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.Share this post on: Connect with us on: