January 17th, 2017 Mortgage Industry Update

The Bank of Canada announced on December 7th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Many fixed rates have risen by 10-30 points due to the new mortgage rule changes.

Additionally this week:
– Sotheby’s report: 2017 would be the 3rd succeeding year that Toronto will lead Canada in terms of sales volume in the luxury home segment.

– Toronto Real Estate Board has launched a petition to stop a land transfer tax increase in the city. Proposed increases between $750- $4,475.

– CBRE has been tasked to sell the Trump International Hotel & Tower Toronto, now up for sale with an initial asking price of $298 million.

– BC Finance Ministry: Only 8 properties over $3M have been bought by overseas nationals in Nov, drastic drop from 95 transactions in July.

– RBC predicted B.C.’s economic growth in 2017 will be 1.7%. First time in 6 years that province will perform below the 1.8% national average.

– TREB: Toronto to remain a strong seller’s market in 2017. Average prices up by 20 per cent year-over-year in December (up to $730,472).

 
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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