May 16th, 2017 Mortgage Industry Update

The Bank of Canada announced on April 12th 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:
– Moody’s Investors Service downgrades Canada’s big 6 banks rating over increased anxiety surrounding elevated household debt + housing prices

– Chestnut Park Real Estate: Toronto exhibited almost double number of sales of high-end homes ($3M+) in 2016 compared to the year prior.

– Ontario government has passed Home Inspection Act 2017. Introduces minimum standards for home inspection contracts, home inspection reports.

– CBRE: In past 18 months, Ottawa’s commercial investment experienced more activity and buildings for sale than in previous 5 years combined.

– CMHC: The 6-month trend of Canadian housing starts was up in April, reaching 213,768 units compared to 210,702 in March.

– RBC: Toronto’s market returning to balanced. New listings up 33.6% in April from year ago, resales down 3.2% for first time since April 2014.

 
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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