Sutton Quantum Qupdates - JULY 2023
- Jared Olmsted
- Jul 18, 2023
- 2 min read
Updated: Jul 19, 2023
MARKET UPDATE
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As we have all heard, the Bank of Canada (BOC) increased policy rate by 25 basis points pushing its target for the overnight rate to 5%. As a result of this increase and the media leading up to the announcement, we have seen lenders react by increasing their fixed rates, while prime rate is now 7.20% (up from 6.95%). BOC has noted global inflation is calming, as we are seeing declines in energy prices and goods price inflation but are still concerned with labor markets and strong demand. As a result of these interest rate hikes, the Bank is expecting economic growth to close, with an estimated average of 1% for the second half of 2023 and into the first half of 2024.
From an interest rate perspective, we are seeing 1–2-year fixed rates in the high 6% range with 1 year creeping up on 7% range. 3-year fixed terms are more attractively priced in the high 5% to low 6% range. We are seeing some of the lowest pricing available through monoline lenders and credit union partners at the moment, where clients are still able to take advantage of lower rates while they are available. For those who have clients on the sidelines, I highly recommend getting them set up with a rate hold! Most rate holds are valid for 120 days, while we have some credit unions who can offer 6-month rate guarantee which is great for clients who are sitting on the fence. Still some great opportunities out there for you and your clients to take advantage of.
Tyler Lipinski, Mortgage Agent Level 2 | 647.868.1427 | tyler@vinegroup.ca
SQ'S JUNE TOP 10s
Congratulations on making the Top 10 for
Sutton Quantum during the month of June!
Disclaimer: The above Top 10 information is internal data distributed to Sutton Quantum Agents only.
Please do not disclose the names of Sutton Quantum agents or their place on any Top Ten lists to outside agents, clients or on any public forum.
Visit https://www.sqcentral.ca/transactiondesk for an overview as well as job aids.
If you have any questions please reach out to info@suttonquantum.com.
MARKET WATCH
AVERAGE PRICE COMPARISON
MISSISSAUGA DETACHED HOMES
 | Month to Month Comparison: June Average Price $1,602,425 vs May Average Price $1,620,829 |
|---|
MISSISSAUGA CONDO/APARTMENT
 | Month to Month Comparison:
June Average Price $636,012
vs May Average Price $635,856 |
OAKVILLE DETACHED HOMES
 | Month to Month Comparison:
June Average Price $2,140,659 vs May Average Price $2,079,084 |
OAKVILLE CONDO/APARTMENT
 | Month to Month Comparison:
June Average Price $791,898 vs May Average Price $798,507 |
MARKET WATCH OVERVIEW
TORONTO, ONTARIO, July 6, 2023 – Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. The seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark were up compared to the previous month.
“The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn't find a home meeting their needs. Simply put, you can't buy what is not available,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
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