May News and Rate Advisor

Courtesy of  Phil Romano, CPMB 905-516-1150 Certified Professional Mortgage Broker #M10002221 Verico House of Mortgage Experts philromano@vhme.ca www.philrom.com

Welcome to the May issue of the News & Rate Advisor. Current Discount Mortgage Rates May 2016 Variable Rate 2.35% 1 Year 2.29% 2 Year 2.19% 3 Year 2.29% 4 Year 2.49% 5 Year 2.64% 7 Year 3.64% 10 Year 3.84% Prime Rate 2.70% * Rates subject to change and OAC. Canadian Qualifying Rate May 2016 Rate 4.64% Source: Bank of Canada Current Posted Mortgage Rates May 2016 May 2015 May 2014 1 Year 3.14% 2.89% 3.14% 3 Year 3.39% 3.39% 3.75% 5 Year 4.64% 4.64% 4.79% Source: Bank of Canada Nationwide Building Permits Mar 2016 Mar 2015 Mar 2014 Residential $4,416,588,000 $4,418,463,000 $3,672,691,000 Commercial $2,442,053,000 $2,448,640,000 $2,300,869,000 Total $6,858,641,000 $6,867,103,000 $5,973,560,000 Source: Stats Canada - preliminary figures Current Bank of Canada Rate & Prime Rates May 2016 May 2015 May 2014 Bank Rate 0.75% 1.00% 1.25% Prime Rate 2.70% 2.85% 3.00% Source: Bank of Canada Average House Prices by City Mar 2016 Mar 2015 Mar 2014 Yellowknife $406,620 $377,244 $328,945 Vancouver $1,093,267 $891,652 $801,543 Victoria $575,858 $508,807 $493,323 Edmonton $379,524 $373,005 $361,870 Calgary $455,220 $457,422 $462,994 Saskatoon $336,425 $337,982 $344,600 Regina $307,609 $300,148 $328,781 Toronto $688,181 $613,933 $557,684 Hamilton-Burlington $486,008 $443,706 $410,553 Ottawa-Carleton $368,798 $362,918 $359,286 Quebec City $259,851 $262,214 $252,400 Montreal $336,138 $331,216 $320,558 Fredericton $177,441 $175,632 $175,007 Saint John $154,700 $301,769 $169,978 Halifax-Dartmouth $281,822 $277,377 $268,333 Winnipeg $287,692 $281,269 $278,527 Source: CREA - Most Recent Month Reported Average House Prices by Province Mar 2016 Mar 2015 Mar 2014 National $508,567 $439,144 $401,419 Yukon $322,267 $307,800 $328,954 Northwest Territories $406,620 $377,244 $328,945 British Columbia $771,620 $641,799 $562,316 Alberta $392,145 $398,856 $402,933 Saskatchewan $297,823 $292,847 $304,428 Manitoba $277,202 $272,344 $269,865 Ontario $521,178 $466,404 $435,046 Quebec $274,616 $270,245 $264,197 New Brunswick $154,371 $150,807 $156,795 Prince Edward Island $194,094 $165,693 $174,311 Nova Scotia $223,520 $226,613 $213,336 Newfoundland $258,563 $273,645 $288,865 Source: CREA - Most Recent Month Reported

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