March 1st, 2016 Mortgage Industry Update

The Bank of Canada announced on January 20th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Additionally, almost all fixed rates have climbed and stabilized, as compared to the end of 2015.

Additionally this week:
– Reuters study polled 24 economists and housing market analysts, who predicted house price hikes of 3.3% in 2016, 1% in 2017, 2% in 2018.

– Angus Reid Institute found that 32% of Canadians overall believe housing prices are “unreasonably high”.

– According to CREA’s most recent stats, prices in Alberta fell by 2.7% year-over-year to an average of $381,757 in January of this year.

– Real Estate Board of Greater Vancouver figures: Benchmark price for detached homes reaching an unprecedented $1.94 million in January 2016.

– CREA: Existing home sales reached the highest in more than six years in January. Number of transactions rose 0.5% from December to 43,916. Toronto saw a 14.2% year-over-year housing price increase; York Region a 20.9% increase, and Hamilton an 8% increase.

– A few rate changes:
TD Bank decreases their 3 year fixed promotional mortgage rate to 2.49%.

 
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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