February 9th, 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:
– CMHC Chief Economist: Housing starts down in January 2016 as compared to December 2015, with the exception of Ontario.

– TREB: Sales of homes in GTA increased by 8.2% in January compared to a year earlier, 4,672 sales through MLS, price up 11.2%. The average price in the city of Toronto last month was $636,728. Average price for detached home increased by 11.6% to $1,061,789; the average semi-detached increased 12.8% to $515,024.

– San Francisco Credit Union now offering 100% financing to combat homebuyers paying extremely high rents.

– Statistics Canada: Real GDP rose only by 0.3 per cent on a month over month basis last November.

– CMHC report: Calgary and several other cities exhibited “strong” evidence of problems in the real estate sector; mainly due to overbuilding.

– A few rate changes:
Home Trust increases their 5 year fixed promotional mortgage rate to 2.69%.

 
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.

Share this post on:
FacebooktwitterredditpinterestlinkedintumblrmailFacebooktwitterredditpinterestlinkedintumblrmail
Connect with us on:
FacebooktwitterFacebooktwitter

Leave a Comment

css.php