April 25th Mortgage Industry Update
April 25th, 2017 Mortgage Industry Update
The Bank of Canada announced on April 12th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Both fixed and variable rates are generally stable within the market at this point in time.
Additionally this week:
– Ontario inaugurates Prescribed Information for Purposes of Section 5.0.1 Form. Requires homebuyer to provide citizenship, place of residence
– Ontario Government extending rent controls to all buildings built after 1991, limiting annual increases to the rate of inflation.
– Ontario government placing 15% tax on non-resident buyers of properties in Greater Golden Horseshoe, effective immediately.
– Royal LePage survey: Suburbs have experienced sharp increase in demand; Richmond Hill prices spiking upwards by 31.5%; highest in country.
– TD Survey: Single home owners—those not in a relationship or commitment—comprise roughly 25% of Canadians buying or planning to buy homes.
– Price of new homes is up slightly with Statistics Canada’s New Housing Price Index climbing 0.4% in February compared to a month earlier.
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.