November 14th, 2017 Mortgage Industry Update
The Bank of Canada announced on October 25th that it’s overnight lending rate will remain at 1.00%. The prime rate remains the same. It is common prediction for rates to rise another 2 times by the end of 2018. Most fixed rates have risen significantly and are now in the 3%+ range.
Additionally this week:
– The Ryerson City Building Institute: Condo development reached its highest ever level in the middle of 2017 with 105,000 condo apartments currently under development.
– Government officials crafting tougher building codes that could make both new homes, renovations of existing properties more costly ($30k+).
– TREB director of market analysis: Appears that psychological impact of Fair Housing Plan, and foreign buyers’ tax, is starting to unwind.
– Point2 Homes Study: Vancouver most unaffordable real estate market in North America; “insane affordability gap”. Exceeds Manhattan, San Francisco.
– OREA continuing to push for a strengthened real estate education program that will pave the way for a more developed curriculum.
– Urbanation: Toronto’s surging condo market should expect to hit a plateau on the first quarter of 2018.
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.Share this post on: Connect with us on: