July 12th, 2016 Mortgage Industry Update

The Bank of Canada announced on May 25th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have also slightly declined.

Additionally this week:
– Introducing a new 5 year variable promotional low rate of 2.25%!!!

– TREB: As of June 2016, average sale price of a detached house in Toronto stood at $979,445, spike from $816,583 the same month last year.

– Statistics Canada: National unemployment rate fell to 6.8 per cent in June, down from 6.9 per cent the previous month.

– Government figures: June 10 to June 29 just 3% of homes sold in BC were bought by neither Canadian citizens or permanent residents.

– Toronto Real Estate Board: Average home in GTA cost $639,909 in June 2015, but now you can expect to pay $746,546. Up 16.8% or $107,000.

– Bank of Canada study: Lending much stricter in Q2 2016. Tighter business-lending conditions effecting small businesses, commercial borrowers.

 
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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