Blog

The Bank of Canada announced on July 15th that its overnight rate will remain at 2.25%. The economy is showing signs of improvement. Growth is picking up and inflation is projected to ease gradually. There are still important risks and uncertainties related to the war and US trade policy. The prime rate remains 4.45%.

Additionally this week:

– TRREB: GTA Realtors recorded 1,564 condo apartment sales in July, virtually unchanged from July 2025 on a year-over-year basis, with a fractional decline of 0.1%. Average selling price for a condo apartment across the GTA came in at $636,323 in July, down 2.3% from a year earlier.

– Equifax Canada survey: 25% of respondents expect they will only be able to afford minimum monthly payments on their credit cards, while another 7% believe they are likely to fall behind. 56% expect to pay their balances in full each month.

– TRREB: GTA recorded 5,995 sales during July, down 0.9% from July 2025. Average selling price fell 4.5% yearly to $1,003,956. New listings fell 17.8% to 14,484. Active listings declined 12.1% to 26,098.

– A recent national survey conducted by Abacus Data for the Canadian Home Builders’ Association found that 89% of non-homeowners aged 18 to 29 still want to own a home someday, but only 29% of non-homeowners overall are confident they’ll ever manage it.

– Statistics Canada: Merchandise trade surplus held for fourth consecutive month in June, widening to $3.9 B from a revised $3.7 B in May. Total exports climbed 0.4% in June to a record $77.5 B. Total imports edged up 0.2% to $73.6 B. Export momentum tracking a Q2 GDP rebound.

– CBA: Number of Canadian bank mortgages at least 90 days past due reached 14,061 in May 2026, the highest count in more than a decade. National arrears rate edged up one basis point to 0.29% in May, adding seven basis points over the past year. However, still remains low overall.

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.