July 5th, 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%!!!

– Toronto’s house prices swelled to new heights, with the average price of a home in the GTA growing by 18.6% year-over-year to $734,924.

– Statistics Canada: Economy grew in April by 0.1 per cent following two months of decline and real estate was a key driver of growth.

– MoneySense report from PropertyGuys.com founder: Brexit could garner investor interest in other Canadian housing markets.

– Royal LePage survey: Generation X buyers are purchasing twice as many recreational properties as Baby Boomers, the next most active cohort.

– Vancouver Mayor: City council may push ahead with plans to tax owners of vacant properties, even if no action from the provincial government.

 
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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