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 af