May 2014 Industry Stats

The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on May 2nd, 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 remains at 4.99%
The Government of Canada Bonds have slightly declined
The number of housing starts declined from 37,400 (March 2013) to 35,600 (March 2014)
The average MLS resale price in Toronto increased from $519,879 (March 2013) to $557,684 (March 2014), a 7.2% increase

What does this mean for industry professionals? Overall, the Toronto housing market remains strong, steady, and at a balance.
What does this mean for homebuyers? The interest rates are likely to remain the same for the next month, at minimum.

Stay tuned for next months 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:

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