June 27th, 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:
– TheRedPin report: Property prices and proximity to the busiest stations of the Toronto subway system appear to be correlated.

– Toronto Region Board of Trade survey: 69% of the respondents indicated preference for houses with at least 3 bedrooms, 81% do not want condo.

– Parliamentary Budget Officer: Levels of household debt are less of risk to financial vulnerability as households’ ability to service debts.

– BCREA expecting 101k sales for 2017, down 10% from the record high of 112k in 2016. Remains well above the 10-year average of 84,700 units.

– “Nationally, sales activity is forecast to decline by 1.5% to 527,400 units in 2017,” CREA said in its latest Resale Market Forecast.

– PadMapper report: A steady trend of growth has made Barrie the fourth most expensive urban market for rental units nationwide.

 
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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