February 7th, 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:
– TREB: Foreign buyers involved in approx 4.9% of transactions in 2016 to November. Implementing Vancouver-like tax rules “misguided”.

– Genworth CEO: Recent changes to mortgage regulations have negatively impacted first-time buyers, there should be a pause on further measures.

– BILD: 29,186 new high rise units sold across GTA last year. Marked 12.2% surge over 2015. Saw most number of sales than any previous year.

– TREB expecting another year of double-digit price increases. Average price to rise too about $825,000, up from $730,472 in December 2016. Estimates there will be between 104,500 and 115,500 home sales this year through its MLS system, similar to the 113,133 last year.

– CBRE Q4 market review: Vancouver + Burnaby + Richmond have only less than 10 years of land supply left for industrial purposes.

– BC’s premier amending its tax on foreigners buying property in Metro Vancouver. Now lifted for those who have work permit + pay taxes in B.C.

 
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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