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


July 4th, 2023 Mortgage Industry Update

The Bank of Canada announced on June 7th that its overnight lending rate will increase to 4.75%. Inflation in Canada increased surprisingly last month along with strong job and GDP numbers. The latest data remains in line with the expectation that inflation will come down to around 3% shortly. The prime rate increases to 6.95%.

Additionally this week:

– BMO: 68% of Canadians feel buying a home is out of reach compared to their parents. Gen Z Canadians were more likely to have this outlook with 71% agreeing. This is followed by 69% of younger millennials, and 65% of older millennials who share the view.

– Statistics Canada: National annual inflation rate dropped by a percentage point in May to 3.4% from 4.4% in April. It was the lowest inflation rate in two years.

– Environics Research: 67% of buyers said that they were concerned about missing out on the property they really wanted because of an insufficient down payment, up from 57% just 4 years ago. More than one third of respondents had received a lump sum from their parents.

– Canadian Rental Housing Index: Ontario is home to more than 1.7 million renters, up 10 per cent since 2016. Meanwhile, average rental prices in the province rose 27 per cent between 2016 and 2021.

– Sagen: 43% of first-time buyers and those intending to buy say now is a good time to buy a home, with 14% believing it’s a “very good” time and 30% saying it’s a “somewhat good” time to purchase. Among this group, just over a quarter (27%) think now is a bad time to buy.

– Statistics Canada: Number of job vacancies fell by 33,500 (3.8%) in Q1, settling at 843,200 and marking the third straight quarterly decline from the record high seen in Q2 2022. Job vacancy rate also ticked down by 0.2% to 4.7% in Q1, representing third consecutive decrease.

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