January 2015 Industry Stats
January 2015 Industry Stats
The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on January 6th, 2015. The major statistics are summarized as follows:
Bank of Canada interest rate remains at 1%
Prime lending rate remains at 3%
The 5Y variable qualifying rate remains at 4.79%
The Government of Canada Bonds maintain their overall position
The number of housing starts decreased from 59,500 (November 2013) to 58,600 (November 2014)
The average MLS resale price in Toronto increased from $538,881 (November 2013) to $577,936 (November 2014), a 6.8% increase
What does this mean for industry professionals? Overall, the Toronto housing market remains strong, as growth is present. However, the housing starts fell for the month of November, as compared to last year. Luckily, the fall was only minor. If this pattern increases and continues for the months ahead, it could be a reason for minor alarm.
What does this mean for homebuyers? Mortgage interest rates are likely to remain stable for the beginning of 2015.
This month’s report features more accurate data relating to mortgage arrears. The graph shows that mortgage arrears are on the decline since 2010.
Stay tuned for next month’s update!
For a more in-depth and professional review of your individual and personalized situation please give Harpreet Singh The Mortgage King a call at (416) 795-1919.
The full document of statistics is as follows:
[document file=”http://mortgageking.co/wp-content/uploads/2015/01/CAAMP-Stats-Jan-2015.pdf” width=”600″ height=”1000″]
marketing8 November 2015
Amazing! Its really remarkable paragraph, I have got much clear idea
oon the topic of from this post.
Priyanka18 February 2016
If you buy a property as an intosver you will probably be getting a max of 80% ltv (loan to value) and your rates will be a bit high. As an intosver your score has to be atleast a 720 and you have to already own a home that is currently listed on your credit report. You can try a Hard Equity lender. They will let you borrow money on the equity of the home and they usually only give a max of 65%. They do not check your credit, job etc. All they look at is the value of the home. But their rates are ridiculous. I’m talking about a 15% rate. I don’t know how bad the property is but you can also by the home as your primary residence (if you don’t own anything else) move in and do the renovations while your living there. If you do it that way then you can get a normal rate and you can get 100% financing (a full doc loan).
targeted9 November 2015
Thanks for sharing your thoughts about mortgage.
US Consumer email database18 January 2016
It’s actually a cool and helpful piece of information. I am
satisfied that you just shared this useful info with us.
Please keep us informed like this. Thak you ffor sharing.
Shannon18 February 2016
they can’t keep the rates too low for too long (thats partially how we got into this ertine housing mess) because rates were so low people could spend more than they could afford and then the rates rest blowing everyone out of the water on budgets