January 31st, 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: The average Toronto condo sold for $437,281 in the fourth quarter of last year, up from 2015’s average of $381,981.

– CMHC: Markets outside GTA seeing impressive gains as result of Toronto’s own housing market. Hamilton has seen the greatest impact. Strong evidence of problematic conditions continue to exist in national housing market. Most common: Overbuilding and overvaluation.

– Demographia Annual housing affordability report: Vancouver remains in top 3 most expensive cities to own a home for middle-income earners.

– Royal LePage: Ontario led the country as the top-searched province for real estate among Americans, accounting for 41.4% of page views.

– Victoria city councillors Ben Isitt and Jeremy Loveda have called on the B.C. government to implement a tax on vacant homes.

– CREA: Sales of homes across Canada up 2.2% month-over-month in December. Prices up by 3.5% year-over-year in the same month, up to $470,661.

 
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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