May 2015 Industry Stats
The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on May 5th, 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 are rising.
The number of housing starts increased significantly from 39,000 (March 2014) to 62,700 (March 2015), a 60.7% increase
The average MLS resale price in Toronto increased from $557,684 (March 2014) to $613,933 (March 2015), a 10.1% 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. If the bond market continues to rise, it could be a sign of fixed rates increasing in the future.
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 more accurate data relating to housing prices, by type. In Toronto, detached bungalows rose 10.2% in value to $659,254, two-storey homes rose 9.2% to $767,393, and the standard condo rose 7.0% to $390,488.
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: