August 2014 Industry Stats
The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on August 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 4.79%
The Government of Canada Bonds maintain their overall position
The number of housing starts decreased slightly from 62,300 (June 2013) to 57,800 (June 2014)
The average MLS resale price in Toronto increased from $531,374 (June 2013) to $568,953 (June 2014), a 7.1% increase
What does this mean for industry professionals? Overall, the Toronto housing market remains strong. A slow-paced cool-down for the industry is present.
What does this mean for homebuyers? Mortgage interest rates are likely to remain the same for the upcoming month.
This month’s report features more accurate data relating to unit sales, which are up 1.7% in Toronto.
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: