May 17th, 2016 Mortgage Industry Update

The Bank of Canada announced on April 13th 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:
– CREA: The national home sale price skyrocketed 13.1% year-over-year. Not including Toronto and Vancouver, increased 8.7% year-over-year.

– CREA: National home sales increased by 3.1% month-over-month in April and activity was up 10.3% year-over-year.

– BCREA: Record 12,969 residential sales were reported in April – a 30.3% increase year-over-year. Total sales reached $9.64B , a 52.7% hike.

– Teranet: Single-family home prices rose 1.2 per cent in April from the previous month; largest April increase since 2008.

– CMHC analysis: Number of foreign owners increased with each newly constructed high-rise condo building.

– A few rate changes:
National Bank cuts their 5 year fixed promotional mortgage rate to 2.74%, 5 year variable to 2.50%.

 
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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