April 30th, 2026 Mortgage Industry Update
The Bank of Canada announced on April 29th that its overnight rate will remain at 2.25%. The evolving conflict in the Middle East is causing heightened volatility and US trade policy continues to reshape global trade patterns. Financial conditions remain volatile. The prime rate remains 4.45%.
Additionally this week:
– According to Royal LePage’s latest House Price Survey and Market Forecast, the national aggregate home price fell 2.0% year over year in the first quarter of 2026 to $812,900. Compared with the previous quarter, however, prices were largely stable, edging up 0.7%.
– The International Monetary Fund lauded Canada’s fiscal position relative to its peers as Prime Minister Mark Carney prepares to give an update on his government’s finances. “Across the Group of Seven, Canada’s probably in the strongest position fiscally”.
– CREA now expects national home sales to rise just 1% in 2026, to about 475,000 transactions. That’s down from the 5.1% growth it projected in January. National average price was forecast to climb 1.5% to roughly $689,000 – about $10,000 lower than CREA’s previous call.
– REMAX Canada: 49% of people report a lack of downsizing options in their communities, while another 8% say there are none at all. Among those aged 65+ the issue is even more pronounced, with 65% citing low or no availability.
– Bank of Canada: Of all mortgages issued in Canada to first-time homebuyers, share of those that were co-signed by parents rose from around 4% in 2004 to around 11% in 2025. 74% of the cases where the mortgages were co-signed, adult children would not have qualified on their own.
– HouseSigma: Only 4,896 resale homes were sold across GTA in March 2026 – just over half 10-year average of 9,003 for same month. Marks lowest March on record in its database, which stretches more than two decades. Fell below even the lows recorded during the 2008 financial crisis.
– Statistics Canada: Real estate values declined 0.7% in Q4 2025, while mortgage debt climbed 4.2%. However, overall household net worth still rose 5.3%, but that increase came entirely from financial assets, particularly equities.
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.
