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


October 8th Mortgage Industry Update

October 8th, 2019 Mortgage Industry Update

The Bank of Canada announced on September 4th that it’s overnight lending rate will remain at 1.75%. The prime rate remains 3.95%. The common prediction currently stands that the Bank of Canada will likely keep rates consistent for the remainder of 2019, with the small possibility of a rate decrease.

Additionally this week:
– TREB: Benchmark price across all types of homes rose 5.2% in September from a year earlier to $805,500, the highest annual rate of growth since December 2017. This is about $10,000 short of record set more than two years ago. Sales in the Toronto region jumped 22% to 7,825 units.

– Environics Analytics: Average net worth per household within Toronto area had increased by $518 in 2018 (0.1%) to $977,698. Overall average Canadian net worth decreased by $7,594 (1.1%) to $678,792. First time since financial crisis of 2008 that average net worth has decreased.

– Swiss bank UBS analyzed residential property prices in 24 major cities around the world to report the risk of a bubble year-over-year. The 2019 index is led by Munich, but Toronto (2nd) is close behind along with Hong Kong, Amsterdam, Frankfurt, Vancouver (6th), and Paris.

– Statistics Canada: There were 835,175 multiple property owners in 2018 in Ontario. Toronto has 359,475 of these owners, representing 43% of the total in Ontario. The majority of Ontario’s multiple-property owners own just a second property.

– Sotheby’s International Realty 2019 Market Forecast: GTA showing particular strength with growth in sales of luxury homes rising 29% year-over-year in July and August. Gains seen across property types with $1m+ condo sales up 13%, attached up 45%, single-family homes up 29%.

– Statistics Canada: Incomes of top 1% of Canadians up 8.5% in 2017 to $477,700. Top 0.1% up 17.2% to $740,300. Top 0.01% up 27.2% to $2.7 million. Average total income of all tax-filing Canadians grew by 2.5% to $48,400. Bottom half saw their incomes rise by 2.4% to $17,200.

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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