May 30th, 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:
– Jones Lang LaSalle study: Commercial tenants in Toronto could see rents spike up by as much as 50 per cent over the next 36 months.

– Lakelands Association: Waterfront property sales in Muskoka, Haliburton, Orillia up by 5.1% year-over-year, and sales up by 51.4%.

– Manulife: 45% of Gen Y buyers received help from family when buying their first home; that’s higher than Generation X (37%), Boomers (31%).

– Bank of Canada maintains overnight rate target at 1/2 per cent. Good news for variable rate mortgage holders — no change in rates!

– Altus Group: Sales of new homes in GTA gained 24% year-over-year in the first four months of 2017 as the number of high-rise sales surged.

– TREB: Sales down 16% in April from 2016. Average selling price for all home types was $890,284, up 17% from last year, down 3.3% from April.

 
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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