Monday 22 December 2014

December News and Rate Advisor

Welcome to the December issue of the News & Rate Advisor.

Current Discount Mortgage RatesDec 2014
Variable Rate2.45%
1 Year2.89%
2 Year2.49%
3 Year2.69%
4 Year2.77%
5 Year2.99%
7 Year3.79%
10 Year4.39%
Prime Rate3.00%
* Rates subject to change and OAC.


Canadian Qualifying RateDec 2014
Rate4.79%

Source: Bank of Canada


Current Posted Mortgage RatesDec 2014Dec 2013Dec 2012
1 Year3.14%3.14%3.00%
3 Year3.44%3.95%3.70%
5 Year4.79%5.34%5.24%

Source: Bank of Canada


Nationwide Building PermitsOct 2014Oct 2013Oct 2012
Residential$4,461,260,000$4,430,635,000$4,045,056,000
Commercial$3,072,666,000$2,806,537,000$3,506,847,000
Total$7,533,926,000$7,237,172,000$7,551,903,000

Source: Stats Canada - preliminary figures


Current Bank of Canada Rate & Prime RatesDec 2014Dec 2013Dec 2012
Bank Rate1.25%1.25%1.25%
Prime Rate3.00%3.00%3.00%

Source: Bank of Canada



Average House Prices by CityOct 2014Oct 2013Oct 2012
Yellowknife$405,332$402,000$356,025
Vancouver$819,336$775,542$736,732
Victoria$505,859$473,820$464,360
Edmonton$365,520$332,461$327,880
Calgary$465,047$436,216$418,721
Saskatoon$349,322$331,750$327,182
Regina$331,161$316,810$297,688
Toronto$587,505$539,058$503,479
Hamilton-Burlington$420,565$384,534$367,490
Ottawa-Carleton$357,887$363,240$347,581
Quebec City$258,406$263,803$259,607
Montreal$344,273$333,610$330,777
Fredericton$169,063$175,968$170,098
Saint John$158,041$153,697$163,963
Halifax-Dartmouth$264,447$265,339$262,061
Winnipeg$270,605$271,946$259,433

Source: CREA - Most Recent Month Reported


Average House Prices by ProvinceOct 2014Oct 2013Oct 2012
National$419,699$391,820$361,436
Yukon$275,750$352,932$312,920
Northwest Territories$405,332$402,000$356,025
British Columbia$575,504$540,432$508,292
Alberta$400,027$377,084$363,295
Saskatchewan$306,812$289,890$275,308
Manitoba$263,159$264,148$248,058
Ontario$445,109$413,408$383,475
Quebec$277,677$273,436$274,229
New Brunswick$153,312$155,414$157,173
Prince Edward Island$174,871$154,576$150,135
Nova Scotia$202,749$203,144$207,439
Newfoundland$266,346$272,267$272,639

Source: CREA - Most Recent Month Reported



 "Always Striving to be your Trusted Mortgage Advisor!"

Monday 8 December 2014

December CAAMP STATS

Over 1,000 have already registered - have you?


