June 2014 Industry Stats
The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on June 5th, 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 has dropped from 4.99% to 4.79%, leading to increased borrowing
The Government of Canada Bonds have slightly declined
The number of housing starts increased significantly from 47,400 (April 2013) to 65,400 (April 2014)
The average MLS resale price in Toronto increased from $526,335 (April 2013) to $577,898 (April 2014), a 9.8% increase
What does this mean for industry professionals? Overall, the Toronto housing market remains strong, steady, and on a slight incline.
What does this mean for homebuyers? The interest rates are likely to remain the same, if not slightly decline, for the next month.
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.
This month’s report features more accurate data relating to the type of housing and average price increases.
The full document of statistics is as follows: