March 14th, 2017 Mortgage Industry Update

The Bank of Canada announced on March 1st that it’s overnight lending rate will remain at 0.50%. The prime rate remains at 2.70%. CMHC has announced that its rate premiums will rise on March 17th. Many fixed rates are predicted to rise slightly.

Additionally this week:
– The price of new houses in Canada increased by 0.1 per cent in January compared to December and were up 3.1 per cent year-over-year.

– Value of residential construction permits issued by Canada’s municipalities in January exceeded $5 billion for the third time in four months.

– CMHC: February’s seasonally adjusted rate for housing starts was 210,207 units, up from 208,934 in January and above expectations of 200,000.

– Kitchener-Waterloo MLS: Prices pushed higher in February with detached single-family home up 30.7% year-over-year to an average $549,691.

– The government remains “very focused” on monitoring the Canadian housing market: Finance Minster Bill Morneau.

– HSBC survey: About 8/10 (82%) millennials in Canada who don’t own a home expect one in next 5 years, despite facing “significant barriers”.

 
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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