October 20th, 2015 Mortgage Industry Update

The Bank of Canada announced on September 9th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Additionally, most fixed rates remain stable.

Additionally this week:
– RealtyTrac: Q3 US bank repossessions up 3%. Marks second quarter in a row that saw increased foreclosure activity after 19 quarters of drops.

– TREB: Condo sales in the Greater Toronto Area have increased by almost 11 per cent year-over-year during the third quarter of 2015. Average selling price for GTA condo up by 5.4 per cent year-over-year and the median selling price up by 4.4 per cent.

– Canadian national home sales declined by 2.1% from August to September, as the cooling fall market officially kicks off.

– The Canadian national average price for homes sold in September was $433,649, up 6.1% year-over-year; largely fueled by Toronto & Vancouver.

– TD Bank predicts that Ontario and British Columbia could see prices start to ease with sales dipping in 2016. Change could last into 2017.

– Report by Real Estate Investment Network says homes near (within 5KM) newly-built/proposed stadiums/arenas have premiums of between 3-15%.

 
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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