March 7th, 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:
– TREB: Average price of homes sold in the Greater Toronto Area last month soared 27.7% compared with a year ago.

– Greater Vancouver Real Estate Board: Residential sales totalled 2,425 in February, 42% drop from February 2016. Up 59% from January.

– Calgary Real Estate Board: 1,342 sales of all home types in Feb, 19% below long-term avgs but better than past 2 years; up 19% from Feb 2016.

– Bank of Canada maintains overnight rate target at 1/2 per cent. Good news for variable rate mortgage holders! No change in prime rates!

– According to the Toronto Real Estate Board, the average Toronto house cost $770,745 in January – up from $630,193 in January 2016.

– Mortgage Professionals Canada survey: From 2014 to 2016, first-time buyers across country had average down payments of an all-time high: 23%.

 
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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