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: