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


December 18th Mortgage Industry Update

December 18th, 2018 Mortgage Industry Update

The Bank of Canada announced on December 5th that it’s overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands at the Bank of Canada will gradually increase rates in 2019. 

Additionally this week:
– CMHC: 205k new mortgages in Q2, down 11.9% compared with 2017. Active mortgages up by 1.3% to 6M loans. Average loan value up by 3.7% to $205,980. Total outstanding mortgage balance up 5% to $1.23 trillion.Delinquent loans down to lowest point since data became available in 2012.

– Zoocasa: 41% of Canadians still believe that they will be able to afford their detached dream homes someday. 27% are not holding any hope. 74% believe that ownership is an important milestone. 25% are already living in their preferred homes.

– Royal LePage anticipating the national median home price will increase by 1.2% in 2019, with prices in Toronto + GTA expected to rise 1.3% to $854,552. Re/Max expects average home sale prices to go up by 1.7%.

– Office of the Superintendent of Bankruptcy: 11,641 consumer insolvencies (includes both bankruptcies + consumer proposals) in October, up 9.2% from 2017. Largest number for the month since 2010. Rising interest rates putting financial pressure on households; partially to blame.

– CMHC: Seasonally adjusted annual rate of housing starts across Canada was 210,038 in November, up from 204,460 in October and ending four months of declines. Economists had expected an annual rate of 198,000.

– Knight Frank’s quarterly global price index: After two years of holding court at the top of global price rankings (held 4th spot in 2016 and 2017), the Canadian housing market took another price tumble last quarter to number 44 of the 57-city list.

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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