September 27th, 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:
– Sep 20- John Tory: Conditions that triggered foreigner-driven price increases in Vancouver do not necessarily exist in Toronto at the moment.

– As expected, the Federal Reserve held interest rates steady this month – but experts say there could still be a rate hike in December.

– Bloomberg poll: Fraction of Canadians who are preparing themselves for a decline in the value of their real estate increased to 24.6%.

– TD survey: Living closer to work has ranked as paramount with 80% of young Canadians. 48% say they would pay a higher price to cut times.

– Ontario will have to follow BC in taxing foreign home buyers in order to cool GTA housing market according to CIBC economist Benjamin Tal.

– Statistics Canada: Household net worth increased to $271,300 on a per capita basis, driven by a 2.2 per cent rise in home prices.

 
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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