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


February 19th Mortgage Industry Update

February 19th, 2019 Mortgage Industry Update

The Bank of Canada announced on January 9th 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 very gradually increase rates in 2019. 

Additionally this week:
– CMHC: Homes in Toronto + Victoria showing fewer signs of being overvalued, taking some pressure off a market that remains “vulnerable”. Now shows “moderate” overvaluation, down from the riskiest rating of “high” given in October.

– BMO Capital Markets report: Toronto ranks as North America’s fourth-largest technology talent market; it has over 241,000 technology workers and is currently outpacing other North American markets. The Greater Toronto Area’s tech sector has grown 50% in the last five years.

– TREB: Average resale home price rose 1.7% in January from 2018 to $748,328. Sales up 0.6% to 4,009 units, but up 3.4% from December. Average price of detached house was $941,488, down 2.8%. Condos up 7.9% to $548,176. TREB estimating 4% annual price increase for 2019 overall.

– The Office of the Superintendent of Financial Institutions’ assistant superintendent Carolyn Rogers: Canada will consider changing the terms of a stress test designed to cut out risky mortgage lending if market conditions change.

– Residential mortgage growth rose 3.1% to $1.55 trillion in December from a year earlier, the slowest pace since May 2001, and half the growth rate from two years ago, according to data from the Bank of Canada.

– Urbanation: Condo prices for pre-sale launches jumped 16% to a new high of $921psf in the GTA and $1,117 for the City of Toronto in 2018. However, price growth is expected to moderate in 2019 due to increased supply (up 29% from 2018) and rent growth is also expected to ease.

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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