April 2014 Industry Stats
The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on April 8th, 2014. 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 4.99%
The Government of Canada Bonds have slightly inclined
The number of housing starts declined from 64,500 (February 2013) to 60,200 (February 2014)
The average MLS resale price in Toronto increased from $510,580 (February 2013) to $553,193 (February 2014), an 8.3% increase
What does this mean for industry professionals? Overall, the Toronto housing market remains strong and steady.
What does this mean for homebuyers? The interest rates are likely to remain the same for the next month, at minimum.
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: