April 4th, 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:
– Average home sale price in Toronto up by 32.5 per cent year-over-year in February (up to $1.2 million).

– Toronto condo apartment sales in February were up 79 percent over the same period last year and more than double the ten-year average. As of February, the average price of a condo apartment in the GTA stood at $523,086, up from $507,511 in the month prior.

– Finance Minister Charles Sousa says the upcoming spring budget will include a package of measures dealing with housing affordability. Looking at range of supply + demand issues because housing affordability is “huge issue”.

– TD Economics: Home price growth rates to “cool” to between 3 – 5 % by next year. More sedate pace compared to 20 – 25% projected for 2017.

– The perception for the value of Canadian real estate has hit a seven month high according to the chairman of Nanos Research Group.

– Latest Federal Budget to give $39.9M over 5 years for Statistics Canada to create database of every property in Canada; re: sales, ownership.

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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