Today the Bank of Canada raised it’s key interest rate from 1.25% to 1.5%. In response, all 6 of Canada’s big banks have announced they will raise their prime lending rate to 3.7%. Prime Lending Rate Trend source: tradingeconomics.com
The Ontario Rent Increase Guideline is set at 1.8% for 2019. If you are a landlord in Ontario, you can only increase rent every 12 month period, you must provide at least 90 days notice to your tenant in writing via the N1 form.
Market Stats for June 2018 are out. The average price for a detached home in Toronto is $1,354,429 and for semi’s it is $999, 754. Curious to know how much your house is worth? Get in touch to discuss.