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


March 12th Mortgage Industry Update

March 12th, 2019 Mortgage Industry Update

The Bank of Canada announced on March 6th 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 might either keep rates still for 2019, or the potential for one further increase.

Additionally this week:
– Bank of Canada stands still on the overnight rate at 1.75%. Good news for variable rate mortgage holders as there is no expected change in prime rates!

– Teranet: Big Five banks’ market share in Ontario’s mortgage lending sector continues going down; represented 72.6% market’s new mortgages in last year, compared to 75.3% in 2017, 73.7% in 2016. Non-major bank providers up 0.8% in their market shares last year, ending up at 6.1%.

– TREB: Resale home prices up 1.6% in Feb compared to 2018 to average of $780,397. 2.4% decline in sales. 9,828 new listings, 6.5% fewer than 2018. Price of a semi up 7.5% to regional average of $794,978. In city semis averaged about $1M. Condos up 6.9% to $555,986 regionally.

– TREB: The number of detached home sales in the city dropped 9.4% compared to a 5.2% sales increase in the 905 areas. Prices for detached house fell 2.4% region wide to an average of $963,618. Average Toronto detached house sold for about $1.2 million, down 3.3% year over year.

– RBC: Canada still ranks high for homeownership internationally. 43.1% of households under the age of 35 in Canada own a home, compared to 34.5% south of the border. The overall ownership rate in Canada is 67.8%, much higher than most G20 countries.

– CMHC: Torontonians were paying an average mortgage payment of $1,710 as of Q3 2018, increasing by 5.95% annually. Proportion of Toronto’s consumers holding mortgages fell by 3.84% year-over-year in the third quarter of 2018, down to 25%.

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

Leave a comment

Your email address will not be published. Required fields are marked *