June 13th, 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%. Both fixed and variable rates are generally stable within the market at this point in time.

Additionally this week:
– CMHC: 6 month moving average rate of construction of new homes in Canada went up to 214,621 units in May 2017 (compared to 213,435 in April).

– CIBC: 69 per cent of Canadians do not know their credit scores and 45 per cent do not have knowledge of where to acquire their credit scores.

– Some homeowners may over-borrow due to the availability of HELOCs in the marketplace, the Financial Consumer Agency of Canada is warning.

– TD: Last year’s mortgage rule changes, together with the housing plan announced in April, have led to a soft landing in GTA’s housing market.

– OECD estimates Canada’s gross domestic product will grow by 2.8 per cent this year, double last year’s 1.4 per cent growth in GDP.

– Quebec financial minister Carlos Leitao: No plans are currently in place to impose a foreign home buyers’ tax in Montreal.

 
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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