July 19th, 2016 Mortgage Industry Update

The Bank of Canada announced on July 13th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Most fixed rates have stabilized.

Additionally this week:
– B.C. government announced that overseas nationals bought approximately 5 per cent of homes in the province over just 19 days last month.

– Bank of Canada: Household spending, real gross domestic income, GDP all expected to increase. House prices expected to rise in Toronto, Vancouver.

– Royal LePage: Average house price will rise in Toronto by 14.9% to $718,000 by next year. Blaming Brexit uncertainty; low interest rates.

– Bank of Canada maintains its overnight rate. Good news for variable rate holders! No change in interest rates in near future.

– 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.

– CMHC: New condos being built in the City of Toronto helped boost the 6-month average trend measure of Canadian housing starts in June.

 
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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