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 29th Mortgage Industry Update

October 29th, 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:
– Office of the Superintendent of Financial Institutions: Canada’s outstanding HELOC growth is showing no signs of stopping, with balance increasing by 4.27% annually to reach $303.41 B in August. However was just up 0.08% over July; fourth consecutive month of deceleration.

– After seeing housing activity decline in 2018 and 2019, Canada’s housing markets are expected to recover in 2020 and into 2021, according the latest Housing Market Outlook report from CMHC. Indications pointed toward modest GDP growth in 2020 and 2021.

– TREB: Toronto’s single-detached home price growth in September was the strongest since 2017. The benchmark detached house price stood at $946,700 in September, 3.55% higher than the month prior. In City of Toronto, the benchmark went up by 2.74% ending up at $1,135,600.

– Urbanation: As of Q3 2019, average surveyed rent for recently leased units, available units in GTA stood at $2,515. 6.1% higher year-over-year, but “essentially unchanged” from Q2. Rent growth decelerated even though vacancy rate is still hovering at a near-record low of 0.8%.

– Zoocasa 2019 National Housing Survey: 59% of respondents and 76% of renters say housing affordability crisis has negatively affected their mental health at least once in the last 12 months. 84% see housing affordability as crucial issue that has significant economic repercussions.

– TREB: Q3 condo apartment sales up 11.1% year-over-year to 6,407. Listings eased by 1% to 9,538. Average price of a condominium apartment up 5.8% to $584,564; although in the city of Toronto, which accounts for 70% of sales, the rise was slightly lower at 5.6% ($628,074).

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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