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


April 16th, 2024 Mortgage Industry Update

The Bank of Canada announced on April 10th that its overnight lending rate will remain at 5.00%. The Bank expects CPI inflation to be close to 3% during the first half of this year, move below 2½% in the second half, and reach the 2% inflation target in 2025. The prime rate remains at 7.20%.

Additionally this week:

– Dye & Durham Canadian Pulse Report for Q1 2024: 39% believe Canada is already in a recession, up from 31% in Q4 2023. There has also been a significant increase in optimism, with 20% now believing the country will avoid a recession entirely – up from just 9% in previous quarter.

– The Canada Mortgage and Housing Corp is forecasting home prices could match peak levels seen in early 2022 by next year and reach new highs by 2026. Supply is not forecast to keep up with demand. Sales activity from 2025 to 2026 will slightly surpass the past 10-year average.

– Statistics Canada: National unemployment rate jumped to 6.1% in March as more people looked for work. The figure is up from 5.8% in February and marks the largest increase in the unemployment rate since summer 2022.

– TRREB: GTA home sales in March were down 4.5 per cent from last year. A total of 6,560 homes changed hands in the month compared with 6,868 last year. The average selling price was up 1.3 per cent year-over-year to $1,121,615.

– KPMG survey: An overwhelming majority (94%) of business leaders believe housing is the biggest risk to the economy. Another 81% of Canadian business leaders say the high cost of housing and lack of supply are hindering their ability to attract and retain talent.

– Office of the Superintendent of Financial Institutions: Federally regulated lenders now hold roughly $220 billion worth of mortgages with amortization periods exceeding 35 years, down 27% from nearly $300 billion at its height.

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