July 11th, 2017 Mortgage Industry Update

The Bank of Canada announced on May 24th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Fixed rates have slightly risen over the last week with the expectation they will further slightly increase in the upcoming weeks.

Additionally this week:
– Real Estate Board of Greater Vancouver says that its MLS Home Price Index was up 7.9% year/year and 1.8% month/month in June to $998,700.

– EKOS study: Little over 2/5 Canadians believed that housing in this country is not affordable for them; evenly across all income levels.

– Office of the Superintendent of Bankruptcy Canada: Drop in number of consumers filing bankruptcy/personal proposals in April.

– RBC: Typical household in Toronto needs to spend 72% of income on avg priced house. Affordability worsened in Q1 2017 to lowest point ever.

– Ontario proposing banning the practice of double ending, in which a real estate agent represents both a buyer and a seller in a transaction.

– According to RE/MAX’s latest recreational property report, 43% of Canadians would consider buying a recreational property in the next decade.

 
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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