CAAMP STATS
a

Welcome to the December issue of CAAMP Stats. For more information on CAAMP visitwww.caamp.org    
Bank of Canada Interest Rate
October 23, 20141.00%
December 3, 20141.00%
January 21, 2015Next meeting date
Source: Bank of Canada
Bank Prime Lending Rate
October 24, 20143.00%
December 4, 20143.00%
January 22, 2015Next meeting date
Source: Bank of Canada
Conventional Mortgage – 5 Year Rate*
October 29, 20144.79%
November 12, 20144.79%
November 26, 20144.79%
Source: Bank of Canada
*Determinant for high ratio mortgage variable qualifying rate
US Federal Reserve Board Discount Rate
September 17, 20140.00%-0.25%
October 29, 20140.00%-0.25%
December 17, 2014Next meeting date
Source: US Federal Reserve
Exchange Rate $CDN($US)
November 5, 20140.8780 $CDN ($US)
November 12, 20140.8837 $CDN ($US)
November 26, 20140.8900 $CDN ($US)
Source: Bank of Canada 
Government of Canada Bonds
Bond TypeOctober 29, 2014November 12, 2014November 26, 2014
1 year Treasury Bill0.98%0.98%0.98%
3 year Benchmark Bond Yield1.16%1.15%1.11%
5 year Benchmark Bond Yield1.56%1.54%1.46%
10 year Benchmark Bond Yield2.05%2.05%1.93%
Source: Bank of Canada
Total New Housing Starts (Seasonally adjusted and annualized)
ProvinceAugust 2014August 2013September 2014September 2013
October
2014
October2013
Newfoundland/Labrador  2,500  3,100  1,900  2,700  2,700  3,700
PEI     300     400     400     70      800     400
Nova Scotia  4,000  2,300  4,200  5,200  2,200  4,000
New Brunswick  2,900  3,600  2,000  3,000  2,400  3,300
Quebec35,40032,70040,50038,40037,40036,800
Ontario52,10069,90054,40060,40053,20070,600
Manitoba  9,400  5,000  6,600  9,100  7,400  7,400
Saskatchewan  9,40010,10010,60014,400  9,600  9,200
Alberta44,30026,90047,20030,80043,00037,200
British Columbia36,00026,20029,50031,10025,00025,600
CANADA196,400180,200197,400195,900183,600198,300
Source: CMHC Housing Now – November 2013 and November 2014. 
Average MLS resale price for local markets
CityOctober 2013October 2014
St. John’s$346,556$343,958
Halifax$265,339$264,447
Saint John$153,697$158,041
Quebec$263,537$258,406
Montréal$333,319$344,273
Ottawa$363,240$357,887
Toronto$539,058$587,505
Hamilton/Burlington$384,534$420,565
Winnipeg$271,946$270,605
Saskatoon$331,750$349,322
Regina$316,810$331,161
Calgary$436,216$465,047
Edmonton$336,812$365,520
Vancouver$775,542$819,336
Victoria$473,820$505,859
Source: Canadian Real Estate Association 
Housing Affordability Index
Standard two-storey
Region
Average Price
Qualifying Income ($)
RBC Housing Affordability Measure
Q3 2014 ($)
Q/Q % ch.
Y/Y % ch.
Q3 2014 (%)
Q/Q Ppt. ch.
Y/Y Ppt. ch.
Avg. since '85 (%)
Q3 2014
Canada*
447,100
0.8
5.1
91,900
47.8
-0.2
-1.2
43.7
British Columbia
697,900
0.7
4.6
129,800
72.4
0.2
-1.8
56.0
Alberta
410,200
2.2
5.1
86,000
33.7
0.4
-1.3
37.6
Saskatchewan
381,200
-0.9
-1.7
80,500
38.3
-0.4
-3.0
37.4
Manitoba
323,600
1.7
1.5
69,400
37.2
0.2
-2.5
36.6
Ontario
490,100
0.7
7.1
101,800
50.5
-0.4
0.0
44.1
Quebec
330,100
0.3
3.1
70,300
41.6
-0.4
-1.8
39.9
Atlantic
252,600
1.5
0.6
60,200
34.9
0.1
-1.8
37.9
Toronto
709,400
-0.4
8.1
139,400
64.2
-1.1
0.5
54.5
Montreal
401,300
-0.1
0.2
82,900
47.9
-0.6
-3.4
42.6
Vancouver
896,400
0.9
4.8
162,900
85.6
0.4
-2.0
65.6
Ottawa
412,600
1.0
1.2
93,500
37.5
-0.1
-1.4
38.6
Calgary
499,800
2.1
9.2
98,800
34.3
0.4
-0.1
38.9
Edmonton
394,500
2.0
5.3
84,100
35.4
0.2
-1.6
36.5
Detached bungalow
RegionAverage PriceQualifying Income ($)RBC Housing Affordability Measure
Q3 2014 ($)Q/Q % ch.Y/Y % ch.Q3 2014 (%)Q/Q Ppt. ch.Y/Y Ppt. ch.Avg. since '85 (%)
Q3 2014
Canada*402,1001.55.981,80042.60.1-0.839.2
British Columbia663,4002.16.2122,30068.21.0-0.950.8
Alberta405,7002.28.182,30032.30.4-0.535.1
Saskatchewan341,900-4.2-3.271,60034.1-1.3-3.136.0
Manitoba313,300-0.40.467,00035.9-0.4-2.835.7
Ontario436,7001.56.890,10044.7-0.1-0.140.3
Quebec263,1001.65.256,40033.40.0-0.933.3
Atlantic223,500-0.20.251,80030.0-0.3-1.731.7
Toronto628,9002.48.7122,20056.30.30.748.8
Montreal303,7000.22.664,00037.0-0.3-1.836.9
Vancouver884,4002.77.3159,20083.61.6-0.360.5
Ottawa404,4000.41.289,10035.7-0.3-1.536.4
Calgary515,8002.910.898,70034.20.60.238.5
Edmonton360,4002.06.075,80031.90.2-1.233.3
Source RBC, November May 2014
RBC Housing Affordability Measure captures the proportion of median pre-tax household income required to service the cost of a mortgage on an existing housing unit at going market prices, including principal and interest, property taxes and utilities. This measure is based on a 25% down payment, a 25-year mortgage loan at a five-year fixed rate, and is estimated on a quarterly basis. The higher the measure, the more difficult it is to afford a house.                                                        
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