September 13th, 2016 Mortgage Industry Update

The Bank of Canada announced on September 7th that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. Almost all fixed rates remain stable ahead of the autumn season.

Additionally this week:
– Survey of Employed Canadians by Canadian Payroll Association: Approx. 24% of workforce do not have access to $2,000 in case of an emergency.

– StatsCan: Canadian job market rebounded in August, however unemployment rate up to 7.0% compared with 6.9% in July.

– Real estate portal Juwai (serves Chinese buyers of overseas properties): Inquires down 55.6% last month by buyers about $1M+ Vancouver homes.

– Canada’s economy shrank in Q2, according to the BoC; however it’s still predicting a bounce back by the end of the year.

– Real Estate Board of Greater Vancouver: August sales down to 4 year low. Sales volume down by 26% on a year-over-year basis (last month). Sales down, but prices up to $933,100, (31.4% increase). Average sales prices lower as sales of higher-priced detached homes down.

– Bank of Canada maintains its overnight rate! Good news for variable rate holders! No change in interest rates!

 
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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