November 29th, 2016 Mortgage Industry Update

The Bank of Canada announced on October 19th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Many fixed rates have risen due to the new mortgage rule changes.

Additionally this week:
– The Licensing and Standards Committee: Recommending City Council approve new by-laws for rental apartments that would require licensing.

– Over past year, average price of Ontario homes has swelled by more than $88,000, translating to growth rate of around $2,000 every 8-9 days.

– CEO of Canada Guaranty: Recently introduced mortgage regulations should be assessed to see how they are working before any more introduced.

– TD Bank increases fixed mortgage rates across the chart. 5 year fixed rate now at 2.69%.

– CMHC Head: Regulators should explore the possibility of raising minimum down payment required on a home as a way of easing affordability.

– Latest Teranet-National Bank home price index: Cost of owning a home in Toronto last month increased by 17.4 per cent year-over-year.

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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