in the $1-2 million range.

– CREA: House prices have jumped 10% in Toronto, 18% in Vancouver, slumped 2% in Calgary; in contrast to a 7% national average gain.

– New York Times deems Toronto the top tourist destination for 2016.

– A few rate changes:
CIBC Increases 3 and 4 year fixed rates, which rise 10 basis points to 2.59 per cent and 2.84 per cent respectively.
TD Bank increases their 5 year variable promotional mortgage rate to 2.45%, from 2.40%.
MCAP decreases their 5 year fixed promotional mortgage rate to 2.64%, from 2.74%.

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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