Market News

A couple of news worthy announcements were made today:

  1. The Bank of Canada had the opportunity to change its key overnight lending rate today. However, they choose to hold their rate steady at 4.25%. This rate has a major impact on mortgage rates. It was the first time rates did not change after seven consecutive quarter-point rate hikes that began last September. Thus the immediate outlook will see mortage rates remaining constant.
  2. Canada Mortgage and Housing (CMHC) released the monthly figures for housing starts for *Ontario* and for *Toronto*. While housing starts are down from where they were a year ago, they are still strong. The seasonally adjusted starts increased to 43,000 annually, from 40,000 annually a month ago. New construction of single detached homes along with semi-detached homes and townhouses are seeing the most decline. Stacked townhouses and apartment condos are leading the way, with the number of starts up 18% since a year ago.

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