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 11th Mortgage Industry Update

February 11th, 2020 Mortgage Industry Update

The Bank of Canada announced on January 22nd 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 early 2020, with the next major move likely being a rate decrease.

Additionally this week:
– First-time home buyer incentive data: In total 3,252 applications were made to CMHC, with 2,730 accepted, last year. Total amount of money lent to homebuyers totalled $51.3 million. Ontario saw only 436 applications across the whole province. GTA saw only 148 applications.

– BILD and Altus Group: The number of new homes sold in Toronto jumped 45% last year to 36,471 units. It was well above the 13% increase in transactions of existing homes. The increase in sales of new homes was driven by single-family units, which jumped 157% last year to 9,523.

– Statistics Canada: Q4 2019 saw a 0.6% increase in Canadian home prices. Driven by 0.9% increase for resales; partially offset a 0.2% decrease for new home prices. Both condo apartments and houses gained 0.5%. For 2019 as a whole, prices were up 1.6%, gaining from the 1.1% in 2018.

– TREB: In December, market saw 1,984 sales of detached homes, representing 24.77% annual increase. 465 transactions in City of Toronto, 36.76% higher compared to 2018. Number of new detached properties was just 1,627 listings, significantly declining by 22.15% year-over-year.

– CBRE’s “Scoring Tech Talent in North America 2019” report: Toronto saw the largest proportionate growth in technology jobs of any other North American city over the past half-decade. Saw number of tech industry employees grow by a massive 54% to a total of 228,500 professionals.

– Zoocasa analysis: Maximum withdrawal of $35,000 from RRSPs by eligible buyers represents just 3.5% of home purchases in Vancouver, and 4.3% in Toronto. As a whole, median-income Canadians will need between 4.3-6 years to save up an amount equivalent to the $35,000 from the HBP.

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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