July 18th, 2017 Mortgage Industry Update

The Bank of Canada announced on July 12th that it’s overnight lending rate will increase from 0.50% to 0.75%. The prime rate at almost all institutions has increased from 2.70% to 2.95%, the first increase in 7 years. Fixed rates have slightly risen over the last 3 weeks and seem to have stabilized now.

Additionally this week:
– Royal LePage forecasting GTA will close out the year with an average price of $862,264 – an 18.5% year-over-year increase.

– Ontario government data: Half of real estate transactions involving a foreign buyer in the Greater Golden Horseshoe took place in Toronto.

– The Bank of Canada estimates real GDP growth to moderate from 2.8% in 2017 to 2% in 2018 and 1.6% in 2019.

– TREB: June figures reveal 7,974 sales, down 37.6% from a year earlier while listings were up 15.9%. Average selling price up 6.3% to $793,915.

– The Bank of Canada has raised its key overnight interest rate from 0.5 per cent to 0.75 per cent.

– Canada added more than four times the number of jobs economists had expected in June, capping the best quarter since 2010.

 
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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