December 1st, 2015 Mortgage Industry Update

The Bank of Canada announced on October 21st that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Additionally, almost all fixed rates have climbed ahead of the winter season cool-down, and increases in the bond market.

Additionally this week:
– CHMC released quarterly results Friday. Low arrears rates: 0.35% as at September 30, Claims Paid – $76 million, a decrease of $38 million.

– Manulife Bank of Canada’s Debt Survey: 38% of Canadian homeowners feel that housing in their area is unaffordable.

– BILD + TREB: There were 124,123 new homes sold through the MLS in first 10 months of 2015, consistent with the 10-year average.

– CBRE report: Commercial real estate investment expected to fall for the fourth straight year in 2016.

– BMO Capital Markets: 6 of 25 major Canadian housing markets reported double-digit declines in sales last month. Four of these are in Alberta + Saskatchewan.

– A few rate changes ahead of the winter season:
MCAP increases their 5 year variable promotional #mortgage rate to 2.30%, from 2.25%.

 
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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