March 24th, 2026 Mortgage Industry Update
The Bank of Canada announced on March 18th that its overnight rate will remain at 2.25%. The war in the Middle East has increased volatility in global energy prices and financial markets, and heightened the risks to the global economy. There remains high uncertainty. The prime rate remains 4.45%.
Additionally this week:
– RBC survey: 67% of respondents say they want to buy a home, up from 62% last year. 32% expect to purchase a house/condo within the next two years. 4/5 believe purchasing a home is one of life’s biggest financial milestones, while 73% view it as a sign of financial independence.
– CREA: 30,244 national home sales last month, 8.1% lower than 2025. Sales also fell 1.3% monthly on a seasonally adjusted basis. Average sale price ticked 0.2% lower to $663,828. 151,850 properties listed for sale, up 3.7% annually. Newly listed properties fell 3.9% monthly.
– HomeStars survey: 34 percent of Canadians were more likely to spend on a renovation in 2026 than in the previous year, rising to 43 percent for those aged 18 to 34. More than half of respondents said rising and falling house values made them more likely to renovate than move.
– Statistics Canada: The national inflation rate eased to 1.8% last month, undercutting economist expectations of 1.9% and moving below the Bank of Canada’s 2% target just as the Iran war pushed global oil prices sharply higher.
– TRREB: Average sale price for all dwelling types combined in February 2024 was $1.33 million. In February 2026 was $1 million — representing a 24.4% decrease over the past 48 months. 9,097 monthly sales across the GTA in February 2022. In 2026 fell to 3,868 last month, down 57.5%.
– Office of the Superintendent of Bankruptcy Canada: Canadians filed 140,457 consumer insolvencies last year — including both personal bankruptcies and consumer proposals. Total marks a 2.3% increase from 2024 and pushes insolvencies above the previous peak recorded in 2019.
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.
