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On December 6, 2017, the Bank of Canada announced it was keeping its trend-setting overnight lending rate on hold at 1%. The rate rose by 0.25% in July and again in September. Since then, the Bank has continued to caution that future interest rate increases depend on whether economic data suggest that inflation is starting to percolate.

The Canadian economy has been evolving broadly in line with the Bank’s October forecast. That said, the Bank has pointed to elevated global risks, in particular the renegotiation of NAFTA.

The Bank also remains vigilant for signs of rising inflation and wage growth, both of which would lend support to further rate hikes next year.

As of December 6, 2017, the benchmark five-year lending rate stood at 4.99%, which is the rate used to qualify mortgages with less than a 20% down payment, and as of January 1, 2018, all mortgages.

The benchmark five-year lending rate is 0.1 percentage points higher than it was just before the Bank made its previous interest rate announcement on October 25, and up 0.35 percentage points versus one year ago.

Canada’s major chartered banks have recently raised their advertised five-year fixed mortgage interest rates, which now range between 3.34% and 4.99%. However, actual five-year fixed mortgage interest rates can be negotiated below advertised rates depending on mortgage applicants’ creditworthiness and the degree to which they do other banking business with the mortgage lender.

The next interest rate announcement will be on January 17, 2018. The Bank of Canada’s Monetary Policy Report, which updates the Bank’s economic forecast, will accompany that announcement.

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Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

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