March 21st, 2017 Mortgage Industry Update

The Bank of Canada announced on March 1st that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. CMHC has announced that its rate premiums will rise on March 17th. Many fixed rates are predicted to rise slightly.

Additionally this week:
– CIBC: GTA condo prices rose by close to an annualized 16% in the fourth quarter of 2016—the largest gain since the recovery year of 2010.

– Ontario Finance Minister Charles Sousa urging Ottawa to address speculative investing in housing markets by increasing capital gains taxes.

– Real Estate Board of Greater Vancouver: Commercial real estate sales reached nearly $13B in 2016, 47% increase over $8.8B total from 2015.

– BC: Foreign workers moving to province under BC Provincial Nominee Program will be exempt from additional property transfer tax introduced.

– CREA: “Nationally, sales activity is forecast to decline by 3% to 518,700 units in 2017″ Prediction is in line with CREA’s previous forecast.

– Stats Can: Household credit market debt rose to 167.3% of adjusted household disposable income in Q4, up from 166.8% in previous quarter.

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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