September 2014 Industry Stats

The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on September 9th, 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 4.79%
The Government of Canada Bonds maintain their overall position, with the 10Y slightly declining
The number of housing starts increased from 61,500 (July 2013) to 70,300 (July 2014)
The average MLS resale price in Toronto increased from $513,246 (July 2013) to $550,700 (July 2014), a 7.3% increase

What does this mean for industry professionals? Overall, the Toronto housing market remains strong, as growth is present.
What does this mean for homebuyers? Mortgage interest rates are likely to remain stable for the upcoming month.

This month’s report features more accurate data relating to home resales, which are predicted to decrease up to 1.3% in Ontario by Fall 2015.

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:

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