July 2015 Industry Stats
The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on July 2nd, 2015. The major statistics are summarized as follows:
Bank of Canada interest rate remains at 0.75%
Prime lending rate remains at 2.85%
The 5Y variable qualifying rate remains at 4.64%
The Government of Canada Bonds have slightly declined.
The number of housing starts remained steady from 66,100 (May 2014) to 84,200 (May 2015)
The average MLS resale price in Toronto increased from $585,204 (May 2014) to $649,599 (May 2015), an 11.0% increase
What does this mean for industry professionals? Overall, the Toronto housing market remains strong, as growth is still present. The economic issue in Greece is causing some speculation of further cuts in interest rates.
What does this mean for homebuyers? Interest rates are at a point where there is a lot of mixed opinion in regards to the future. The issue in Greece needs to be followed a little more closely, as there is concern of a decline in interest rates.
This month’s report features a housing affordability index in regards to the standard two-storey and condominium home. For a standard two-storey home in Toronto, the 2015 Q1 average price was $759,800, which was a 4.7% change from last quarter, and a 10.7% change from last year. This means the qualifying household income is now $146,900. For a standard condominium in Toronto, the 2015 Q1 average price was $371,700, which was a 2.5% change from last quester, and a 6.6% change from last year. This means the qualifying household income is now $74,500.
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: