February 23rd, 2016 Mortgage Industry Update

The Bank of Canada announced on January 20th 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 and stabilized, as compared to the end of 2015.

Additionally this week:
– BC Finance Minister announced earlier this week a vow to track foreign ownership of properties by requiring buyers to disclose citizenship.

– Ipsos Reid poll reveals that almost half of respondents are within $200 a month of being unable to meet bills and debt repayments.

– CREA: Sales of existing homes rose by 8% last month compared to a year ago, while the national average home price soared 17%; $470,297.

– Toronto city council has voted in favour of a 1.3% residential property tax increase.

– Home sales in Ontario are expected to rise by 9.3%, which would be higher if prices in the GTA were more affordable, CREA said.

– A few rate changes:
Scotiabank increases their 5 year variable promotional mortgage rate to 2.70%, decreases 5 year fixed to 2.84%.

 
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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