March 10th, 2026 Mortgage Industry Update
The Bank of Canada announced on January 28th that its overnight rate will remain at 2.25%. After a strong Q3, GDP growth in Q4 likely stalled. Economic growth is projected to be modest in near term. Expects inflation to stay close to 2% target over the projection period. The prime rate remains at 4.45%.
Additionally this week:
– TRREB: Average condo price has tumbled to $626,650 – a dive of about 21.7% from its 2022 peak. GTA condo sales last month slid to 1,088, a drop of more than 60% from the same time four years back, as investors and other buyers continued to desert the market in droves.
– New survey data from the Canadian Federation of Independent Business showed that 52% of small business firms no longer considered the US a dependable trading partner, while 68% reported being negatively affected by American tariffs.
– Based on the federal government’s latest Immigration Levels Plan, the parliamentary budget officer projects 2026 will be Canada’s second consecutive year of zero population growth.
– OREA survey: Residents increasingly believe government policies and fees also play a role in rising housing costs. More than six in 10 Ontarians, or 62%, said property taxes and government fees have at least a moderate impact on their ability to afford housing in their community.
– National Bank: Affordability across the country improved for an 8th consecutive quarter in Q4 2025. Monthly mortgage payments as a percentage of income fell 0.4% to 51.6% in Q4 2025, 4.5 points lower than last year and 10.4 points below the record high reached in Q4 2023.
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.
