July 4th, 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:
– Mercer’s Cost of Living Survey: Vancouver has overtaken Toronto as Canada’s most expensive city for expatriates according to annual ranking.

– Altus Group: Market for newly-built low-rise homes in GTA down in May. 76% drop with 545 sales (year over year), 68% below 10 year average.

– TREB: Total of 30% of current owners are either “very likely” (12%) or “somewhat likely” (18%) to list their house over the next 12 months.

– RENTCafé study: Looked at 30 best cities to live in around the world, Toronto landed on 11th spot in the list of the most renter friendly.

– CMHC: Foreign buyers showing increasing interest in Montreal market. 235 transactions recorded from January to April of this year, up 40%.

– Fitch Ratings: Unsustainable home prices, record high household leverage make Toronto, Vancouver’s housing markets vulnerable to correction.

 
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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