August 16th, 2016 Mortgage Industry Update

The Bank of Canada announced on July 13th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have stabilized.

Additionally this week:
– CREA: National home sales fell for a 3rd consecutive month: 1.3% month-over-month in July and 2.9% year-over-year.

– CIBC Economist: Issue of supply should be the main focus of officials to combating overheated prices in Vancouver and Toronto.

– TransUnion Report: Canadians’ non-mortgage debt reached $21,580 in the first 6 months of the year, up 2.9% from the same period in 2015.

– Real Estate Board of Greater Vancouver president: At least 427 transactions worth approximately $404M will get derailed due to new BC tax.

– Value of building permits issued by municipalities for residential properties was down 5% to $4.1B in June compared to the previous month.

– TREB (July): Average price of detached home up 21% to $952,983, overall average price up 6% to $709,825, condos up 9.2% to $406,865.

 
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.

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