June 14th, 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 stabilized.

Additionally this week:
– BoC governor Stephen Poloz: Consumers should not assume that the current frenzy in the country’s real estate sector is sustainable.

– Stats Can: Gain of 13,800 jobs in May. Jobless rate down to 6.9 per cent from 7.1 per cent. Lowest level since last July.

– CIBC study: Around $750 billion in assets will be passed down to Canadians between the ages of 50 to 75 over the next 10 years.

– Bay Street Economist David Rosenberg: Federal government should worry less about curbing demand for housing and concentrate on supply issues.

– Liberal admin: Possible implementation of luxury tax on high-end homes to introduce a moderation in Canada’s residential real estate markets.

 
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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