July 2014 Industry Stats
The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on June 3rd, 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%, a drop from earlier in the year
The Government of Canada Bonds overall maintain their position
The number of housing starts decreased slightly from 70,300 (May 2013) to 66,100 (May 2014)
The average MLS resale price in Toronto increased from $542,174 (May 2013) to $585,204 (May 2014), a 7.9% increase
What does this mean for industry professionals? Overall, the Toronto housing market remains strong, steady, and at continuous growth.
What does this mean for homebuyers? Mortgage interest rates are likely to remain the same, with the small possibility of a slight decline for the upcoming month.
This month’s report features more accurate data relating to forecasts. Home resales are forecasted to slightly decrease over the next two years (up to 1.6%). Home prices are expected to continue to rise for fall 2014, however might stable out in fall 2015.
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: