April 21st, 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:
– Statistics Canada: The Canadian economy added a modest 14,100 jobs in March, in line with economists’ expectations but marking only a partial reversal of the 109,000 positions lost in the first two months of the year. Jobless rate holds still at 6.7%.
– Urbanation: Average asking rents reached $2,008 last month, down 5.3% (which was $112 – largest in five years) from 2025. Marked 18th consecutive month of year-over-year declines. Down 1.1% monthly. Ontario’s average decreased 4.4% to $2,225. Toronto fell 4.7% to $2,468.
– TD Bank: 56% of homeowners expecting higher payments on mortgage renewal say they plan to cut back on spending. 39% anticipate dipping into savings or reducing investments. 67% say they feel uneasy about their upcoming renewal as borrowers continue to face higher rates.
– Wahi: Weakest March for bidding wars since it began tracking market in 2022. Just 6% of 213 GTA neighbourhoods with at least 5 sales were in overbidding territory. Down from 7% in Feb and far below 20% level seen in Mar 2025. 92% of neighbourhoods sold below list, 2% at asking.
– TRREB: Average condo apartment price across GTA dropped to $620,479 in March 2026, down 9.1% annually. In the City of Toronto, condos averaged $648,287, a 9.6% annual decline, while units in the 905 region fell 8.3% to $564,332. Sales ticked up 1.7% year over year to 1,422 deals.
– TRREB: 5,039 home sales in March, up 1.7% annually, first increase since last September. Up 1.4% monthly. Average selling price down 6.7% from 2025 to $1,017,796. 14,442 new listings on the market in March, down 16.7% yearly. Inventory down 8% to 21,596 total active listings.
– CPA Canada poll: 58% of Canadians own their homes, 34% rent, 7% live with family or friends. Ownership continues to skew toward older and higher-income households. 46% say that homeownership is becoming harder to achieve, and only 3% believe it remains widely accessible.
– Statistics Canada’s national Q1 2026 population estimates show a 0.25% decline (-103.5k people) to 41.47 million, with most of the drop coming from Ontario. Meanwhile, Alberta is the sole province growing.
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.
