November 10th, 2015 Mortgage Industry Update

The Bank of Canada announced on October 21st that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Additionally, most fixed rates have started to slightly climb ahead of the winter season cool-down.

Additionally this week:
– CMHC: Last month’s seasonally adjusted rate of housing starts was 198,065 units, down from 231,304 in September. Average price for an existing home will rise 7.2% to $437,700 in 2015. In 2016 – 1.3% annual price increase. In 2017 – 1.4% increase.

– Ipsos Reid poll shows that majority of Ontarians (89%) outside of Toronto oppose new municipal land transfer tax charged on home purchases.

– Stats Can: Canada’s economy added 44,400 jobs in October and the country’s unemployment rate dipped to 7.0%.

– TREB: GTA had a record-breaking October for home sales. Average price up 7.3% to $630,876 with prices driven by low rise properties.

– Real Estate Board of Greater Vancouver: Home sales in Metro Vancouver were up by 9% in October compared to month prior with 3,646 homes sold.

– Calgary Real Estate Association: Prices ease for second straight month; declined 0.7% from previous month, 1.2% from last year, to $453,100.

– A few rate changes ahead of the winter season: National Bank decreases their 5 year fixed promotional mortgage rate to 2.69%, from 2.74%. TD Bank increases: 2.44% 3 year fixed, 2.79% 5 year fixed, 2.30% 5 year variable. First National increases: 2.74% 5 year fixed, 2.30% variable. Street Capital increases: 2.64% 5 year fixed, 2.20% variable.

 
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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