June 2015 Industry Stats
The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on June 4th, 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 stabled.
The number of housing starts remained steady from 65,400 (April 2014) to 64,500 (April 2015)
The average MLS resale price in Toronto increased from $557,898 (April 2014) to $635,932 (April 2015), a 14.0% increase
What does this mean for industry professionals? Overall, the Toronto housing market remains strong, as growth is present. The decline in interest rates is likely to increase property demand and affordability. The bond market has stabilized, and thus is a sign that fixed interest rates will remain low for the next little while.
What does this mean for homebuyers? The variable bank rate is likely to continue to maintain its position. Fixed rates have stabled, for the most part.
This month’s report features two forecasts, being resales and prices, respectively. In Ontario, resales are expected to increase by 3.2% for 2015, but drop by 2.5% for 2016. Prices are expected to increase by 6.5% for 2015, and 2.3% for 2016.
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: