The Bank of Canada held its trendsetting interest rate unchanged on Wednesday 12 April, 2017

BREAKING NEWS…April 12, 2017

Bank of Canada announces rate

The Bank of Canada held its trendsetting interest rate unchanged on Wednesday, despite a recent run of stronger-than-expected data, saying it believes the economy has yet to show it can stick to the higher growth trajectory

In holding the rate at 0.5 per cent, the central bank said it also considered significant uncertainties still weighing on its outlook, including the potentially adverse impacts of the U.S. economic agenda.

Canadian growth exceeded the bank’s expectations and it now predicts real gross domestic product will expand at an annual rate of 2.6 per cent in 2017  up from its January forecast of 2.1 per cent.
The recent improvement, it said, was largely fuelled by unexpectedly robust residential investment as well as temporary factors such as the resumption of expenditures in the energy sector and the consumer-spending lift from bigger child-benefit cheques.

However, the bank noted export growth was uneven and that there were signs of weakness in areas like business investment and within underlying employment indicators such as hours worked and wages.

“While the recent rebound in GDP is encouraging, it is too early to conclude that the economy is on a sustainable growth path,”the bank said in a news release that explained its interest rate decision.

TD Bank senior economist Brian DePratto said the bank is attempting to “throw cold water”on discussion that the economy has been improving.

“The growth outlook may be sunnier, but it seems to be all about the negatives for Governor Poloz,”DePratto said in a research note.
“Poloz remains focused on the soft spots in Canadian labour markets and exports, and is not yet ready to declare Canada ‘out of the woods’ when it comes to unevenness in economic growth.”

Beyond 2017, the bank predicted growth will moderate and become more balanced.

It anticipates greater contributions from exports and business investment. The bank also expects the powerful pace of household spending  particularly in residential investment to eventually slow next year as debt levels and borrowing costs rise.

For this year, however, the bank believes hot housing markets in cities like Toronto will help residential investment deliver a “significantly higher” contribution to Canada’s growth performance than it had anticipated in January.

The bank also warned that climbing real estate prices in the Toronto area appear to now be driven, in part, by speculation.
Economic growth, it said, is now expected to expand by 1.9 per cent in 2018, down from the bank’s January forecast of 2.1 per cent, and to hit 1.8 per cent in 2019.

The future, however, looks murky.

The statement said the bank’s governing council was “mindful of the significant uncertainties” faced by the Canadian economy.

In its quarterly monetary policy report, which was also released Wednesday, the bank said its outlook once again factored in some of the effects caused by ongoing unknowns around the potential introduction of U.S. changes, especially in relation to trade and fiscal policies.

With the timing of any U.S. policy changes still unclear, the bank said its base-case projection includes only the estimated impact of 

“prolonged and elevated trade policy uncertainty” on trade and investment in Canada and internationally.
Changes under discussion in the U.S. include the renegotiation of the North American Free Trade Agreement, corporate and personal tax cuts, regulatory easing and a potential border tariff.

The bank said Canadian firms “remain wary” over potential U.S.-related developments that could increase protectionism and reduce competitiveness in the event of corporate tax reductions and regulatory changes.

Due to an expected additional drag on global investment connected to U.S. trade policy uncertainty, the report included slightly lower projections for export growth in 2017 and 2018 compared to the bank’s earlier predictions.
The bank also pointed to the U.S. trade-policy unknowns, and the fact it now expects them to drag on longer than expected, in its decision to revise down its prediction for business investment in 2017.
“A notable increase in global protectionism remains the most-important source of uncertainty facing the Canadian economy,” the bank said.
Source:The Canadian Press


Toronto home sales up 18 per cent, prices up by a third, Hot Spring Market

Toronto home sales up 18 per cent, prices up by a third

The heat in the Greater Toronto Area’s housing market shows no signs of slowing with sales increasing year-over-year by 17.7 per cent in March to 12,077.

Toronto Real Estate Board reports that listings were up 15.2 per cent year-over-year to 17,051 with detached homes seeing the biggest gains.

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However, the added supply did not soften prices as high demand and competition between buyers saw the HPI benchmark price rise 28.6 per cent and the average sales price across the TREB area up 33.2 per cent to $916,567.

“Annual rates of price growth continued to accelerate in March as growth in sales outstripped growth in listings. A substantial period of months in which listings growth is greater than sales growth will be required to bring the GTA housing market back into balance. As policy makers seek to achieve this balance, it is important that an evidence-based approach is followed,” said Jason Mercer, TREB’s Director of Market Analysis.

Source:http://m.repmag. ca/market-update/toronto-home-sales-up-18-per-cent-prices-up-by-a-third-223822.aspx

Visit for your real estate needs in GTA-Toronto-Ontario-Canada.

#MPC: Mortgage Industry wants Lender Risk Sharing Halted, Eased Stress Tests.

Mortgage industry wants lender risk sharing halted, eased stress tests

Mortgage Professionals Canada is concerned Ottawa’s recent changes to mortgage rules are making homes less affordable for Canadians and dampen housing activity, which could impact economic growth. The association’s President and CEO, Paul Taylor explains how and what they want to see done about it on BNN.


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204A-716 Gordon Baker Rd. ,Toronto, ONM2H 3B4

Direct: 647-267-6338

Office Fax: 888-813-9403

Lowest Rates* in Canada  | copyright 

The Bank of Canada is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.

The Bank of Canada on Mar 1st 2017 announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.

CPI inflation rose to 2.1 per cent in January, reflecting higher energy prices due in part to carbon pricing measures introduced in two provinces. The Bank is looking through these effects, as their impact on inflation will be temporary. The Bank’s three measures of core inflation, taken together, continue to point to material excess capacity in the economy.

Overall, recent data on the global and Canadian economies have been consistent with the Bank’s projection of improving growth, as set out in the January Monetary Policy Report (MPR). In Canada, recent consumption and housing indicators suggest growth in the fourth quarter of 2016 may have been slightly stronger than expected. However, exports continue to face the ongoing competitiveness challenges described in the January MPR. The Canadian dollar and bond yields remain near levels observed at that time. While there have been recent gains in employment, subdued growth in wages and hours worked continue to reflect persistent economic slack in Canada, in contrast to the United States.

The Bank’s Governing Council remains attentive to the impact of significant uncertainties weighing on the outlook and continues to monitor risks outlined in the January MPR. In this context, Governing Council judges that the current stance of monetary policy is still appropriate and maintains the target for the overnight rate at 1/2 per cent.

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Single-family homes in GTA average above $1 million mark

Single-family homes in GTA average above $1 million mark

A new record has been set in the Greater Toronto Area with the average single-family ground-oriented home now surpassing $1 million, the Building Industry and Land Development Association says.

Figures from its official data source the Altus Group, show that the average price in January was $1,028,395 with prices up 25 per cent in just one year. A new detached house averaged $1,316,325 with a townhouse averaging $879,619.

“The GTA is facing a severe shortage of housing supply, particularly for single-family homes which sell as soon as they come to market,” said BILD President and CEO Bryan Tuckey. “When there aren’t enough homes to satisfy demand, prices increase and that is exactly what has been happening in our region over the last decade.”

The inventory of new ground-oriented homes hit a record low last month, just 1,524 available for purchase compared to 18,000 ten years’ ago.

There was also a decline in availability of new condo units with 11,529 available, a ten-year low. That pushed prices to a new record $507,511 on average for an apartment, up 13 per cent in a year.

“Today in the GTA there are less than half the overall number of new homes available to purchase than there were a decade ago,” Tuckey said. “Lack of serviced developable land, excessive red tape and frequent delays in the development approval process have all been large contributors to our housing supply crisis.”

Ref: market-update/singlefamily-homes-in-gta-average-above-1-million-221687.aspx

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CMHC’s current premium rates will apply for applications submitted to CMHC prior to March 17, 2017 regardless of the closing date.


We know we’ve at CENTUM, mentioned it before but we can’t claim that “We are Looking Out for Your Best Interest™” if we don’t remind you 👇🏼

Effective March 17th, CMHC’s mortgage loan insurance premium rates will be increasing. CMHC’s current premium rates will apply for applications submitted to CMHC prior to March 17, 2017 regardless of the closing date.

This will result in an increase of approximately $5-$10 to the monthly mortgage payment for our CMHC-insured homebuyers. Here’s what the premium schedule looks like as above table.



Vijay Gandhi, Mortgage Agent
Centum Metrocapp Wealth Solutions Inc.*, License #12147 *Independently owned & operated |
716 Gordon Baker Road, Unit 204A
Toronto, On, M2H3B4
Cell: 647-267-6338
Off: 416-289-2224
Fax: 1-888-813-9403


2017 has not seen a slowdown for home sales in the Greater Toronto Area, in fact sales were up 11.8 per cent compared to 2015

The start of 2017 has not seen a slowdown for home sales in the Greater Toronto Area, in fact sales were up 11.8 per cent compared to the start of 2015.

January sales through the MLS system of Toronto Real Estate Board totalled 5,188 while new listings were around half of their January 2015 level, highlighting the continuing concerns over supply.

