March 2015 Industry Stats
The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on March 6th, 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 4.79%
The Government of Canada Bonds have declined slightly
The number of housing starts increased from 60,900 (January 2014) to 61,500 (January 2015), a 1.0% increase
The average MLS resale price in Toronto increased from $526,528 (January 2014) to $552,575 (January 2015), a 4.9% 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.
What does this mean for homebuyers? The variable bank rate is likely to continue to maintain its position. There is a possibility of fixed rates to continue to decline due to decreases in the bond market.
This month’s report features more accurate data relating to housing prices by housing type. It shows that the average detached two storey home in Toronto now costs $725,600, a 3% change from last quarter, and 10.3% from last year. The average condominium costs $362,600, a 0.4% change from last quarter, and 6.3% from last year.
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: