September 12th, 2017 Mortgage Industry Update

The Bank of Canada announced on September 6th that it’s overnight lending rate will increase from 0.75% to 1.00%. The prime rate at almost all institutions has increased from 2.95% to 3.20%, the second consecutive increase in 2017. Most fixed rates remain stable.

Additionally this week:
– REBGV: August sales numbers saw appreciable increases, with 2.8% growth from July and 22.3% from 2016. Total listings up 3.5% from 2016.

– Equifax Canada: Non-mortgage consumer debt climbed 3.3% year-over-year in Q2. Delinquency rate for non-mortgage consumer debt fell to 1.09%.

– TREB: Sales down in August 34.8% from August 2016. Prices down 20%+ from April 2017. Prices up 3.0% from August 2016, down 1.8% from July.

– WealthScapes report: Country now has 4 cities where the average household net worth is over $1M; Vancouver, Toronto, Calgary, Victoria.

– Quebec Finance Minister says his province has no plan to implement foreign homebuyers’ tax, despite signs that the market is heating up.

– Bank of Canada raises target for the overnight rate to 1%. Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. The prime rate at most banks rises to 3.20%

 
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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One comment
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