“The number of active listings on TREB’s MLS® System at the end of January was essentially half of what was reported as available at the same time last year. That statistic, on its own, tells us that there is a serious supply problem in the GTA – a problem that will continue to play itself out in 2017. The result will be very strong price growth for all home types again this year,” said Jason Mercer, TREB’s Director of Market Analysis.

The benchmark price of homes in the GTA surged 21.8 per cent while the average selling price increased 22.3 per cent to $770,745. market-update/toronto-home-sales-keep-on-rising-220782.aspx

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If your customer needs to relocate, let me give them a tour of Toronto / GTA’s diverse real estate investment opportunities.
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Buying or Selling #Home, #Condo, #Business ?

Visit us online or Ask us or Refer us for our service, we will be glad to work for you for real estate or mortgage related services 

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Beautiful houses starting around at $400K, see them all here…


Search Your #Home or Refer Us, We love #Referrals.. 

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Homelife / Miracle Realty Ltd., Brokerage* 

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Also please remember to refer us in Real Estate & #Mortgage Needs@

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Fed announces interest rate decision- held interest rates steady today as they assess where the economy is headed.

Fed announces interest rate decision,Federal Reserve held interest rates steady today as they assess where the economy is headed

Feb 01, 2017

As expected, the Federal Reserve held interest rates steady today as they assess where the economy is headed – and the agency intimated that rates might stay low for a good while to come.

Most experts felt the Fed’s policymaking committee would decline to raise rates today as the agency feels out the likely economic effects of the new administration.

“I don’t look for the Fed to do anything this week,” Sung Won Sohn, an economics professor at California State University, told the Associated Press. “They are starting to get their ducks in a row for further hikes, but it will be too soon to pull the trigger.”

Most other experts agreed that the Fed would take a wait-and-see stance. Consumer and business sentiment jumped after the election of President Donald Trump, but most experts felt the central bank would bide its time to make sure that rising confidence is matched with actions like stronger investment spending, hikes in compensation and continued hiring, according to a Bloomberg report.

The Fed’s decision today confirmed those expectations.

“In view of realized and expected labor market conditions and inflation, the Committee decided to maintain the target range for the federal funds rate at 1/2 to 3/4 percent,” the Federal Open Market Committee said in a statement. “The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a return to 2 percent inflation.”

The FOMC also said that it expects economic conditions to evolve in a way that will warrant “only gradual increases” to the federal funds rate in the immediate future. The rate, the committee said, “is likely to remain, for some time, below levels that are expected to prevail in the longer run.”

Vijay Gandhi, Mortgage Agent   

Centum Metrocapp Wealth Solutions Inc.*, License #12147 *Independently owned & operated |

716 Gordon Baker Road, Unit 204A, Toronto, On, M2H3B4

Cell: 647-267-6338  Off: 416-289-2224

Fax: 1-888-813-9403

Reverse mortgage sales soar

Reverse mortgage sales soar for HomEquity

HomEquity Bank has reported a 26 per cent rise in reverse mortgage sales with a total of $459 million in 2016.

The figures reflect a sharp rise in the firm’s mortgage broker business which increased 48 per cent year-over-year following the launch of its Mortgage Broker Direct service in September 2015.

“We are very proud of the growth we’ve attained in 2016,” said Steven Ranson, president and CEO, at HomEquity Bank. “At a time of remarkable appreciation in real estate values, we are privileged to help Canadian seniors access that equity. We look forward to continuing our track record of year over year growth for 2017.”
As well as its broker relationships, HomEquity has bolstered its referral partner relationships which includes several large chartered banks.

Vijay Gandhi, Mortgage Agent   

Centum Metrocapp Wealth Solutions Inc.*, License #12147 *Independently owned & operated |

716 Gordon Baker Road, Unit 204A, Toronto, On, M2H3B4

Cell: 647-267-6338   Off: 416-289-2224

Fax: 1-888-813-9403

Planning to Buy Real Estate this Year?

If you, or someone you know, are planning to buy a home this year and have less than 20% down payment, you may want to do so prior to March 17th. The Mortgage Insurance suppliers have announced their rates are going up because of recent government changes introduced Jan 1st that effectively increase the cost of offering the insurance product.

So take advantage of what typically is a slower real estate market in the winter months and save yourself some money.

What does this mean for you or your clients?

On a $400,000 mortgage, it will cost $1600 more if you need Mortgage Insurance (most mortgages over 80% loan to value)


*Premiums in Manitoba, Ontario and Quebec are subject to provincial sales tax – the sales tax cannot be added to the loan amount. Based on a 5 year term @ 2.94% and 25 year amortization

As the table shows, the monthly payment increase might not seem large, but over the life of your mortgage, it will cost you thousands!

Call today to find out what options you have and what programs are available for you..

Visit us: | 647-267-6338