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


December 28th Mortgage Industry Update

December 28th, 2021 Mortgage Industry Update

The Bank of Canada announced on December 8th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada suggests that they will more than likely keep rates at this “effective lower bound” until mid 2022 now, as compared to initially saying late 2022. 

Additionally this week:

– CREA: Average national selling price in November was $720,854, up 19.6% yearly – new all-time high! There were 54,222 home sales in November up 32.1% yearly, but down 1.6% on a monthly basis. There were just 1.9 months of inventory available, unchanged from October.

– Royal LePage: Canadian home prices are expected to rise by 10.5% to $859,700 in 2022, with Toronto, Vancouver and Halifax projected to see largest increases. Median price of single-family detached home in Canada to climb by 11% to $918,000, while condos will climb 8% to $594,000.

– Statistics Canada: Annual inflation was 4.7% last month. Inflation has only reached this level twice over the past three decades; last time in 2003, has never gone higher. Inflation has now exceeded the central bank’s 1-3% control range for eight straight months.

– National Rent Report from Bullpen Research & Consulting and Rentals(.)ca: Average rent for all property types in Toronto was $2,300 per month in November, a 10% annual increase. Toronto forecasted to have strongest bounceback in 2022, calling for annual increase of 11% to $2,495.

– Sotheby’s: Calgary and Montreal are the most desirable markets for young first-time home buyers, to the point of drawing these buyers away from other major Canadian cities. Also exhibit strong retention rates of young households.

– The Bank of Canada will maintain its 2% inflation target for the next five years, but has formally been given license to moderately overshoot it to “support maximum sustainable employment”. In a mandate renewal released jointly with the Canadian government.

– TransUnion: Mortgage originations increased by 49% annually during the second quarter, with new originations accounting for $145 billion of new mortgage debt. Average balance of new mortgages issued grew by 22% year over year to $379,567.

– Sotheby’s: 75% of urban Canadian Generation Z adults said that they are likely to buy and own a primary residence in their lifetime, with 49% indicating that they are “very likely” to do so. Of this demographic, an estimated 11% already own their homes.

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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