November 22nd, 2016 Mortgage Industry Update

The Bank of Canada announced on October 19th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Many fixed rates have risen due to the new mortgage rule changes.

Additionally this week:
– Canada Mortgage and Housing Corp. says its stress testing shows it will be able to withstand even the most extreme economic scenarios.

– CREA: Canadian real estate markets have seen a record-breaking 42,473 sales last month, up by approximately 2 per cent year-over-year.

– Empty homes in Vancouver will cost owners 1 per cent of the property’s value from 2017 following approval of the tax by city councillors.

– BCREA: British Columbia sales of homes fell 16.7% in October compared to a year earlier as impact of provincial + federal rules made impact.

– Autumn outlook from the Conference Board of Canada shows that GDP is expected to grow by 4 per cent this year and 2.8 per cent in 2017.

– RBC hiking mortgage rates and making it more expensive for homebuyers who want more than 25 years. 5Y fixed rate to 2.94%, up 30 points.

 
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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