February 14th, 2017 Mortgage Industry Update

The Bank of Canada announced on January 18th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. CMHC has announced that its rate premiums will rise on March 17th. Many fixed rates are predicted to rise slightly.

Additionally this week:
– Pollara study: Canadians withdrawing larger amounts from RRSPs to cope with the consistent growth of home prices in country’s major cities.

– Statistics Canada: Canada is once again the fastest growing country in the G7. Declared in the first of 7 parts of the 2016 census data.

– TREB: GTA sales (5,188) up 11.8% in Jan, compared to 2015. New listings down 50% from January 2015. Average selling price up 22.3% ($770,745).

– CMHC study: “Sudden increase” in interest rates could cause housing prices to fall 30%, while pushing unemployment as high as 11.3%.

– Vancouver Sun: BC Government considering rebates of 15% tax to those who obtained citizenship or PR status shortly after buying a home.

– Calgary Real Estate Board: Sales for January totalled 924 units, up 24% from a year earlier but 21% below the 10-year averages for the month.

 
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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