February 21st, 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:
– Fitch Ratings: Federal and local policy changes to cool housing markets will see price appreciation slow to 3% in 2017, from 12% last year.

– Teranet-National Bank Composite House Price Index: Toronto home prices posted an annual increase of 20.9% in January, as compared to 2016.

– CBRE Group: Portion of commercial property deals (worth $10M +) involving foreign investors up by 33% year-over-year in 2016, to $34.7B.

– TREB Figures: Condo resales have spiked up by a massive 26.7% year-over-year in January, evenly divided between area codes 905 and 416.

– According to the latest census, Canada’s population grew by 1.7 million between 2011 and 2016; 2/3 of that growth was due to new Canadians.

– Statistics Canada: January shows increase of 32,400 part-time positions and 15,800 full time jobs. Unemployment rate dips to 6.8% from 6.9%.

 
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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